SAN ANTONIO - Delivering additional products to members can be easier during the kind of weak economy expected during the remainder of 2008, contends Harland Clarke here, which is further predicting members will be very receptive to CU messages in the second half of the year.
“The economy is presenting opportunities,” offered Cindy Storrick, Harland Clark’s VP of segment marketing. “Clearly, credit unions are reaching out to their member base. They are helping them recover from the mortgage situation. They’re trusted and have high credibility.”
That strong reputation is helping CUs gain greater wallet share, said Jana Schmidt, Harland Clarke’s SVP-sales and marketing, who believes that sometimes credit unions “have a difficult time identifying which members need extra services. We provide Opportunity Analysis, a product that helps identify members who have a high propensity to purchase another service–lending and deposits.”
Schmidt explained the product is based on behavioral-based modeling “that scores members on their likelihood to take another product.” Harland has offered Opportunity Analysis for four years and has behavioral data on more than 100-million accounts representing 55-million households. “So we are able to normalize, across the country, member behavior that suggests a propensity to take on another product, and a propensity to attrite, as well.”
Opportunity Analysis is “not expensive,” Schmidt said, costing less than $10,000. “The credit union provides us their MCIF data, and we are able to model that against our industry database to provide information that sizes the opportunity within their own member base to expand or to prevent attrition...And with the need for credit unions to deploy capital now, we can help them identify members who would take a credit product.”
For info: www.harlandclarke.com.
