MINNEAPOLIS--(BUSINESS WIRE)--Elan Financial Services (Elan) and Meriwest Federal Credit Union (Meriwest CU) have recently marked the anniversary of a successful two year partnership. Meriwest has gained a double-digit branch account acquisition success due to Elan’s turnkey marketing program. With this program success, Meriwest decided to outsource their credit card program to Elan.
Members are highly engaged with the new program and Meriwest has seen a 20 percent increase in sales per account and a 50 percent decrease in card attrition attributed to simplified products that fit the right needs of Meriwest members. Meriwest initially struggled with the decision to outsource their credit card program to Elan for fear of losing control with the member experience.
“There are no issues from a member service standpoint as Elan has responded well to our members’ needs,” said Tony Cortez, senior vice president, chief experience officer for Meriwest. “We never felt as if we lost control over the member experience. Our brand, and marketing program are protected and we approve all communications. It is transparent to members that Elan is servicing the account. We couldn’t be happier with the overall partnership.”
One critical success factor is an ongoing focus on engaging branch personnel in the cross-sell of the credit card program. Through branch marketing campaigns and the introduction of new rewarding products, Elan has helped Meriwest increase its credit card penetration into its member base to 20 percent.
“The incredible level of success that Meriwest has realized is a testament to how a highly engaged institution like Meriwest can sustain a foundation of growth with Elan’s marketing expertise,” said John Owens, senior vice president of Elan Financial Services.
“We couldn’t be more pleased with how the program continues to thrive,” said Julie Kirsch, chief executive officer for Meriwest. “The level of support that we receive from Elan coupled with our drive to grow the program is the perfect formula for success. Our members enjoy the wide variety of products offered, and our staff has a high degree of success in placing them in the product that best fits their needs.”
As a card issuing partner, Elan Financial Services is dedicated to serving financial institutions with best-in-class credit card products and rewards that meet the unique needs of every cardmember. Elan’s end-to-end solution includes card servicing and marketing as well as branch support. For more information, visit www.cupartnership.com.
About Meriwest Credit Union
Meriwest Credit Union, one of Silicon Valley’s largest and established financial institutions, has been providing proactive, convenient, personal, and innovative financial services to over 67,000 businesses and families throughout the San Francisco Bay Area and Tucson, Arizona, for more than 53 years. More information can be found at www.meriwest.com.
About Elan Financial Services
As America’s leading agent credit card issuer, Elan serves more than 350 active credit union partners. For more than 47 years, Elan has offered an outsourced partnership solution, providing institutions the ability to earn a risk-less revenue stream with a competitive credit card program. Elan's base of more than 2,000 employees are dedicated to helping credit union clients reduce costs and risks associated with managing and growing their credit card portfolios. For more information call 1-800-223-7009, or visit www.cupartnership.com.