By combining the functionality of a check with the convenience of card-based payment and cash access, the Visa check card has grown in popularity with consumers and is a proven revenue generator for financial institutions. Visa check card enhances the value proposition of your DDAs - building stronger, more valuable and committed member and customer relationships, protecting core deposits, and helping you
compete.
Visa check card sales volume continues to experience double-digit growth year over year. Visa USA recently reported that in 2005 it saw total off-line debit transactions increase to 10.7 billion, a 17.6% jump compared to 2004. Additionally, Visa off-line debit saw $410.5 billion in sales transactions, which is an increase of 18.7% compared to 2004.
With this continuing growth trend in debit and a highly competitive DDA marketplace, it is critical that your financial institution develop and execute a comprehensive debit strategy. Visa check card, representing 39% of consumer sales volume and growing, is core to that strategy. Listed below are a few best practice marketing reminders to help you get the most out of your Visa check card program.
- Upgrade select cardholders' ATM cards to Visa check cards. Consider mailing an educational pre-mailer to these cardholders to promote the benefits and all of the different ways to use the new card.
- Display in-branch materials that promote the Visa check card as the easy way to pay every day and provide front-line staff with the knowledge to promote and talk about the benefits of the card.
- Tailor an education-solicitation program based on the traits of your members and customers (no card, ATM only, POS usage).
- Combine several media - including ATM statement messages, newsletter articles, and in-branch materials - to communicate your message and help increase the likelihood of response.
- Offer a loyalty program like Point2Point Rewards and drive up activation and usage.
- Promote the use of Visa check card for paying bills.
In addition to benefiting from ongoing national media advertising for Visa check card, as a Visa member you also have access to a variety of turnkey marketing campaigns and promotions. Their programs are even specific enough to address your different growth needs - increasing DDA penetration, activation, usage, retention, and attrition. For more information about how you can leverage these growth tools as part of your debit strategy, contact your OneBridge account manager today! |
