Your bank customers are being bombarded daily with credit card offers from your competition. But even with all the offers that arrive in their mailbox, their mailbox, consumers would rather carry their community bank credit card if given the choice. Credit cards are a preferred way to pay for all kinds of subscriptions like HULU, as well as online and in-store purchases.
As more consumers move away from using cash, credit card usage will continue to increase as a proportion of overall spending. Now is the time to focus on getting your bank’s plastic into the wallets of your existing customers. Industry experts say card penetration should represent a minimum 10% of active DDA accounts. Accomplishing this can pay off in ways that have little to do with the income you receive each month.
Existing customers represent an opportunity to save on marketing costs and build on the relationships that are already cultivated. Your credit card is an extension of your bank and a retention product. Every time your customers use their card, it serves as a reminder of their bank connection. You can promote your own unique flavor of service with your community bank card that your customers can’t get from a national brand. For cardholders, there is comfort in knowing that their credit card is supported by their home bank and if problems arise, they can easily access customer care.
Banks that are most successful in reaching their penetration goal have a champion who understands the product and is excited about it. True champions aren’t satisfied until every creditworthy customer carries their credit card. Make sure your employees carry and use your card. It’s much easier to talk about a product you’re familiar with and understand. You want your card to be top of wallet. Your bank and your brand will reap the benefits.
The staff at BBOK can work with your bank champion to create promotions that help with new account acquisition, usage and retention. For more information or to sign up for our fall acquisition promotion “It’s a SNAP!” going on now, contact Lea Gubitz at 316.681.9275.