Prepaid Improves Relationships With Credit Union Members
From the moment a potential member walks into the door, your credit union needs to be building up that relationship. Once they have opened up an account, it’s extremely important to keep up engagement. The end goal of a credit union should be to have a complete relationship with its members in order to become their primary financial institution.
How do you ensure that members leave the credit union happy and eager to do business with you? A great way to do so is with prepaid.
People use prepaid cards every single day, whether it be for cash withdrawals, purchases, bill payments, etc. Prepaid is a fast, easy, and convenient way to connect members to their credit union accounts, and it helps forge a meaningful relationship and drive engagement with their financial institution. The number of people who actually carry cash around is dwindling, and cheques are long on their way out. People are looking for other ways to handle their finances. Prepaid is comfortable, safe, secure, and a great way to connect to their financial institution.
So how can prepaid cards improve relationships with credit union members?
Prepaid Will Expand Your Market
A prepaid card is a great way to attract new members and build a relationship with its’ existing members, especially younger clients. Millennials, Generation Z and new immigrants all want a payment platform that is safe, easy to use, easy to budget, protects their interests, and offers an engaging payment experience.
A recent released a survey (link to recent Millennial post) covered millennials’ use of prepaid cards. Millennials have a positive view of prepaid, and use them for both purchases and other banking functions. No matter how or where Millennials use prepaid cards, they are happy to do so.
The Current Prepaid Market is Booming
The open-loop prepaid market is on the rise, and 2018 is set to break more records, according to recent studies conducted by Mercator Advisory Group. The open-loop market is expected to show a 5 percent compound annual growth rate through 2020, when it will reach a load total of $353.6 billion.The open-loop prepaid market has followed a consistent trend of growth, with the market growing in 2016 by 3 percent to $295 billion.
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