DES MOINES, Iowa–Eleven credit unions have renewed partnerships with TMG Financial Services (TMGFS). The multi-year contract renewals signify the movement’s ongoing need for a credit union-centric agent issuer, the company said.
“Running a sustainable, competitive credit card program isn’t getting easier,” said Benjamin Rempe, TMGFS vice president of business development. “Credit cardmembers are more demanding today than ever before. They want innovative ways to pay, clear and concise rewards, great perks, low fees – and all under an umbrella of outstanding, hyper-personalized experiences. That takes marketing savvy, data analytics know-how, underwriting skill and a deep bench of experts with futurist mindsets. Credit unions often find these capabilities easier to mobilize when partnering with a dedicated, outside resource.”
Since partnering with TMG, these 11 credit unions achieved, on average, outstanding balances growth of nearly 80%, the company said. Several have more than doubled the number of members who now carry the credit union’s credit card, TMG added.
“Credit unions that have partnered with TMGFS have recognized the need to dedicate their resources to other important strategic initiatives. They’ve determined a focused and dedicated partner can help them maneuver a rapidly changing credit card ecosystem,” said Rempe. “We understand credit union members, and we know credit cards better than anyone else. That’s why our partners continue to rely on TMGFS to help deepen relationships with key segments of their membership base.”
Among the credit unions that renewed partnership with TMGFS in 2016 was Community 1st Credit Union, which sold its portfolio to the agent-issuer CUSO in 2010. Since that time, the Ottumwa, Iowa, credit union has grown cardmembers by nearly 30% and outstanding balances by more than 40%, TMG said.
“From the annual employee incentive program to individual branch visits, the over and above strategies TMGFS executes demonstrates their commitment to our success,” said VP of Marketing Anne Hagen. “TMGFS staff works with our management to ensure our goals are accurate and to provide the kind of training and assistance that prepares us to provide a great member experience. Ultimately, we want to be our member’s primary financial institution. The more products and services they open with Community 1st, the stronger we become as a cooperative. The credit card plays a key role in engaging our members.”