Key Components of our Credit Card Evaluations Include:
Growth of portfolio – non – interest income
Risk and fraud management
Member experience (self service)
Reporting and analytics
Call center support
Credit unions have realized that there is a huge opportunity to increase income within in their credit card portfolio – if it is performing the way it should. Costs will continue to rise as the need to support more channels and payment options continues to grow and credit unions need to look at the income opportunity that their credit card portfolio can provide to offset expenses in other areas. CU Engage starts with your specific needs and helps the credit union assess their current credit card processor to determine if that vendor is the best partner long term to help them succeed. Through our comprehensive analysis, we look at all of the operational components of your credit card program, in addition to the member experience, and pull results from that assessment to help guide a vendor evaluation focused on your specific needs.
A major trend in the credit union industry today is whether or not credit unions should consider bringing credit card processing “in-house” versus outsourcing to third parties in an attempt to reduce costs, mine consumer data and control the experience. The investment in core processing modules has opened up a window of opportunity for credit unions to look at their internal resources/infrastructure to determine what their true processing options are. Our job is to spend time with credit unions early in the assessment process reviewing the operational, technical and member services impact to these decisions, not just focus on one area, such as price reduction (which can sometimes be deceiving) to ensure credit unions are making the right decision based on their needs and those of their members.