Non-interest income is an oft-neglected part of a credit union’s total income. And it makes sense, too—revenue from loan interest is generally lower, and it flies under the radar.
But what if you could increase interchange income? Would non-interest income still play second fiddle? Or would you pursue a program that could increase your profits from each member card transaction?
CU Rise notes three ways that credit unions can use data analytics to improve interchange income. There are strategic ways to leverage the information already at your fingertips:
- ACH data
- POS transactions
- Inactive cards
Data analytics can turn massive quantities of information into actionable insight. In turn, that insight becomes revenue. Read on to learn how.
