10 Things Credit Unions Should Know for Marketing Prepaid Debit Cards

by The Financial Brand

by. Derek Elmerick and Kristopher Lazzaretti

Prepaid debit card adoption continues to soar. As more competitors enter the market, the role of marketing becomes increasingly important. Here’s your checklist for success.

Using analytics to drive prepaid marketing can generate portfolio growth and substantial payoff. The most advanced providers are benefiting from targeting and measurement approaches that optimize marketing return. Providers should deploy analytics specifically designed to identify households with explicit or latent product needs and deliver the message that will resonate with each.

Here is a 10-point marketing checklist to make sure you’re maximizing opportunities in the growing prepaid card category.

Analytical Tools

1. Analyze your customer base. Financial institutions have an opportunity to identify customers that are better served by prepaid and that are more profitable using such products.

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