Credit unions are a vital part of the Financial Services ecosystem, creating bonds and cultivating trust with their more than 125 million customers — called “members” — across the U.S. as part of their cooperative mission.
For credit unions, well-designed loyalty programs promote active member relationships and enhance the primary financial relationship with members.
The Benefits of Travel Rewards in Credit Union Loyalty Programs
According to a survey of 3,000 credit union members and prospective members commissioned with consulting firm EY, 36% of respondents would switch more of their financial assets to their primary financial institution if the institution began offering more personalized service and features, such as loyalty rewards customized for them and their lifestyles. The research found that if credit unions invest in lifestyle banking product offerings, they can gain significant market share among both current members and prospects.
Well-constructed, creative rewards programs have other benefits. They can support members’ financial wellness by rewarding good money management behaviors. For credit unions, loyalty rewards programs increase card usage by incentivizing members to keep their cards at the top of their wallets. Credit unions can support payment portfolio growth and overall membership growth by attracting current and prospective members into the program.
How Travel Rewards Can Expand Credit Union Travel Offerings
Travel rewards can offer unique and exciting incentives to credit union members, increase member engagement and loyalty, and help credit unions differentiate themselves from competitors.
Examples of travel rewards for credit union members include free or discounted travel, discounts on hotel stays, and curated activities. Credit unions should ensure that their travel rewards are aligned with their members’ interests and preferences and have clear policies and guidelines for members to participate.
Expanding travel offerings can help credit unions attract and retain members, increase revenue, and differentiate themselves from competitors. Credit unions can offer white label booking engines for cruises, hotels, timeshares, and other travel activities. Credit unions should research the best travel offerings for their members and demographics and ensure their members understand how to access and use them.
Communicating the Value of Travel Rewards and Offerings to Credit Union Members
Communicating the value of travel rewards and offerings can help credit unions increase member participation and engagement and ensure that members understand the benefits of these programs.
Credit unions can use several communication strategies to communicate the value of travel rewards and offerings. For any communication, credit unions should utilize clear and concise language, highlight the unique benefits of their programs, and communicate the value of the travel rewards programs to their members on a regular basis.
Email campaigns leverage credit union members directly. Credit unions can “speak” to their members and highlight specific offerings, special travel perks, or anything they want to communicate right to members’ inboxes.
Social media offers communication about travel rewards and offerings to a much broader audience. This includes already-established credit union members and potential customers who may be searching for better rates and benefits from their financial institution. Anyone on social media can search and find credit union social media information and learn about these travel rewards programs.
In-person events at credit union locations can maximize exposure to both established and potential customers. Hosting in-person events allows credit unions to highlight special offers that members can take advantage of and allows customers to speak with credit union employees in person, which can be more personable and engaging.
Analyzing Data and Making Data-Driven Decisions
When credit unions realize the full value of their data, they are empowered to make informed decisions with data. Analyzing data and making data-driven decisions can help credit unions enhance and improve their white label hotel booking platform, identify areas for improvement, and maximize ROI (Return on Investment). Some examples of data to analyze to make data-driven decisions include:
- Member participation rates
- Revenue data
- Customer feedback
Credit unions should ensure that they have the right data collection and analysis tools in place, use clear and concise reporting, and use data to make informed decisions that drive member engagement and loyalty.
Arrivia: The Leader in Credit Union Travel Rewards and Offerings
Arrivia offers various customizable travel rewards and offerings, data analytics tools, and expert support to help credit unions maximize their ROI and drive member engagement and loyalty. Arrivia’s technology, travel expertise, and customer support allow credit unions to customize their travel rewards and offerings, analyze data, make data-driven decisions, and maximize their ROI.
By partnering with arrivia, credit unions can ensure that their travel rewards and offerings are aligned with their members’ interests and preferences, increase member participation and engagement, and drive member loyalty. Download arrivia’s whitepaper to discover how financial institutions can drive growth, loyalty, and revenue.