Online sales transactions of all types have skyrocketed over the past few years.
The reasons why are clear. As a result, financial institutions from sea to shining sea now pay more attention to card placements and active card use. This is the business environment Strivve thrives in. Or “thrivves” in, as it were.
Our product CardUpdatr is the first service that instantly updates all the cards your accountholders have placed with online merchants. This useful benefit helps keep your card on Top of Wallet®. With CardUpdatr, since cardholders will have their card placed with more of their favorite merchants, this means increased transaction volume and maximum interchange revenue!
CardUpdatr’s card placement success depends on different factors.
The ones we discuss here aren’t all possible factors, just the more common ones. We know cardholder motivation is a primary reason for them to place your card at top merchant sites. Their overall motivation, in turn, depends on where and how they became aware of CardUpdatr.
You have multiple ways to introduce CardUpdatr to cardholders.
- When a new, lost, or otherwise compromised card must be replaced and activated online.
- During an online banking sessionnotices and alerts with promotional language can encourage cardholders to place their card with their favorite online merchants.
- A marketing campaign where cardholders receive cash incentives or other rewards to place the card with online merchants.
- A marketing campaign to present CardUpdatr as one of your cardholder benefits.
- Cardholders may notice CardUpdatr when it’s placed prominently within your institution’s online banking platform.
- Cardholders could run across CardUpdatr while browsing the institution’s online banking features.
Each of these factors influences success differently.
Therefore, it’s unrealistic to roll them up into a single predicted success number.
For example, when cardholders activate a new card, their motivation to place their card with CardUpdatr is much higher compared to randomly landing on CardUpdatr online. Cardholders who go through an activation process usually generate a > 50% card placement success rate. In contrast, cardholders who casually run across CardUpdatr within their online banking activity typically have a card placement success rate of < 10%.
We also have information to suggest incentives are an especially productive motivator.
A client of ours, based in the Western region of the United States, with nearly $1 billion in assets and a membership of around 75,000, recently conducted an incentive-based cardholder promotion. It generated a success rate about three times higher than a typical campaign!
We reached out to them to discuss their program. We wanted to understand why the success rate was so high. We learned the credit union had offered a tiered incentive program to encourage their members to place cards.
- Place card with one merchant – $10
- Place card with two merchants – $25
- Place card with three merchants – $50
- Place card with five merchants – $100
When we learned cardholders at the credit union could walk away $100 richer when they placed five cards, we immediately understood how they got such noteworthy results!
So, to maximize your ROI on your card program, a good way is to set up a tiered system of incentives. Then, watch the interchange roll in!
Ready for a conversation about how you can ramp up the ROI on your card program?
The Strivve Customer Success team would love to partner with you to drive success for your card portfolio and deliver excellent benefits for your cardholders.
We can share proven ideas to generate measurable improvements to your overall card portfolio success. We’ll improve the cardholder experience, increase loyalty, and generate stronger financial returns thanks to the strategic efforts you put behind your card program.
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