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Winning with data : Top analytics use cases for 2017

first_imgData is rising at an incredible pace, covering all aspects of a consumer’s life. In the past two years, more data has been created than in the entire previous history of the human race. (1)2017 has certainly been the year that data and analytics has redefined the financial services industry. For those financial institutions leading the way in data analytics initiatives, a survey reported that 48% of organizations are achieving measurable results from their data analytics investments – the first time the survey has found a near majority since it began in 2012. (2)As we look back on data analytics maturity in 2017, here are a few highlights of use cases shared by financial institutions that are experiencing real value—and a substantial return on investment from their analytics initiatives.Effective Marketing and Segmentation:Suncoast National Bank, based in Stuart, FL realized that it needed to find a better way to target customers and promote to them more effectively to reduce customer acquisition costs. Combining data analytics and marketing automation software, the end goal was to gain insights into their customers’ future financial needs and behavioral trends. Using customer data analytics, their marketing staff was able to run dozens of targeted marketing campaigns that, in some cases, generated returns on investment in excess of 100 percent. (3) continue reading » 11SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Three ways credit unions can enhance their credit card programs

Credit card programs are one of many areas where the credit union difference shines. Credit unions generally have lower interest rates and a responsible reputation, based on the comparatively low industry delinquency and charge-off rates reported by CUNA. It’s no wonder CU share of the market of revolving credit has almost doubled in the past decade (Federal Reserve’s G.19 Report). Has your credit union been part of this growth? Whether it has or not, taking time to regularly review and update your credit program can make the difference for you and your members. Below are three ways to enhance your credit card program and attract higher participation.1 – Strengthen Your Rewards Strategy Start pumping up your strategy with customized programs. Investigate possibilities like cash-back or charitable donation redemptions. Develop relationships with local merchants that offer redemption options. Don’t stop there! Travel rewards offer many options beyond traditional credits including free travel accident insurance and other perks like airport lounge access, late hotel checkout, and more. Review how you manage your programs. Do you set firm dates for promotions? Deadlines encourage members to take action. From our own experience with balance transfer promotions, we’ve noticed many instances where 50% of the transferred funds came in during the last two weeks of the campaign.  2 – Energize Your Marketing Efforts Achieve better focus by creating an annual marketing calendar. To reach new age demographics, concentrate on digital marketing efforts. By including financial tips and news on your site, you can reinforce your credit union’s reputation as a valuable resource. Keep your members updated with emails that address their specific needs. Many platforms exist that can help you gain insights into members’ interests and send them relevant messages.3 – Create Symbiotic Relationships – What Benefits Your Credit Union Can Also Benefit Your MembersIf you want to attract members to your credit program, few things are more important than a good rewards strategy, but challenges like interest rate caps, program costs, and fraud can make offering a competitive rewards program difficult. Fortunately, cost-free referral programs specially designed for credit unions are available. They handle the implementation process for credit unions, from underwriting and printing to delivering the plastic and managing the accounts. They even offer zero liability and monitoring to help protect against costly fraud. By reducing some of the costs and burdens, these partners help empower credit unions to offer competitive credit programs.A prime example of a credit card referral program providing high-levels of service to credit unions is the EZ Launch program offered by LSC®. No set-up fees and free marketing materials are only the start of what it offers. EZ Launch pays credit unions for referring the program to members! Is your credit union looking for a new provider or considering offering a credit card for the first time? Check out EZ Launch from LSC, where members benefit from competitive interest rates and a quality rewards program.https://www.cuna.org/uploadedFiles/Advocacy/Actions/Comment_Calls,_Letters_and_Testimonies/2019/Letters/2019%20CFPB%20Credit%20Card%20Market%20Review.pdfhttps://www.federalreserve.gov/releases/g19/HIST/cc_hist_r_levels.html 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Phil Seely Phil is the Senior Director of Portfolio Development for LSC having joined the Illinois Credit Union System in 2011 from Fidelity National Information Services. He has been working with credit … Web: www.lsc.net Details read more

Let’s hear it for the band

first_imgThe USC Trojan Marching Band and the USC Concert Band play in Bovard Auditorium on Sunday as part of “40 Years of Music and Memories,” a concert honoring band director Arthur C. Bartner, who has led the Trojan Marching Band for 40 years. The concert featured both music and visual components and was a preview to “The Man on the Ladder,” a gala concert to be held May 1 at the Galen Center.Sunil Murali | Daily Trojanlast_img