Few (if any) strategies compete with balance transfer campaigns

first_img 68SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Karan Bhalla Karan Bhalla is the CEO of CU Rise Analytics and who has almost two decades of financial services and data analytics experience. CU Rise Analytics is a global CUSO helping … Web: https://www.cu-rise.com Details Several mainstream media outlets have noted credit cards accounts are on an upward trend. If growth continues at its current rate, accounts will exceed 2008 numbers in the next 12 to 18 months.Are you ready?There is no doubt credit unions have ramped up their lending programs since 2008. Among the reasons these cooperatives have been successful is their close connection with members. By understanding what drives members to take action, credit unions have been able to take calculated risks and boost their growth, particularly in the area of credit cards.The balance transfer offer, a tried and true campaign, has contributed greatly to much of credit union card issuers’ growth. A successful balance transfer campaign can add five percent to the total credit card asset of a portfolio in as few as two months. In some cases, the offers executed by IQR data analysts in conjunction with our credit union partners achieved response rates greater than 5 percent and totaled more than $1 million.Let’s go back to why there is a market for competitive balance generation offers. It’s not rocket science. Heck, it’s not even data science. Qualified cardholders are likely to transfer their balances to a better offer – if they know it exists.The average credit card balance on big-bank cards is two times that of the credit union average. This remains true even though credit unions are typically in a better position to offer more attractive fees and APRs. While banks have an average interest yield of 15 percent, credit unions average an interest yield of 10 percent.When cardholders who carry balances from month to month are looking for a new card, they sign up for the best introductory offer and then succumb to high interest rates once the promo period ends. It often takes another offer to land in their mailbox before they realize they have better options. This could be the sweet spot for your credit union’s own, better balance transfer offer.Apart from better member relationships and card portfolio growth, a smart, well-timed balance generation campaign can also help optimize your credit union’s marketing dollars. This may be hard for some to believe, as we often hear credit unions say these campaigns are too expensive for the results. However, a solid, data-driven, balance transfer campaign can change that calculus — dramatically.As a matter of fact, there are few marketing strategies that compete with balance generation campaigns when executed thoughtfully. That thoughtfulness primarily hinges on three factors – the offer, the target and the channel, with the first two carrying the greatest weightHere are a few recent results from balance transfer campaigns executed by credit unions:THE OFFER: 2.99% APR for 6 months with no transfer feeTHE TARGET: 2,715 cardholdersTHE RESULT: 340 responded with average balance transfer of $2,582 THE OFFER: Different promotional rates and fees segmented by cardholder groupTHE TARGET: 23,000 cardholdersTHE RESULT: 1,096 responded with average balance transfer of $2,248center_img THE OFFER: 3.99% APR for 12 months with no balance transfer feeTHE TARGET: 16,600 cardholdersTHE RESULT: 890 responded with average balance transfer of $3,458Unlike many financial institutions, credit unions don’t typically require balance transfer fees, a feature that should be promoted more aggressively.To do this, target cardholders should be identified using past behavioral data, which includes both internal and external data – from reliable sources, such as credit bureaus. For both better targeting and risk mitigation, account selection must also involve risk and response models.THE CHANNEL: The most popular and effective solicitation channel for balance transfer campaigns is, hands down, direct mail, but snail mail generates the best results when followed by an email.Other channels, such as branch, telephone and convenience checks, can be effective, as well. Convenience checks, in particular, are a great way to generate interest because of their low frequency, high usability and attractive promo rates. With their extensive usability, convenience checks can prove to be very handy for making payments where credit card usage is not possible and for paying college/tuition fees. Here again, though, convenience checks are typically delivered via a direct mail channel.Balance transfer campaigns are not only great for credit unions but also for cardholders. Members stand to experience substantial savings through balance transfers, and that creates the kind of affinity that deepens relationships and brings word-of-mouth business through the door. As you approach strategic planning season, consider whether a balance transfer campaign may be just the thing to propel your credit card portfolio to new heights.last_img read more

