By Michelle Hillenbrand
Consumers Credit Union prides itself on its member-centric focus and highly committed lending team. When the Lake County, Ill.-based credit union ($930+ million assets) wanted its recent Visa Signature credit card upgrade offer to stand out from the crowd, it made perfect sense to partner with PSCU’s Advisors Plus for the marketing expertise and technological innovation that would ensure top-of-wallet success for the campaign. The timing was perfect, since Advisors Plus was just putting the finishing touches on a revolutionary new online offer acceptance portal.
Members Wowed by Portal Power
The program performed flawlessly in its test mission to “wow” Consumer Credit Union’s members. It contributed significantly to the campaign’s blockbuster 12.22% overall response rate, with nearly 60% of total offers accepted online. Members loved the flexibility of being able to use the portal to personalize their rewards programs. While cash rebates were the overwhelming choice, accounting for nearly 77% of responses, Consumers members who selected the rewards points option were an intensely loyal segment who appreciated being able to stick with their more traditional merchandise/travel rewards selection. The technology was also designed to integrate seamlessly with Consumers’ own website.
Overnight Offer Acceptances and Customized Rewards
The portal greatly reduced the wait associated with receiving offer acceptances through the mail. Immediately after Consumers Credit Union sent out the direct mail offer, dozens of online offer acceptances began rolling in. The credit union was happy to see the new portal have such an immediate impact. The new portal also allowed recipients to personalize their card rewards.
Integrated Top-of-Wallet Strategy
The success of Consumers Credit Union’s Visa Signature® upgrade campaign is the latest in the credit union’s long tradition of going the extra mile for its members. Consumers Credit Union allows individuals of any age who possess valid U.S. Government identification to become members. The ultimate goal of the campaign was to make the Consumers Credit Union Visa Signature card the top-of-wallet choice for members, and the strategy to reach that goal aligned with all of the credit union’s other lending products.
Member-Centric Lending
Consumers Credit Union’s consumer sales and underwriting team now uses every loan application and credit pull as an opportunity to enhance member liquidity and build loyalty and engagement. Building on the success of the Advisors Plus online offer customization portal, more personalization options lie ahead for Consumers Credit Union, including the possibility of automatic CLIs based on spend and pairing credit cards with various checking options to further personalize offerings.
Since its success with Consumers Credit Union, PSCU’s Advisors Plus team has seen additional success by partnering with four other credit unions on campaigns that have also used the online offer acceptance portal. This innovative portal is just one example of how Advisors Plus works with hundreds of PSCU Member-Owner credit unions each year to help them grow their card portfolios.
Michelle Hillenbrand is the VP of the Advisors Plus Marketing Services group. Advisors Plus was established in 2004 as the consulting arm of PSCU to help credit unions meet their financial and business challenges and grow. For more information, visit AdvisorsPlus.com.