Finding Untapped Sources of Income Through Your Debit Card Program
Driving growth on your income statement
Community financial institutions have felt the impact of the drastic changes that have occurred over the last decade. From increased regulatory oversight and the deluge of fintech companies to shrinking margins and institution consolidation, the options for driving revenue have continued to decrease. These market changes have made it more important than ever for community financial institutions to tap into new income sources, allowing them to thrive in the ever-changing landscape of community banking. As institutions seek out increased profitability, one of the places they can make great strides is by examining sources of non-interest income.
Increase non-interest income, not fees
While growth in non-interest income often depends on increasing customer fees, there is an additional stream for driving non-interest income while increasing customer engagement and decreasing employee frustration. Reviewing your debit card program can be an eye opening experience that could lead to great savings with the added benefit of less stress on your employees.
According to the 2016 Debit Issuer Study commissioned by PULSE® Network, debit remains a critical source of non-interest income, with smaller institutions generating approximately $111 per active consumer debit card per year in interchange revenue.*
Reviewing your debit portfolio with a knowledgeable payments expert can help you get a better understanding of how your legacy debit card program is impacting your non-interest income. The potential for increased interchange income and the ability to decipher your debit invoice are some of the benefits you may realize after conducting your analysis.
Stop hitting the repeat button on your legacy debit card program
Diving into a review of your legacy debit card program might seem overwhelming, but it's worth the effort. Legacy debit programs often have bills of up to 20 pages and are time consuming to review and virtually impossible to understand, taking up valuable working hours for your staff. In addition, community financial institutions often don’t receive prioritization and are faced with limited support from legacy providers. After completing an analysis with a payments expert and "looking under the hood” of your legacy debit program, it’s possible to find significant fee savings of 15% or more.
Delve into the details of your legacy debit program and learn how you can increase your non-interest income by partnering with a debit company that’s here for you.
CONTACT US TODAY TO REVIEW YOUR DEBIT PROGRAM!
*2016 Debit Issuer Study commissioned by PULSE Network and performed by the financial services practice of Oliver Wyman.