We all know we want to increase debit card usage and increase signature-based transactions but how can we communicate that to our customers? Have you done any research in your market to find out what will motivate your customers to not only use their debit card, but to use it as a signature based transaction instead of a PIN transaction?
We know that reward programs help. Other ways to add value are to offer insurance products, ID theft protection, shopping discounts, cash back benefits and other discount options for a nominal fee.
They say that over time, active debit card users display greater potential for growth and loyalty versus those customers who do not use a debit card. Active debit card users are also more receptive and attractive targets for cross-sell promotions, especially online banking and loan product sales.
Here are some ideas to make your debit card program more profitable:
- Instant issue debit cards at the branch level
- Target activation and utilization campaigns
- Promote debit cards as bill payment options
- Market the use of debit cards for internet purchases
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