FRANKLIN, Tenn. - A tough economy makes promoting identity theft solutions a smart strategy, especially during the remainder of 2008, according to Affinion Group here.
The provider of marketing and security solutions says such an implementation only furthers CUs’ reputation as a “trusted financial” and distances the competition.
“Credit unions are facing some of the most challenging years in their history,” offered Affinion EVP Wayne Conte. “There are pressures on margins, especially in the credit union space, and a lot of financial products look alike. When a lot of products look alike, members tend to gravitate to the low-cost provider.”
To keep credit unions from competing simply on price and slashing rates, Conte suggested that credit unions take advantage of their “trusted financial” image, which has been heightened by lending problems at the big banks.
“In tough economic times people are looking for products that protect their assets,” he said. “We have a product called ID Secure with Card Patrol that performs credit monitoring. If your credit card is stolen from an Internet site, for example, our product captures that data and reports it back to the consumer.”
Conte said Affinion’s research indicates that more members today expect their credit union to alert them when their card has been compromised and hold the credit union “responsible” for protecting their identity. CUs appear to be recognizing the trend, according to Conte, who said Affinion’s end-to-end identity theft solution is the company’s fastest-growing product.
“We are experiencing in excess of 50% growth in our ID theft protection products over last year,” Conte reported. “Credit unions have been very smart in looking at these products and providing members with what they need. In tough economic times you are fighting for that member. And by being able to provide a service to members that protects their assets, you’re bringing value and that sets you apart.”
For more info: www.affiniongroup.com.
