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Article: Stepping Up Revenue; How Citadel Shakes IT's Money Maker.(Technology)
- Article from:
- Credit Union Journal
- Article date:
- March 23, 2009
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Byline: Kevin Jepson, Technology Correspondent
THORNDALE, Penn.-Citadel FCU here is making more money off a broader chunk of its membership-and keeping 75% of its members "extremely satisfied" despite the nation's economic crisis.
A profitability solution that identifies member behavior is helping Citadel rely on a larger percentage of its membership in order to make money: in 2005, before using the technology, 20% of Citadel members supported 120% of the CU's profitability, whereas now those members are responsible for ensuring 70%, according to Mike Schnably, SVP of Citadel.
That's because Citadel uses "carrots"-such as rewards for using a ...