2013 Top Attendance

first_imgYesterday we talked about the top pro franchises in the world.  Today I will show those sports with the top attendance figures.  Heading the list is MLB.  There were 2,426 baseball games with an average attendance of 30, 504 which tops out at 74,000,000 paid fans.  Second in this list is another baseball group–the NIPON (Japanese).  They played 864 games with an average attendance of 25, 518 fans per game and 22,000,000 total attendance.  Next comes the NFL with 254 football games with 68,397 as an average attendance totaling 17, 400,000.  The NBA comes in next with 990 basketball games with attendance of 17,274 fans per game totaling 17, 100,000 paid fans.The last four are dominated by soccer franchises.  They include:Bundesliga Football Association–Germany      306 games, 45,179 average attendance, 13,800,000 total fansPremier League FA–England                               380 games, 34,601 average attendance, 13,100,000 total fansNHL (hockey)                                                            720 games, 17,721 average attendance, 12,800,000 total fansLa Liga FA–Spain                                                    380 games, 30,275 average attendance, 11, 300,000 total fanslast_img read more

Kenya Appeals E’Guinea’s Reinstatement

first_imgEquatorial Guinea had been excluded by CAF in October for fielding an ineligible player.On Wednesday CAF reversed that decision following an appeal from Equatorial Guinea, who were restored to the finals in place of Kenya.Kenya were awarded a place in the finals in October when CAF ruled Equatorial Guinea had fielded an ineligible player in qualifying.CAF’s Appeal Board announced on Wednesday that: “The player Annette Jacky Messomo is eligible to play for the national team of Equatorial Guinea.”In the original ruling CAF upheld a protest from the Football Kenya Federation over the eligibility of Messomo.The decision at the time was that: “The player in question was allegedly of Cameroonian nationality and had played for several European based clubs.”In response FKF released a statement saying: “It is our belief that both CAF and CAS will treat the matter with the seriousness that it deserves, this even as Harambee Starlets remain in camp in preparation for” the tournament.The letter added that FKF stands by its assertion that Messomo is ineligible to play for Equatorial Guinea.The news of the successful appeal came just as Kenya drew 1-1 with Ghana in a friendly on Wednesday.As it stands two-time winners Equatorial Guinea will be in Group B for the finals that are due to begin on 17 November.They would open their campaign against Zambia on 18 November before facing South Africa and defending champions Nigeria.Should Equatorial Guinea finish in the top three at the Nations Cup in Ghana they would not qualify for next year’s World Cup in France after a ruling by Fifa in 2017.Football’s world governing body expelled Equatorial Guinea from the 2019 Women’s World Cup in France for fielding 10 ineligible players and using forged documents.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram AWCON 2018Kenya’s Football Federation (FKF) has condemned a Confederation of African Football (CAF) decision to reinstate Equatorial Guinea to the Women’s Africa Cup of Nations.They say they are “profoundly astonished” by the move, which represents “a great injustice” and plan an appeal to the Court of Arbitration for Sport (CAS).last_img read more

