Capitalizing on credit card growth

first_imgScott is the Principal of Your Credit Union Partner, PLLC.Your Credit Union Partner (YCUP) is a trusted advisor to the leaders of more than 100 credit unions located throughout … Web: www.yourcupartner.org Details The opportunities for credit union loan growth haven’t been this good for a very long time. According to the CUNA Mutual March 2017 Trends Report[1] (January 2017 data), overall, credit union loan balances rose 0.9 percent in January (better than the 0.4-percent pace reported in January 2016) and 11.5 percent during the past 12 months. Credit union seasonally-adjusted annualized loan growth reached 12.8 percent in January of 2017 – the fastest pace since January of 2000.For many credit unions, loan growth opportunities are found in abundance among existing members and a record number of new credit union members. CUNA reported in its 2016 year-end report[2] that membership in U.S. credit unions increased by 4.1 percent in 2016 overall. When compared to previous calendar year results, this is the fastest growth seen since 1986. U.S. credit unions now report 108.2 million members – a total which is equal to slightly more than a third (33.5 percent) of the country’s population.Growing credit union loan balances reflect an abundance of opportunity in the market today – is your team making the most of these opportunities and finding the optimum amount of success? For those of you looking to make more of these market opportunities (while they last), I offer the following thoughts.Be prepared, and take advance of peak credit card spend timeOverall, credit card spends increases from lows during the first quarter and then peaks annually during the fourth quarter. The chart below illustrates this trend back to 2014.Smart credit unions are preparing now to make the most of this strong opportunity in fourth-quarter 2017. Here are a few suggestions to help you capitalize on what will likely be a very strong year of credit-card activity.First, don’t rely on best guesses, or what you believe others are doing. Use trustworthy data that is relevant to your membership and target market. Trusted sources like Experian have created powerful card spend[1] algorithms, built from credit data, to help credit unions find the best opportunities. This data can help your team:Target high-spending members with your very best offerAssign the credit limit your members need and wantAssign the right APR to make sure you maximize interest and interchange incomeRetain profitable cards and identify those members who provide new opportunityMy experience is that many credit unions miss the boat when it comes to capturing the larger credit-card opportunity. High-performing credit unions are using the best-trended data to have a better understanding of their members, and customizing the product features and offer. Successful card programs are built upon a lot more than a low rate and reward program. Smart credit-union marketers know which members are likely to be Rate Surfers, Balance Revolvers, Transactors, Consolidators, Non-active, or Seasonal users. Card experts know how to present the right card product to the right member at the right time.Why it mattersPortfolio expert and Director Jason Dietrich of Experian’s Global Consulting Practice reports that year-over-year growth for national banks in credit cards is at a higher clip than credit unions: 12 percent for national banks versus 9 percent for credit unions (balance growth). National banks are credit unions’ primary card competitor in the market. This identifies an opportunity to revisit the way credit unions approach their card portfolios, and to take steps to maintain and grow their card share versus national banks.When asked to identify one thing credit unions should be focused on when it comes to managing their card portfolio, Mr. Dietrich replied, “retention.” Good retention activity requires a view toward retaining both spend and balance, aligned toward the needs of individual members. It’s very important that on the balance retention side, credit unions stay in touch with members who are showing the need or desire to consolidate debt, or who have significant revolving balance elsewhere at rates higher than the credit union can offer. Getting an offer for a balance transfer to them in a timely manner is important for balance capture and retention. And for retaining spend, the foundation for effective retention comes from identifying which members use credit cards primarily for spend rather than to revolve. For these members, ensure that proactive steps are taken to make your card product the most attractive one for that purpose. Several tactics are proven effective in achieving these goals, but it all starts with proper and timely identification of member needs.Who knows what tomorrow’s loan-growth opportunities will be. Let’s each win as many of these opportunities as we can TODAY. Be assured that your toughest competitors are using the best data, analytics, and marketing strategies to beat YOU in the market. You can take that to the bank.You’re strongly encouraged to assess your credit-card portfolio strategies. Make sure you are using the very best tools to make the most of today’s opportunities while they exist.[1] http://www.experian.com/consumer-information/consumer-spending-data.html 54SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Scott Butterfieldlast_img read more

Huston Finishes Second in 1,500 Meters At The Drake Relays

first_imgPrint Friendly Version 2016 Drake Relays presented by Hy-Vee Des Moines, Iowa – Drake Stadium Saturday, April 30, 2016 Drake Individual Women’s Results 1,500 Meters 2. Emma Huston, 4:23.13 11. Taylor Scholl, 4:44.60 4×100-Meter Shuttle Hurdle Relay (Final) 3. Young, Coombe, Hill, Welch, 57.03 4×100-Meter Shuttle Hurdle Relay (Prelims) 2. Young, Coombe, Hill, Welch, 58.02 Sprint Medley Relay 14. Ahmed-Green, Young, Hill, Gann, 4:09.49 Triple Jump 6. Kayla Bell, 39-4.5 8. Taryn Rolle, 38-9.75 2016 Drake Relays presented by Hy-Vee Des Moines, Iowa – Drake Stadium Saturday, April 30, 2016 Drake Individual Men’s Results 100 Meters (Finals) 2. Pierce Vincent, 10.46 400-Meter Hurdles 10. Bas Van Leersum, 52.52 13. Hudson Priebe, 53.04 21. Dominic Lombardi, 54.01 3,000-Meter Steeplechase 1. Robert McCann, 8:49.14 High Jump 21. Ryan Cook, 6-6 Hammer Throw 24. Michael Dolan, 156-11center_img DES MOINES, Iowa – Drake University’s Robert McCann (Mississauga, Ontario) outlasted a tough field and conditions to become a Drake Relays presented by Hy-Vee Champion on Saturday afternoon with an 8:49.14 finish in the men’s 3,000-meter steeplechase.McCann became the first Bulldog to win a Drake Relays title since 2013 and the first to win the steeplechase since 1981.”My freshman year [2013] Brogan Austin won the 5k here and just seeing him win it was pretty inspirational,” McCann said. “Now we’ve got some good momentum, first him and now me. I don’t think Drake champions will be unusual in the future.”McCann pulled away and held his lead down the stretch over Eastern Michigan’s Willy Fink to add to his already impressive season and career as a Bulldog.”I’m trying to keep myself in check right now because it [winning at the Drake Relays] hasn’t sunk in yet and I have a long season ahead,” McCann added. “It is a nice bonus midway through the season, so I’m pretty happy for that.”The Bulldogs almost collected another Relays title later as senior Emma Huston (Des Moines, Iowa) and Wichita State’s Rebekah Topham dueled in the women’s 1,500 meters. Both were former Iowa high school standouts and Topham dove across the line just ahead of Huston to win the event. Topham finished in 4:23.09 followed by Huston in 4:23.13.”I really wanted to win and I really pushed it. It wasn’t quite enough,” Huston said. “It was definitely a confidence booster. I started getting sick on Thursday, so that was kind of a bummer and it shook my confidence a bit, but I was still a good race.”Huston’s performance came just a week after she set the school record in the event.Senior Pierce Vincent (Fayetteville, Georgia) also came up just shy of etching his name on the list of Drake Relays champions with a second-place finish in the men’s 100 meters. Vincent, who posted the fastest time in the qualifying heats finished in 10.46 in the finals just behind UNI’s Brandon Carnes. Carnes won in 10.28.The Bulldogs will resume their season next weekend with the squad split across potentially three meets.last_img read more