DES MOINES, Iowa––The card-issuing partners of payments processor TMG (The Members Group) grew their credit and debit portfolios by 15% on average in 2015, according to the company. In addition, overall spend on all credit and debit cards processed by TMG was up 32% year-over-year.
“The financial institutions that have selected TMG as a processing partner are progressive, innovative and tenacious in their pursuit of growth,” said Shazia Manus, CEO of TMG. “Their ideas and expertise work in concert with that of TMG’s to produce outstanding experiences for the consumers they serve, and that translates to growth.”
Manus added that TMG’s business goals, product offerings and data-driven consultation are designed to help financial institutions navigate a rapidly changing financial ecosystem.
“This is critical in a time when technology and innovation are reshaping the experience consumers expect from their credit unions and bank,” the company said. “Ninety-eight percent of TMG’s credit clients have successfully converted their mag-stripe cards to EMV chip cards; 40% have either completed the same or are in process to completion on the debit side. As for digital wallets, 75% of TMG’s clients have enrolled in at least Apple Pay, if not also Android Pay and Samsung Pay.”
TMG said that client success has translated into success for the company, which now serves seven of the 13 largest U.S. credit unions. In 2016, TMG said it will more than double conversions (new and/or current partners moving card programs from another processor) as compared to 2015. In 2015 alone, the company improved revenue by more than 20%, positioning the processor for investment in future technology. In addition, TMG said saved its issuing partners more than $40 million in potential fraud losses, a 31-percent increase over 2014 fraud savings.
TMG’s staff, which grew by nearly 30% in 2015, makes up what Manus described as a strong organizational foundation for the future. Employees of TMG and its sister companies are happy, as evidenced by parent organization Affiliates Management Company’s second consecutive year on the Top Workplaces list. It’s a distinction given by The Des Moines Register based on employee surveys.
“The most important part of TMG’s growth story is we accomplished all this while staying true to our core values and fulfilling our brand promise of making life easier,” emphasized Manus, who cited a 99% contract renewal rate, which the company has enjoyed for 10 consecutive years.
Both clients and cardholders continue to report excellent experiences as a result of working with TMG staff, the company said. According to TMG’s 2015 client satisfaction survey, 80% or more of responding clients are satisfied to very satisfied with each of the following:
- Responsiveness to trends and consumer demand
- Innovation and technology to help financial institutions stay competitive
- Commitment to developing products for future needs
“The payments industry experts who work at TMG are excellent at spotting the trends and anticipating the challenges facing our clients,” said Manus. “Our product team brings customized solutions to our clients often before they even know they need them. Our clients are not only receptive; they are eager to try new things, volunteering for pilot programs, participating in our client advisory groups and challenging our teams to help overcome the most pressing competitive threats. That’s how our partnerships continue to produce measurable, meaningful results for our clients.”
Cardholders, too, report high satisfaction with a variety of omnichannel interactions with TMG’s consumer services division. Ninety-three percent of surveyed cardholders were satisfied to very satisfied with the clear and knowledgeable answers they received from live agents, TMG reported. Ninety-one percent of cardholders were satisfied to very satisfied with the ease of navigation inside TMG's IVR system, a 10-percent improvement from 2014. Ninety-six percent of cardholders were satisfied to very satisfied with TMG’s ability to quickly contact them on behalf of their credit union or bank after a potentially fraudulent transaction occurred, and 97% were satisfied to very satisfied with the fraud detection service.