Giving members more
In 2018 when Vermont based River Valley Credit Union was looking for solutions to boost its card program, the team reached out to Trellance to implement the Card Portfolio Growth Solutions (CPGS). “We marketed our credit card in house for many years and consistently added approximately 10-20 new accounts per month, but we were interested in finding a way to market our cards to new membership and boosting usage to existing cardholders,” explained Laura Paice, AVP, Consumer Lending at River Valley CU. She confessed that existing cardholders’ spending power was very tight because although they increased approval amounts for unsecured loans, they had not looked at credit lines within their card portfolio for a long time.
Trellance’s data-driven, implementation-ready CPGS was just the strategy River Valley needed to boost its card portfolio. Ann Farrell, Director of Portfolio Growth at Trellance, noted that “The program has been averaging 19% year over year in revenue for participating credit unions since we started the solution in 2016.