It’s no secret that credit card products and services can be a credit union’s highest earning asset. Credit cards create value for members, build loyalty, cross-sell products, generate revenue, and keep banks from raiding your membership. A winning marketing strategy for credit card revenue growth has traditionally been to focus on the execution of strategies and tactics to drive greater penetration, activation, and utilization.

Today, that marketing strategy must be balanced with the COVID-19 driven reality of an economic slowdown in which CUNA predicts the GDP to decline 3.75% in 2020 before rebounding to an increase of 3.00% in 2021. Equally concerning is CUNA’s prediction of a 1.25% delinquency rate for 2020 versus .70% for 2019, due to widespread unemployment.

Credit unions focused on growing revenue, or at minimum stopping any declines, must manage an increasingly complex marketing picture, identifying opportunities while avoiding risks.

This credit card marketing decision report presents the most current and relevant data, trends and consumer buying patterns to help your marketing team develop an effective marketing plan for your credit card-related products and services.

In this report we examine:

• National Credit Card Landscape – An overview of the credit card landscape in terms of leaders, followers, new offerings, changing market dynamics and trends
• CU Card Unique Differentiators – How credit union offering stand out from other financial institutions.
• CU Payments Strategies – Trends and best practices in card payment strategies.
• Card Acquisition Best Practices – What the leading national credit unions are doing to increase card acquisition and how to apply these strategies and activities to your organization.
• Messaging for Card Acquisition Campaigns – An evaluation of successful messaging strategies, tips and techniques for getting more from your credit union marketing campaigns.
• Economic and Environmental Trends for 2021 – A look economic growth, environmental concerns, behavior shifts, consumer attitudes and buying patterns to help you shape marketing plans for 2021.
• Competitive Insights and Trends for 2021 – A look at how the competitive landscape is changing, losers, winners, new players, new offerings could impact your products and services.
• COVID-19’s Impact on credit card services – How the virus growth, response and consumer attitudes will affect your credit union’s growth strategies today and in the near future.

Each section includes current research, analysis of the data to help guide your marketing decisions and recommendations to address evolving market realities.

Table of Contents 

Introduction

Key Findings
• Credit Card Market Overview
• Consumers Slash Debt Balances/
• Figure 1: Delinquency and Charge Off Rates

Changing Market Dynamics

2021 Purchasing Outlook
• Three Key Buying Trends for 2021
  – Digital Wallets Gaining Ground
  – Virtual Credit Card Use is Escalating
  – Leading Virtual Credit Cards
• Contactless Payments Drive Transactions
• Get Ready for Voice Commerce
  – Figure 2: Voice Commerce Activity

Key Takeaways

Changing Usage Patterns

Marketing Best Practices
• Member Journey Marketing Elements
  – Figure 3: Member Journey Marketing Elements

Deep Data Member Profiling
• Credit Card Acquisition Strategies
  – Increasing share of wallet
  – Moving debit holders to credit cards
  – Moving members from banks
• Credit Card Campaign Considerations
• Credit Card Utilization Strategies
• Messaging for Card Acquisition Campaigns
  – Figure 4: Messaging by Stage and Focus
• Best Practices

Generational Considerations
  – Figure 5: Population Chart
  – Figure 6: Desired Credit Card Features by Generation
• Credit Card Landscape, Trends and Outlooks
• Overview ownership and usage
  – Figure 7: Users per Card Brand
• Trends and Outlook
  – New Vendor Spotlight: Aspire

Covid-19 Impact on Credit Card Usage

Competitive Trends and Insights
• Credit Card Issuer Market Share: Top 10 Issuers of 2020
  – Figure 8: Top 10 Issuers of 2020

New Competitive Offerings

Credit Card Transaction Landscape

Card Issuer Profiles
  – Figure 9: Card Issuer Profiles

 Credit Union eServices (mobile banking, P2P, online services) exploded with the COVID-19 pandemic and associated lockdowns. 

