Key to Driving Card Growth
TNB Card Services reports that the number of credit union cardholders is on the rise, based on data it has compiled among its many clients. The electronic payments processor reports a year-over-year increase of 30 percent in new card accounts, as well as an eight percent increase in outstanding balances, among credit union clients that have benefited from TNB’s expertise for more than one year.
While national card issuers are retreating and re-evaluating their card strategies in light of the Credit CARD Act and the economy, TNB clients are proactively meeting the financial needs of their members and growing their card portfolios and wallet share through in-branch promotions and by training employees to cross-sell.
The sizable growth in new accounts contributed to an overall increase of nearly seven percent in the total number of accounts on file for client credit unions at a time when the overall credit union card industry was flat. TNB also points out that card retention strategies are paying off in lower attrition for its clients. They reported an eight percent decrease in year-over-year attrition compared with the national average of 23 percent.
TNB account executives work closely with credit union executives to develop card strategies tailored to the individual goals of the credit union. TNB’s In-branch promotions have proven to be a highly effective vehicle for increasing cardholders and driving usage. Clients benefit from a full range of in-branch marketing services, including employee training, incentive programs, and turnkey campaigns, as well as TNB’s new Advanced Marketing Portal that enables credit unions to customize and manage card portfolios online.
For more information, visit tnbcard.com.