Extensively mining member card data can help credit unions better tailor a wide variety of programs and products to meet member needs, according to consultants working with two different payment CUSOs and associations.
Both The Members Group, a card processing CUSO affiliated with the Iowa Credit Union League, and Card Services for Credit Unions, an association of credit unions which process payments with FIS, have authored white papers in conjunction with consultants which urge credit unions to begin using so-called Big Data to help manage their card portfolios as well as other products and services.
Written in conjunction with the its data analysis partner, IQR Consulting, the TMG white paper, Data Analysis Points the Way Forward for Card Management Teams, argued that analyzing the payment behavior of card holders can help portfolio managers cut costs, increase use of the credit union's card, cross sell cards to non-cardholding members and determine which cardholders would be most likely to respond to a given promotion or incentive.
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