FIS Modern Banking Platform
Advance your bank with a modern core platform.
Lesley Decator | General Manager, PaymentsEdge Marketing and Advisory Services, FIS
November 06, 2019
U.S. consumers are awash in credit and debit cards. Sixty-one percent of U.S. adults own at least one general purpose credit card – about the same percent as in pre-recession times – and now cardholders are charging purchases at record levels. Debit card usage also continues to rise as it displaces paper for everyday transactions.
Card programs make significant contributions to financial institutions’ revenues through interchange fees, interest charges on credit card balances and balance transfer fees. Large financial institutions with deep pockets bombard consumers with card marketing campaigns to garner adoption and ideally gain top-of-wallet status.
At community banks and smaller credit unions, however, card marketing programs often take a backseat to other priorities as the resources required to create and execute effective campaigns are constrained. Lacking effective marketing programs, smaller financial institutions lose the benefit of creating stickier, more loyal cardholders through card programs, as well as the revenue associated with card usage. How can these institutions successfully compete?
Timing is not quite everything. A successful market campaign is well-timed but also precisely targeted to motivate specific groups of consumers to take action, such as activate their cards. Credit union clients have identified two common challenges in marketing their card programs:
When was the last time you truly examined the performance parameters of your card program?”
Automated marketing engines for financial institutions such as PaymentsEdge can conquer the marketing challenges and enable financial institutions to earn previously untapped revenue. These full-service marketing engines develop cost-efficient and effective campaigns to generate brand awareness and promote card activation and usage. Examples with proven success include:
Such programs also build cardholder loyalty as measured by lift and retention over time and can extend the brand’s reach to new cardholders.
Questions to ask in evaluating automated marketing programs that increase activation and usage among cardholders include:
Let's work together to reach your goals. Contact us at the links below and a representative will be in touch.
We are here to help you and your business. Contact us using the button below.Learn more