CUs Are Urged to Ply Big Data: Print Preview
Card management consultants working with a payment processing CUSO and association are working to convince credit unions to look more deeply into their card members data to help the credit unions improve their card portfolio management decisions.
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 that urge credit unions to begin using big data to help manage their card portfolios as well as other products and services.
“Segmentation allows you to spend valuable marketing dollars on campaigns that target those members and cardholders who are most likely to respond, which greatly improves your marketing ROI,” says Barney Moore, senior portfolio consultant with CSCU. “Improved revenues aside, segmentation is simply a better way to understand the needs of members in general and add value to their member experience.”
With a combination of the right analytics tools, thoughtful evaluation of the results and solid PAU strategies, credit unions can execute more effective targeting and overall growth. “It’s a good exercise for better understanding the make-up of your portfolio and managing it more effectively. The key is not treating all accounts the same way,” added Moore.