Tearsheet Podcast: Exploring Financial Services Together - How MSU Federal Credit Union uses incentives to get customers to move beyond just checking balances

How MSU Federal Credit Union uses incentives to get customers to move beyond just checking balances

05/14/24 • 30 min

Tearsheet Podcast: Exploring Financial Services Together

Welcome to another episode of The Tearsheet Podcast, where we explore financial services together with an eye on technology, innovation, emerging models, and changing expectations. I’m Tearsheet’s editor in chief, Zack Miller Banks and other FIs continue to look for higher engagement with their customers. Logging into an account and refreshing a balance doesn’t create relationships. So, what’s an FI to do to drive real engagement. Michigan State University Federal Credit Union has rolled out a loyalty program that delivers gift cards directly to customers inside their accounts by merchants trying to acquire new customers. The program uses customer data to target offers that matter. And this is just the beginning as banks and credit unions find ways to extend their value proposition, building and strengthening relationships with their customers. I’m joined by Ben Maxim, Chief Innovation Officer at Michigan State University Federal Credit Union, and Brendan Grove, CTO of PrizeOut, who are to share their insights on how financial institutions are looking to provide more value to their customers, extended beyond that tried and true toaster. We’ll discuss the power of partnerships between credit unions and fintech companies, and explore topics like the evolution of loyalty solutions, the challenges of integrating new technologies into existing credit union infrastructures, and the exciting possibilities for enhancing member engagement through personalized data-driven experiences. So, whether you're a bank or credit union product person, a fintech aficionado, or just curious about the future of banking, you're in for a treat. Let's get started!

Previous Episode

Card Launch 101 The ultimate guide to build and launch a successful card

We recently held a LinkedIn Live event, entitled "Card Launch 101," where we dove deep into the strategies, insights, and best practices for launching and growing successful card products in the fintech and banking industries. Featuring industry experts: Scott Johnson, Vice President of Revenue at Galileo Financial Technologies Marc Butterfield, SVP of Innovation and Disruption at FNBO Jack Rubin, SVP of Consumer Financial Solutions at DailyPay Listen is as these professionals share their wealth of knowledge and experience in scaling partnerships, driving innovation, and navigating the complexities of launching card products in today's dynamic landscape. Here's what we discussed: Understanding Card Launches: Gain insights into the key components of a successful card launch strategy, including strategic planning, market research, and product development. Identifying Your Audience: Learn how to identify and understand your target audience through effective market research and data analysis. Creating Your Card: Explore the process of designing and developing card products, from features and branding to user experience and regulatory compliance. Partnerships and Business Development: Discover the role of partnerships in scaling card programs and expanding market reach, with real-world examples of successful partnership strategies. Marketing and Promotion: Get insider tips on marketing and promoting your card product effectively, including targeted messaging, branding, and customer acquisition tactics. Case Studies and Success Stories: Hear real-world examples of successful card launches and gain valuable insights and lessons learned from industry leaders. To download Tearsheet's Card Guide 101, from ideating, partnering, building, launching and optimizing a card program, go to http://tearsheet.co/cardguide

Next Episode

From direct lending to embedded finance: Luke Voiles on Pipe's evolving value proposition

Welcome to the Tearsheet Podcast, where we explore financial services together with an eye on technology, innovation, emerging models, and changing expectations. I’m Tearsheet’s editor in chief, Zack Miller. Today I'm joined by Luke Voiles, CEO of Pipe, a high profile revenue-based lender that’s evolving into a platform – we’ll talk a lot about this evolution. Luke has had an extensive career journey that has prepared him for his role at Pipe. After starting in private equity, he joined Intuit where he helped build and lead the QuickBooks Capital team, providing capital to small businesses during the PPP loan program. He then went to Square to run their banking division before being recruited to join Pipe as CEO. I’ve actually interviewed Luke in each one of these roles and it’s been fascinating for me to watch his own growth as a product-driven leader. In our conversation, Luke shares insights from his experience at companies like Intuit and Square that have shaped his leadership approach and methodology for building products. We discuss how he has applied lessons around having a clear mission, focusing on the customer experience, and balancing speed with compliance in regulated industries like fintech. Luke provides a look inside Pipe's evolution from its original vision to the newly launched "Capital as a Service" offering. He explains the strategic prioritization that enabled them to build a scalable product quickly. We also get a preview into Pipe's future plans, including AI-powered tools to streamline operations for small business owners. Whether you're an entrepreneur, operator at a startup, or just interested in financial technology and product development, I think you'll find Luke's perspectives insightful. So enjoy my conversation with Luke Voiles of Pipe.