Research shows eServices usage has continued to accelerate. Contactless cards or mobile wallets at

the point of sale which allow users to avoid touching the payment terminal are growing. Payment via online or mobile pre-payment, especially when combined with very popular curbside pickup, has become an expected member experience. Retailers are helping to accelerate the trend by promoting both of these as major member service conveniences. Your credit union can profitably benefit from these trends.

Matrix Manager’s eService Marketing Decision Report presents the most current and relevant data, trends and consumer buying patterns to help your marketing team develop an effective marketing plan for your online and mobile products and services. 

In this report we examine:

• eServices Economic and Market Landscapes – An overview of the eServices landscape in terms
of leaders, followers, new offerings, changing market dynamics and trends. 

• Market Expansion Strategies – From digital transformation to voice eCommerce.

• Digital Marketing Trends and Outlook – What’s happening with online, mobile, P2P payments
and Bill Pay digital banking services.  

• eServices Promotion Best Practices – What the leading national credit unions are doing to
promote eService usage and how to apply these strategies and activities to your organization. 

• Generational Considerations for Marketing – How to design marketing campaigns and
promotions for every age cohort from boomers to GenZ. 

• Messaging for eService Acquisition Campaigns – An evaluation of successful messaging
strategies, tips and techniques for getting more from your credit union marketing campaigns. 

• Economic and Environmental Trends for 2021 – Take a look at economic growth, environmental
concerns, behavior shifts, consumer attitudes and buying patterns to help you shape eService
marketing plans for 2021. 

Table of Contents 

Introduction

Key Findings

eServices Economic Landscape
• Consumers Embrace Online Shopping

Market Landscape
• Digital Transformation Remakes the Landscape
• Open Banking Creates a New Ecosystem
• Digital is King
• Contactless Payments Drive Transactions
• Digital Wallets Gaining Ground
• Get Ready for Voice Commerce

Market Expansion Strategies
• Digital eServices Menu

The Digital Member Journey
• Marketing considerations for the digital member journey

Deep Data Member Profiling

Next Generation CX

Marketing Plan Recommendations
• Member Journey Marketing Elements
• eService Market Acquisition Strategies

eService Utilization Strategies
• eService Messaging Strategies
    – Messaging by Stage and Focus
• Best Practices

Electronic Services Market Trends & Outlook
• The Rise of Digital Banks
• Neo Bank Ecosystem
• Mobile Banking is Accelerating in the Age of COVID-19
• Peer To Peer Payments (P2P) Growth Surging
• Bill Pay Expands with Digital Trends
• Attracting Bill Pay Subscribers

Generational Considerations

Competitive Insights

Competitive P2P Review
• Overview
• P2P Service Comparisons
• Competitive Profiles
• Zelle Overview
• PayPal Overview
• Venmo Overview
• P2P Alternatives

Appendix

As the U.S. economy experiences a slow progress toward revitalization, we look toward 2021 for market planning. How can your credit union take advantage of the changes in the economic and consumer outlook to boost revenue and profitability from mortgage to home equity and auto loans?

We’ll help you figure it out by taking a deep dive into how new economic realities are reshaping consumer needs for mortgage and home equity loans.

Matrix Manager’s consumer mortgage decision report presents the most current and relevant data, trends and consumer buying patterns to help your marketing team develop an effective marketing plan for your mortgage-related products and services.

In this report we examine growth strategies for mortgage and home equity loans:

• Marketing insights: population shifts open new opportunities for mortgage loans; digital
transformation becomes a necessity

• Market expansion strategies: new account acquisition strategies for mortgage and home equity
loans; post-COVID-19 messaging strategies

• Generational considerations: How to attract new members from Boomers to Gen Z

• Competitive insights: Top loan innovators, best credit union lenders of 2020

Each section includes current research, data analysis and recommendations to help guide your marketing decisions amid evolving market realities.

