St. Petersburg, Florida – (August 1, 2012) – Loyalty programs are proven to drive higher card usage, but PSCU’s merchant-funded CURewards® Mall has exceeded even the CUSO’s expectations with dramatic gains in spending amounts and usage by credit and debit cardholders at more than 140 Member-Owner credit unions. The CURewards Mall was launched in November 2011.
For the first quarter of 2012, the average monthly spend for cardholders registered in the Mall was 49% greater than that of non-registered cardholders—$1,082 vs. $726. Participants’ activity rates exceeded 90% in the first quarter: 93% of Mall participants were active card users vs. 61% of non-participants.
- For credit cardholders, registered cardholders’ spend was 1.8 times that of non-registered cardholders on average, $2,767 versus $1,562, while registered cardholders had almost double the transactions of non-registered cardholders: 39 versus 22.
- For debit cardholders, registered cardholders’ spend was 71% higher than that of non-registered cardholders: $3,421 versus $2,005. Registered cardholders had 35 more transactions than non-registered cardholders: 89 versus 53 transactions during the quarter.
“The CURewards Mall creates a higher level of engagement by combining personalized offers with online shopping at big-name national retailers to stimulate usage. It takes expectations for rewards programs to a new level and gives our Member-Owners a clear point of differentiation for their loyalty program,” said Michael Kelly, PSCU CEO and President. “The CURewards Mall reflects our commitment to developing and launching innovative programs that deliver exceptional value for our credit unions and their members.”
Members can access the online Mall seamlessly through PSCU’s CURewards website to view in-store or online offers from local, regional, and national merchants. These offers can include points or discounts with Mall network merchants. Cardholders can also request that notifications be sent to an e-mail address.
PSCU also provides reports that track network spending, response rates to offers and the impact of the program on card usage. Participating credit unions can earn rebate dollars from member spending in the Mall network. No additional implementation or administrative fees are required for a credit union to add the Mall network to its existing CURewards program with PSCU.
Established in 1977, PSCU (St. Petersburg, Fla.) is the nation's leading credit union service organization (CUSO) and serves more than 1,500 financial institutions nationwide. As a non-profit cooperative, the company is owned by more than 680 member credit unions representing 16 million credit, debit, prepaid, online bill payment, mobile and electronic banking accounts. Comprehensive 24/7/365 member support is delivered through four Contact Centers located throughout the United States that handle more than 18 million inquiries a year.
PSCU’s MōPRO (Member Owner Payments Revenue Optimization) initiative marries emerging technologies with proven strategies and empowers the CUSO to lead the industry in developing innovative payments solutions. This new culture of engagement, agility and energy can enhance both revenue and market share for Member-owner credit unions. For more information, visit the PSCU website at www.pscu.com.