MADISON, Wis. (3/1/12)--CUNA Strategic Services (CSS) today begins a six-month pilot of a software platform from BuzzBanking Inc. that ties social networking to a rewards program.
"Rewards programs are prevalent across all industries," said Wes Millar, senior vice president of CSS. "The BuzzBanking platform provides credit unions with an opportunity to build member loyalty by rewarding members' behavior for being financially responsible consumers. They also can associate rewards with behaviors such as subscribing to direct deposit, applying for loans or referring new members."
BuzzBanking was designed to engage members, said Jay Valanju, BuzzBanking CEO and founder.
"It is a resourceful way to stay relevant with the credit union membership and drive members' transactional behavior, resulting in a significant increase in the credit union's revenues and profits," Valanju said. "While credit unions can determine which products are eligible for rewards, BuzzBanking permits the credit union to push achievements to and pull information from social sites like Facebook and Twitter."
Eligible credit unions can test the software with their employee groups at an introductory price.