Table of Contents 

Introduction

Key Findings

Industry Snapshot
• Median Annual Loan Growth
• Median Loan-to-Share Ratio
• Loan Delinquency
• Population Migration Drives New Loan Growth
• Digital Transformation
• Online Mortgage Loan Alternatives
• Online Auto Loan Alternatives
• Best Practices for 2021 Planning
• Mortgage Loan Snapshot
• Turn your Website into a Branch
• Rethink your Loan Application Process

Loan Messaging Strategies

Mortgage and Home Equity Marketing Strategies
• Overview
• Housing Stays Strong
• Home Equity Loans Grow in 2021
• Marketing Successes 2020
• Mortgage Acquisition Strategies

Competitive Trends and Insights
• Top Credit Unions Leaders by Assets
• Top Mortgage and Home Equity Loan Innovators
• Best Credit Union Mortgage Lenders of 2020
• Best Home Equity Lenders of 2020

Mortgage Market Trends & Outlook
• Strong Housing Demand Faces Inventory Shortage
• Mortgage Profit Margins Outlook Shows Strength

Auto Loan Marketing Strategies
• Overview
• Auto Market Recovers
• Auto Loan Marketing Successes 2020
• Auto Loan Acquisition Strategies

Competitive Trends and Insights
• Top Auto Loan Innovators
• Best Credit Union Auto Loans of 2020

Auto Loan Market Trends & Outlook
• Auto Sales to Reach 17.3M in 2021
• Auto Shopping Preferences Favor Digital Experience
• Credit Reporting Concerns
• Marketing Advances for 2021

Generational Considerations

Appendix

When it comes to checking and deposit growth, credit unions find themselves positioned between two powerful impacts on checking and deposit accounts: Deposits are increasing from members with resources who are spending less and saving government checks. Checking accounts are being drained by members with financial hardship. External pressures are causing all consumers to reevaluate their needs and make changes to increase their financial stability. 

We’ll help you figure it out by taking a deep dive into how COVID-19 is reshaping consumer needs for checking and deposit accounts. 

Matrix Manager’s Checking and Deposit Marketing Decision Report presents the most current and relevant data, trends and consumer buying patterns to help your marketing team develop an effective marketing plan for your checking and deposit-related products and services.  

In this report we examine growth strategies for checking and deposit accounts, focusing on:

• What consumers are looking for today

• Marketing successes to emulate 

• Generational considerations for promotions

• Innovative campaign strategies for 2021

• New account strategies

• Cross-sell strategies 

• Deposit maximizing strategies

• Market trends and forecasts

• Competitive Insights and Trends for 2021 – A look at how COVID-19 is changing the
competitive landscape: how market shifts, new players, and new offerings could impact your
products and services. 

Each section includes current research, analysis of the data to help guide your marketing decisions and recommendations to address evolving market realities.

Table of Contents 

Introduction

Key Findings

Industry Snapshot
• Interest Rates Plummet While Fees Rise
• Credit Unions Emerge Stronger
• Consumers Focus on Saving
• New Businesses Opening at a Record Rate
• Population Migration Drives New Checking Account Growth

Marketing Insights
• Consumers Favor Digital Banking
• New Focus on Online Checking Accounts
• Best Practices for 2021 Planning

Market Expansion Strategies
• 2020 Marketing Successes
• Generational Considerations
• Innovative Campaign Strategies for 2021
• Subscription Pricing
• Surprise Gift Incentive
• Challenge of the Month
• Check Your Rate Promotion
• Bringing Credit Card Rewards to Debit Cards
• New Account Strategies
• Onboarding Strategies
• Cross Selling Strategies

Deposit Maximizing Strategies

Messaging Strategies
• Brand Names Matter

Competitive Trends and Insights
• Top Credit Unions Leaders by Assets
• Top Seven Innovators
• Best Online Checking Accounts
• Best Credit Union Checking Accounts
• Best High Yield Checking Accounts
• Best Automatic Savings Accounts

Market Trends and Forecast
• Deposit Growth in 2020 will Continue in 2021
• New Players Raise the Bar for Checking Accounts
• Consumers Want More Speed and Convenience
• Move Toward a Cashless Society
• Marketing Advances for 2021

Appendix