The current economic environment has many credit unions facing liquidity pressures causing senior leadership to take a closer look at balance sheet assets. External factors heightening these liquidity concerns include:
These factors have forced many credit unions to realize that managing a credit card program is risky and requires a large amount of oversight. With the emerging liquidity concerns, rising delinquencies and losses, and the potential for an economic slowdown, or recession, there is a strong interest in an alternative solution to credit card self-issuing.
"Over the last 90 days we have seen an uptick in interest regarding our credit card program partnerships. During this time of increased market turbulence, we continue to deliver transparent assessments of how Elan can help many financial institutions."
Mitch Pangretic, Director of National Partnerships
With a few reports, Elan Credit Card can offer an analysis of your current credit card portfolio and a proposal outlining the value of an Elan partnership to your cardmembers. Our proposal contemplates your credit union trading out the card portfolio risk and replacing the income with a combination of lower risk alternatives, including a substantial income stream from Elan.
Outsourcing your credit card program ensures your members continue to have the products and technology in an uncertain environment — without the risk for your credit union. Your staff will gain invaluable time to focus on providing financial wellness and member support.
To receive your credit card portfolio analysis and learn how Elan can support your credit union, complete this form to get started.
Staff from Elan and Wakota Federal Credit Union volunteered at Neighbors, Inc. preparing 100 emergency food boxes for those in need as part of the Across the Country Charitable Giving program. Watch the video to learn more.
Elan welcomed 42 new partners in 2022, providing credit card issuing, servicing, and support to over 750,000 potential new cardmembers across the United States.
If you are interested in learning how Elan can help your credit union grow, we'd love to hear from you.