Giancarlo Stanton wins Home Run Derby; Corey Seager out after one round

first_imgStanton also hit the longest home run of the day, estimated at 497 feet, and ate without guilt into the brick facade of the Western Metal Supply Co. building in left field. His three-round total of 61 home runs set a new record for the event.A broken bone in his left hand prevented Stanton from appearing in the Home Run Derby last season. He hit six home runs in the 2014 contest in Minnesota when there was a different format with no clock.“I grew up watching this,” he said. “That’s where you build up childhood memories. Now I’ll have kids saying the same thing — they watched me do this. I’d like to return the favor.”The Sherman Oaks Notre Dame product wasn’t selected to the National League All-Star team this year, but agreed to participate in the event anyway. The All-Star Game will be played Tuesday.Those who have shown up early to Marlins games at Dodger Stadium already knew of Stanton’s prodigious power. He’s among the few players to hit a ball out of the park in batting practice. His average home run Monday traveled 446 feet. What are the odds that Stanton parachutes into the Derby to dominate every year, whether he’s an All-Star or not?“Depends how the year’s going, depends where it is,” he said. “Next year it’s at home (in Miami) so there’s a pretty good chance.”Among the eight participants, Dodgers rookie Corey Seager ran into a tough first-round draw. He was the first player to bat and was pitted against Mark Trumbo, whose 28 home runs lead the major leagues.Seager started slowly by Derby standards. He sprayed a series of line drives around right field — some fair, some foul. About halfway through his four-minute allotment, Seager said he was able to relax. The ball began to carry a bit more, a few drifted toward center field, and 15 cleared the fences once his time was up.The Dodgers were offering a $5 discount to their Aug. 14 home game against the Pittsburgh Pirates for every round that Seager advanced. Trumbo, an Orange County native who becomes a free agent next year, apparently doesn’t care for hometown discounts. He hit his 16th home run with seven seconds to spare. With Seager eliminated, a few fans in attendance chanted “Beat L-A.”“It was a lot of fun,” the rookie shortstop said. “It’s one of those things that not a lot of people get to experience, and to be able to do it with my dad makes it that much more fun.”Derby participants are allowed to choose their own pitcher, and Jeff Seager said he was “honored” to get the call from his son last week.“I was really happy, obviously, that he thought of me,” Seager said. Frazier broke Prince Fielder’s all-time record for career home runs in the event. He has 92 to Fielder’s 81. Frazier beat Dodgers center fielder Joc Pederson in the final round of last year’s event in Cincinnati to claim the title. SAN DIEGO >> Two men stood on the balcony of a high-rise across the street from Petco Park, about 20 stories up, holding a homemade sign that read “HIT HERE FREE BEER” with a target in the middle.Giancarlo Stanton didn’t hit the sign, but he earned the free beer.The Miami Marlins slugger hit 24 home runs on 30 swings in the first round, eliminated baseball’s leading home run hitter in the second round, then hit 20 home runs in the final round to beat Todd Frazier of the Chicago White Sox for the title.“Taking a flight out here just for this, I figure that it’s a waste if I don’t get this bad boy,” he said, patting the silver trophy awarded to the Derby champion.center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more

‘Be Mindful in Handling Global Witness Report’

first_imgSources say Sen. Stephen Zargo requested the Senate Plenary to invite the top brass of the National Security Task Force to brief the Senate on the state of the country’s security, ahead of the November 7 run-off election.The Chairman of the Senate Committee on Defense, Intelligence and Veterans Affairs has called on all actors “especially the Executive Branch of government which enforces the law to be cautious in the handling of the Global Witness Report, with specific reference to the rule of law and public order.Lofa County Senator Stephen Zargo at a security sector press conference yesterday made it emphatically clear that no one was above the law, and that his Committee was in no way against bringing to justice anyone who has been accused of violating “any of our laws.”Notwithstanding, Senator Zargo warned that “we should never support any process that can be proven to be procedurally erratic, and has the propensity to stir up tension and threaten public order.”The outspoken former Police officer further warned that the possibility of terrorists taking advantage of any public disorder and chaotic situation cannot be ruled out, and admonished state actors to take note of comments by the United Nations Security Council, the Secretary General and the US Envoy that Liberia’s work to improve its security is not finished. “Rather, we should endeavor to provide training, logistical and other capacities of the national security sector in general to enable them to adequately and professionally respond to any situation that would threaten the peace and security of our country. “Cognizant of what he described as a lot of gains made in the country’s national security arena, the Lofa County lawmaker however, sounded a caveat that” if we do not conduct the affairs of the state cautiously, there is a possibility of reversing the gains we have made in the national security sector. “Zargo recalled that the final report of the UN panel of experts also underscored this when they expressed concern about the vulnerability of West Africa, particularly Liberia, following a surge in recent terror attacks, while the report further stated that “our security apparatus remains weak, undermined by operational difficulties, budgetary constraints, and lack of adequate equipment which undercuts (morale).” Senator Zargo asserted that issues permeating the country’s national security in recent times have to do with terrorism in the West Africa (Mano River basin), UNMIL drawdown, Tamaya Vessel mystery and the saga surrounding the Global Witness Report of alleged bribery involving the Sable Mining Africa Limited, some past and current members of the Liberian Legislature, and several members of the Executive Branch. “We conclude by calling again for a National Security Dialogue, where former and present elements of our national security sector on one hand, and current actors from sisterly national security entities on the other hand can sit and discuss, with the view of taking charge of our security responsibilities at this critical moment of our security and political transition.”Answering a reporter’s question, Zargo speaking from his Capitol Hill offices, said he would have resigned if he was implicated in the alleged bribery scandal and go through the legal process. Responding to another reporter’s question he denied any knowledge or information about rumors of a plot to impeach President Ellen Johnson Sirleaf. He said both his Liberty Party and the Senate’s positions in the Global Witness Report are documented.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more