Card Services for Credit Unions has brought out a tool provided by Visa to help credit unions better understand and use their member's card data.
CSCU is an association of credit unions which process their payments on the FIS platform.
The tool CSCU is offering is called Visa Vue Online, a Web-based application that provides cardholder usage analysis that yields insight into members' Visa credit and debit spending trends and leads to more effective marketing strategies and increased profitability, CSCU said.
“By using VVO, our credit unions can easily segment and target different cardholder behaviors with an appropriate marketing message that incents a change in behavior,” said Kristi Mackey, assistant vice president of Client Services and Products, CSCU. “Ultimately, VVO helps a credit union be more effective in their efforts to drive increased usage, volume and interchange revenue.”
The tool provides credit unions with a less expensive way of accessing basic card usage data, including transaction type, interchange fees, product and merchant type, CSCU said. VVO is available with five levels of portfolio performance data based on a credit union’s budget and needs. CSCU members receive discounted pricing on VVO and can upgrade the level as needs change, the association said.
“The ability to data mine our cardholder portfolio lets us more effectively target our marketing campaigns to drive up transactions, which in turn increases interchange fee income,” said Linda Sojat, vice president, Payment Systems, at the $248 million Envision Credit Union in Tallahassee, Fla. “(It) gives us an easy way to identify potential areas of profitability to help combat (the impacts of) the Durbin Amendment.”