DES MOINES, Iowa — Payments processor The Members Group reported Monday that its credit union and community bank clients have more than tripled their requests for credit card marketing promotions this year.
TMG said the most-used promotions include promotional rates, balance transfer, skip-a-payment and rewards offers designed to move issuer's credit cards to the top of their cardholders' wallets during and immediately following the holiday shopping season.
In addition to this set of standard offers, TMG said it is working with several clients on custom credit card marketing promotions designed to deliver the right offers to the right cardholders at the right time.
Much of the custom marketing work is accomplished through use of its newest card portfolio data analytics tool, Catalyst, according to TMG. Launched in May, the company said Catalyst is a consumer intelligence solution designed to help credit unions and community banks better monitor, learn from and adjust to the changing behaviors of today's consumers.
"The holiday shopping season has traditionally been one of the most popular times of the year for card promotions," said Georgann Smith, TMG's VP of marketing.
"We attribute much of this year's uptick in requests to an increasing awareness among our clients of the highly competitive credit card marketing environment. As well, many have come to understand the power of portfolio segmentation in marketing and are looking to get their feet wet with business intelligence strategies."
