Increasing loyalty and member engagement remains a top priority for credit union growth. Achieving success will depend heavily on how credit unions utilize rewards for their debit and credit programs. Reward programs can serve as a foundation for other industry trends on the rise such as card-linking.
LowCards.com reports that card-linking allows consumers to link their debit or credit cards to loyalty programs, digital coupons, or mobile wallets. When consumers pay with their registered card or mobile wallet, discounts and loyalty benefits are automatically applied — without the need for paper or digital coupons, QR codes, or promotions codes.
According to the 2016 Annual Cark-Linking Industry Survey, here are a few key findings that support progress:
- Card-linking transactions have increased 50 percent in the last 12 months
- A majority (60 percent) of the respondents said card-linking could grow to a $10 billion revenue industry
- Restaurants, department stores and clothing companies have been the earliest adopters of card-linking
LEVERAGE Rewards is a great solution to create a solid rewards foundation. The program is not only able to provide members with points for debit and credit card usage, but also for key products such as auto loans, home equity loans, and other consumer loans. Contact a LEVERAGE Business Development Consultant today.