ATLANTA-Credit unions have seen a membership surge in the first half of 2010-now one company is offering a strategy to retain them in the second half-and beyond.
This fall Cerebrate Marketing will release Rewardia, a website CUs can link to create a powerful onboarding or loyalty program, encouraging deeper relationships from members. President Moira Shanahan said the site can is a good way to engage members who have joined through indirect channels, and to scrub the books of non-profitable accounts.
"Rewardia can serve many functions," said Shanahan, explaining that it carries the credit union's branding. "They can skin, and re-skin it, as they choose."
It's called Rewardia, Shanahan explained, because as members browse through the site they earn discounts. Based on direction from the credit union, discounts pop up as members click through sections-like 10 basis points off a loan or and extra quarter point on a CD. "We call it earn while you learn," said Shanahan. Sections will include general information about credit unions, the language of CUs, and what it means to be a member owner. Each CU will have its own product section.
"As members download offers, the credit union is notified," Shanahan said. "So it is now worthwhile to make a call to talk about the offer the person downloaded." Rewardia also tracks member behavior.
The site can also help the credit union eliminate inactive members. "If you reach out to them six times in six months and you see no activity, then you know they are a drag on your books." Shanahan suggested that Rewardia can be promoted via e-mail or direct mail.
Cost is based on the number of pass codes purchased, one for each member. Shanahan estimated that it might cost a $150-million to $200-million CU $3,000 to $5,000 a year to participate. Cerebrate manages Rewardia, provides a help desk, and manages database services and reporting on a monthly basis. The credit union just links to the website for service.
