- BY kkaluza
es come along with it. This is why it’s so important for credit unions to have a great card management system already in place.
According to a report called “How Credit Unions Can Win the Gen Y Market” by Cornerstone Advisors Inc., millennial credit union members make more use of credit cards than nonmembers. Ron Shevlin, the director of research at the firm, pointed out to The Financial Brand that this creates a great cross-sales opportunity. He also iterated that it is essential that credit unions have a top-notch card payment and management system to give members a great experience they won’t receive anywhere else. This is not only the way to retain members, but also bring in new ones.
There are many things a credit union should consider when deciding which card management system to implement. It’s important that the system is not only up to date currently, but also able to be upgraded with system updates and new technology. Technology is always changing, as are customer needs and wants, so the ability to change as necessary is crucial.
The card management system should also have the services that today’s credit unions and their members want. People need to be confident in the security of their information, both financial and personal. Having customizable security features is a great way to build trust. As cyberfraud becomes a growing concern in the minds of many, especially after the EMV switch, customers want to be able to take a hands-on approach to preventing it. Deciding when and where a card can be used is one way to do this. For instance, if a card can only be used in the presence of a predetermined mobile phone, the card will only be usable by the person who owns that phone. Or, if a customer is able to dictate that a card can only be active within a certain radius of a home or business, or at a specific merchant category, he or she can ensure a card is being used properly.
Credit union benefits
Card management systems must also provide advantages to the institution itself, as well as be able to integrate smoothly with the processes already in use.
Card ordering and re-issuing is a time-consuming process that should be as streamlined to make sure everything is done correctly and in a timely fashion, from the ordering process to the embossment to delivery. A card management system that can automate this process cuts down on service gaps for members waiting for a new card after one expires.
Credit union members have varying needs and it’s important to be able to accommodate them. Some members, such as those with a family or those with a small business, may have several different names on an account. Being able to emboss multiple names, or the name of a business and a personal name, on a card can build a personal relationship with a member. It can also make their lives easier. Also, the ability to join multiple cards to one account helps families that have more than one person accessing the account, or a business that has granted multiple employees access to the account. Making these options available also encourages card usage among members.
Choosing a card management system is an important step in making sure your credit union is in line with today’s technology and consumers’ needs. By being on the forefront of the latest innovations and technological trends, card managers can exert their presence as a thought leader and serve as an invaluable tool for credit unions around the world.