FICO Says It Offers Card Marketing Flexibility
A new service from FICO will offer credit card issuing credit unions greater and faster flexibility in their card offering and marketing decisions, the firm said.
The company that provides the nation's most frequently used consumer credit score, dubbed the new service the “FICO Bankcard Growth Solution” and said it would help card issuers react more quickly to feedback from card marketing programs, often when the programs are still ongoing.
“The marketing side of a card team is focused on response, that's their analytic, how many people who got the card offer responded somehow to let them know of their interest,” Wells explained. “That's success. But that information doesn't do you much good if the cardholder has gotten your card to be their emergency card and just put it in the back of their wallet or if they never activate it. Bankcard Growth Solution lets the credit union or bank define success by the behavior it really wants to see the cardholder take.”
The difference is key, Wells explained, because the changed definition allows a card issuer to both get better and faster feedback about how the promotion is going in time to tinker with it to get the result wanted.