3 Ways Credit Unions Can Influence Debit And Credit Card Interchange Revenue
unions, financial survival also requires CUs to generate a certain amount in annual earnings. Debit and credit card interchange revenue usually deliver a sizable chunk of most CUs’ non-interest income. As this is arguably one of the biggest avenues to generate revenue it’s important to keep it coming in, regardless of changes in the financial industry or disruptions caused by technology.
4 Areas To Monitor To Grow Your Credit Union Interchange Revenue In 2017
Credit union interchange revenue is a key part of every credit union’s bottom line. Credit Unions have seen impressive growth and the industry looks to continue this expansion by growing markets size and keeping pace with improving technology trends. However, despite this growth, there are several factors that can limit your interchange revenue if you don’t keep a careful watch on them.
Apple Pay, Google Wallet And The Rise Of Online Payment Innovations
Digital payments are not new. PayPal came to life in 1998 as a money transferring platform. By the year 2000, people were using it to make payments on eBay. Early in 2002, PayPal went public and by August of that year, eBay announced it was acquiring the payment platform in a deal valued at $1.5 billion. At the time, experts called PayPal the “gorilla” of the online payment market, much as eBay was the gorilla in the online auction market.
The Importance Of Keeping Up With Technology For CUs
nnel optimization. Data management. Compliance and regulation. Cybersecurity. Aggregation services. For credit unions (CUs), keeping up with technology in all areas of business can be a significant challenge. Your CU stands to lose with a ‘Johnny-come-lately’ approach to innovation, however, so staying abreast is important to remain relevant in the competitive financial services industry.
SetIt And Citadel Federal Credit Union Join Forces To Improve Cardholder Experience
As consumers increasingly shop online and pay bills with debit and credit cards, it’s more important than ever for credit unions to improve cardholder experience, providing them swift, easy access to accounts and data anytime, anywhere.
Creating Digital Ambassadors: Why CU Employees Need To Be Digital Wallet Experts
First impressions count, no matter how much you want to believe otherwise. This is true regardless whether you’re talking about huge corporate endeavors or community-level organizations. When your credit union (CU) customers want help accessing your products and services, the frontline staff need to be well-versed ambassadors for your brand who are ready and capable of providing it. Here are our reasons for this:
Credit Union Members Win: Suncoast And SetIt Credit Team To Improve Cardholder Experience
Tampa-based Suncoast Credit Union and SetIt Credit are now working together to improve cardholder experience via SetIt’s simple-to-use and secure card management tool.
Why CU Member Education Is A Gateway To Member Retention
Stats from the Credit Union National Association (CUNA) show a high percentage of members don’t fully understand the difference between a credit union (CU) and a bank. The need to educate consumers on this and other topics offers CUs a rare opportunity to use content as a means to member retention.
Credit Unions Should Be Thinking Top Of App Instead Of Top Of Wallet
The widespread use of smartphones and the Internet is changing the way a lot of people live their lives and giving rise to a range of new terminology. According to research by Pew, smartphone usage is not just growing in America but around the world. This has lead to service providers in a wide assortment of industries creating apps for goods, services, and subscriptions. What this means for credit unions is the increased use of “apps” to make purchases using credit and debit cards.
Great CU Client Service Takes More Than A Smile
Great client service is at the heart of every good business relationship, and credit unions depend as much as other companies on keeping their members satisfied.