Income Opportunities: Sprint Program

As we head into 2017, I’m reasonably sure that everyone is doing the same thing we are—looking at our income growth forecasts, and working on ways to meet or exceed the target.

We’ve got a few programs that can help your credit union generate income opportunities, and will be highlighting them in blog posts and Webinars in the coming weeks. 

First up is our Sprint program, from CU Solutions Group’s Love My Credit Union® Rewards. Those of you that have been involved with this program in the past will know that the structure has changed, with far greater opportunity for credit unions ready, willing and able to undertake a few straightforward marketing initiatives.

As an added bonus – not only does this program offer significant income potential to the credit union, but it also offers substantial benefits to members, helping with recruitment of new members and retention of existing.

The details:

  • Credit union members get a $100 cash reward for every new line when they switch to Sprint. Current Sprint customers will receive a $50 cash reward for every line transferred into Sprint Credit Union Member Cash Rewards. Plus, get a $50 loyalty cash reward every year for every line.  For example, a family that switches their four lines to Sprint will earn a $400 cash reward deposit, plus a $200 annual cash loyalty reward.
  • Credit unions receive a revenue share based on your marketing efforts and pro rata share of total lines activated. The actual calculation is more involved, but the key change from the prior program is that there is no longer a cap on the total amount you can earn as it builds over time. With proper marketing, over time this annuity revenue can grow to be a significant part of non-fee income.

For these benefits, you just have to do what you should be doing anyway—actively promote the opportunity:

  • Place a Sprint-approved banner ad and link on the credit union Web site within 30 days of enrolling, and display continuously thereafter as long as the credit union is enrolled.
  • Place program lobby materials (paper or digital) in all credit union lobbies within 30 days of enrollment and keep them displayed throughout the length of enrollment.
  • Complete at least one quarterly marketing communication in three of the four calendar quarters, annually. The quarterly marketing communications can include: email marketing, messaging via mobile banking app, direct mail, statement inserts, radio spots, a member day event and even outdoor digital displays.

Plus, there is no cost to participate and FREE marketing materials are provided to promote the program and value of credit union membership. 

For more information contact Juliana Stephan, at jstephan@njcul.org or Mary Elicia Del Santo, ME.DelSanto@CUSolutionsGroup.com

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