How to use prepaid cards to expand your credit union’s market share

first_img 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Naomi Anderson Naomi Anderson is Vice President of Prepaid for LSC. In her current role, her team manages the day to day program support, customer service functions and implementations as well as … Web: Lsc.net Details Successful business growth starts with offering the right product or service for your audience’s needs. In the financial services market, the versatility and convenience of prepaid cards make them a great way for credit unions to break the ice and start new member relationships or grow current ones. Below are four strategies to help your credit union take full advantage of a prepaid program and grow market share.Market DevelopmentThis strategy is for credit unions already offering a prepaid card program and involves using current prepaid offerings to reach new audiences. Where are some good markets to start? One of the fastest growing markets is the Hispanic market. An ICUL sponsored study by Coopera shows Hispanics make up 20% of the U.S. population, growing 83% since 2000. Hispanic Market Facts from Coopera:Hispanic households have the second-highest expected lifetime spending of all U.S. ethnicities.Family-based spending on items like food and clothing is greatest among Hispanics. As a popular budgeting tool, prepaid cards are a relevant offering to this promising market and can help credit unions build loyal members among them.Prepaid cards are also a great venue for reaching new, younger demographics. Parents often use these cards to teach children financial responsibility. Prepaid programs with mobile services are particularly attractive to tech-savvy young people looking to have total access to card information on the go.Product DevelopmentIf you’re not already offering a prepaid product, now would be a good time to start. With the game-changer of COVID-19, cashless payment methods are becoming more popular. Prepaid cards can help credit unions better serve their current members. Members can use prepaid cards to budget long-term or special occasion spending, receive tax refunds, and go cashless without incurring interest rates or risking account information. Credit unions offering gift cards also become an easy one-stop shop for members during the holidays or for any special occasion.Market PenetrationPrepaid cards sporting a credit union’s logo create a strong branding opportunity. Branded gift cards are particularly effective marketing tools since members may share them with non-members, growing awareness. By offering this popular product, credit unions can also be more competitive in the financial services market. Promoting prepaid cards through your website, emails, social media, or events can draw in more sign-ups from people looking for special occasion gifts or the convenience of reloadable prepaid cards.DiversificationIf you don’t have a prepaid program, but would like to grow in new markets, you can diversify your product offerings and add on a prepaid program to offer in that new market. You may want to seek operational and marketing support from a service partner to make this launch successful.SummaryTo achieve growth, credit unions can choose from many strong strategies. These strategies are most impactful when combined with an offering that meets an audience’s needs. For credit unions, prepaid cards are a powerful way to achieve this balance and grow market share.Are you ready to take full advantage of a quality prepaid program to grow your credit union’s business? LSC has been a trusted credit union partner for over 50 years. To learn what LSC can do for your credit union, contact the LSC sales department at 1-800-942-7124.last_img read more

One dead, scores feared trapped in India building collapse

first_imgTopics : The cause of the accident was not immediately clear, but building collapses are common during India’s June-September monsoon, with old and rickety structures buckling under the weight of non-stop rain.Three rescue teams with specialized equipment and sniffer dogs have been deployed to the scene, a statement from India’s National Disaster Response Force (NDRF) said, with Home Minister Amit Shah tweeting that he was “praying for everyone’s safety”.NDRF spokesman Sachidanand Gawde told reporters that emergency workers had retrieved the body of one victim, while Mahad police said at least 70 people were believed to be trapped under the rubble.”Fifteen injured people have been rescued and taken to hospital,” the police said in a statement. ‘Scary situation’ Local politician Manik Motiram Jagtap told TV9 Marathi that the structure was 10 years old and built on “weak” foundations.”It fell like a house of cards,” Jagtap said.”It is a scary situation.”As night fell, emergency workers used cranes to try and remove the rubble as relatives anxiously waited for news of their loved ones.The office of Uddhav Thackeray, the state’s chief minister, said on Twitter that he had been in touch with local representatives in the area.”He has assured them that all possible support will be extended for speedy rescue and relief works,” the tweet said.The monsoon plays a vital role in boosting agricultural harvests across South Asia. But it also causes widespread death and destruction, unleashing floods, triggering building collapses and inundating low-lying villages.The death toll from monsoon-related disasters this year has topped 1,200, including more than 800 lives lost in India alone.The accident brings yet more bad news for Maharashtra, which has already been hit hard by the coronavirus crisis, with the state accounting for over a fifth of India’s more than three million infections.The pandemic has also cast a shadow on the ongoing Ganesha Chaturthi festival, with Hindu devotees ordered to sharply scale down celebrations and rituals honoring the much-loved elephant god in a bid to limit the spread of the virus. One person was killed and dozens feared trapped after a five-story apartment building collapsed late Monday in western India, officials said.Estimates of the number of missing people range from 51 to 200, according to various local officials.The collapsed structure comprised 47 flats, police in the town of Mahad — 120 kilometers (75 miles) south of Mumbai in Maharashtra state — said in a statement. Local residents and police combed through tin sheets, metal rods and other wreckage in a desperate search for survivors as ambulances ferried victims to nearby hospitals.Mahad legislator Bharat Gogawale told the local TV9 Marathi channel that early estimates seemed to suggest that “over 200 people are stuck inside”.”Our primary goal is to rescue as many people as possible who are trapped under the debris,” Gogawale said.An unnamed official with the Maharashtra state Disaster Management Unit later told the Press Trust of India that 51 people were missing.Some 70 people fled to safety when the building began to buckle, Nidhi Choudhari, an official in the district where Mahad is located, told PTI.”We also came to know that many families are not residing in the building as they went to their native places due to the coronavirus-induced lockdown”, Choudhari told PTI.last_img read more