The new ways CUs are connecting with members through data

by The CU Lab

Join our discussion on the current methods and tools credit unions are using to leverage data and connect with members. We’ll be sharing insights on the advantages, best practices, risks, and challenges of mining your member data.

Key Takeaways:

  • [02:01] You get about 80% of what you need to understand the financial needs of any member from just looking at the way they spend and deposit their money. 
  • [08:07] Behavior-wise points are the best way to go.  Even though cashback is what they say they want.  If you really want to see them change behavior, they get rewards points. Points create a lasting relationship with the credit union.
  • [08:57] Incenting extra rewards points or bonus points to get them into the recurring spend is a big focus. Recurring transactions on your card keep your card top of wallet.

 

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