CUs' Improved Card Management Yields Results, CSCU Says
Credit unions that set out to improve their credit card management procedures see significantly improved income and card portfolio growth over those which do not, according to Card Services for Credit Unions.
The association of credit unions that process their card transactions with FIS said the improved results came from credit unions that had used its free card portfolio and management consulting services.
"Our highly educated team not only provides exceptional customer service to all members, but can answer questions and provide solutions that help our credit unions succeed," said Bill Lehman, vice president, portfolio consulting services.
The association said that, on average, member credit unions that consulted with CSCU saw portfolio revenue growth of more than triple the rate achieved by members who did not participate in a consultation. Consulted credit unions also benefited from nearly 10% growth in total outstanding balances within the same period, compared with approximately 4.5% of non-consulted member credit unions.