Congratulations to the winners of the NAFCU Services 2012 Innovation Awards!
Affinion – for its “BankMyRewards”, a custom branded and merchant-funded cash-back program for members. It leverages Affinion national network of over 800 online merchants, providing members cash back rewards for shopping within the merchant network. The program also includes discounts on online gift cards, merchandise and travel. Cash-back opportunities for members range from 5% for offline merchants and up to 15% for online merchants. This program increases loyalty and revenue for credit unions via increased debit/credit activity and volume, as well as new account acquisition and reduced attrition rates. This solution is completely free to members.
Deluxe – for its SwitchAgent ™, a concierge service that works with new members who have opened new share draft accounts to migrate all of their automatic checking account transactions relationships to the credit union. This is often the biggest hurdle in moving a new member from account activation to full account utilization. Deluxe gathers information from the member via a live interview and uses a patent-pending technology to switch automatic transactions from other institutions to the credit union. This leads up to a 32 percent increase in products per member, up to a 64 percent increase in account activation levels, and in some financial institutions up to a 90 percent increase in transaction levels.
Discover – for its Marketing Platform, a real-time marketing campaign management tool which enables credit unions to deliver targeted messages via multiple channels based on real-time transaction data. Analytics are based on demographic data, member preferences, loyalty data and spending behavior. It can identify spending patterns, determine member needs, and identify geo-locations. Delivery channels include email, text messages, direct mail, web and mobile applications. The Marketing Platform provides the credit union with a high degree of control and drives revenue through increased credit card usage.
The awards recognize excellence and innovation in Preferred Partner solutions for credit unions. The winning solutions enhance a credit union's ability to compete in a crowded financial services marketplace.
The winners were selected by the NAFCU Services Advisory Committee, which is composed exclusively of credit union executives from across the country and represents credit unions of all sizes.
Read the press release.
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