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Catalyst Corporate Turns Four
Thursday, September 10, 2015 6:20 AM

Focus has been on introducing new services benefitting credit unions and their members.

This week marks Catalyst Corporate Federal Credit Union’s fourth anniversary. Since September 2011, Catalyst Corporate, located in Plano, Texas, has seen its membership grow to more than 1,300—adding 10 more so far this year.

“Since its last anniversary, Catalyst Corporate has placed a priority on enhancing its existing services, while adding new, convenience-based services that can help both credit unions and their members,” said Kathy Garner, president/CEO of Catalyst Corporate.

During the past year, Catalyst Corporate has introduced Checking with Benefits and Picture Pay, and is working on other services such as ACH Data Mining.

Checking with Benefits is a rewards program that can make a credit union’s checking accounts more attractive to members and potential members, strengthen member engagement with the credit union, and generate fee income, according to Karen Coble, vice president of sales. Offered in conjunction with Nashville, Tenn.-based StrategyCorp, the product, called BaZing, enhances a checking program with a powerful menu of high-demand benefits, delivered by a mobile app that can be customized with the credit union’s own branding. 

“Catalyst Corporate can assist a credit union in evaluating its existing checking program to determine profitability and appeal,” Coble said. With that information in hand, Catalyst Corporate can make recommendations for a tailored Checking with Benefits program that delights members and differentiates the institution in the marketplace.

Among the benefits that credit union members can use:

  • Travel accident insurance,
  • Cell phone protection that can replace a broken or stolen phone,
  • Twenty-four hour roadside assistance,
  • Personal identity theft protection, including  assistance from a personal fraud specialist, and
  • Pharmacy, vision, and hearing discounts to help members save money on prescriptions, eye exams, frames, lenses, and hearing services.

Through BaZing, participating credit union members can also shop local and save local—taking advantage of 360,000 local and national retailer discounts to help save money on shopping, groceries, dining, travel, and entertainment.

Catalyst Corporate is also rolling out a new service that will allow credit union members to pay bills by simply taking a picture of the bills on their mobile device and then authorizing payment.

“This new service meets the needs of members who crave convenience and want to eliminate some of the bill paying hassles,” Coble said.

"The new Picture Pay service offered by Catalyst Corporate in October streamlines the payment process by identifying and automating payee set-up, removing the biggest barrier to bill pay adoption, the hassle of entering the payee and account information online,” Coble said.

In addition to the popular automatic payee set-up feature, other key benefits of the service include:

  • The mobile app is password protected.
  • The app can be customized with a credit union’s branding.
  • Members control when payments are made.
  • Picture Pay users have the option to expedite payments for a small convenience fee, which eliminates more expensive late fees for members and generates additional fee revenue for the credit union.
  • Images of paid bills are stored online for future access.

“Catalyst Corporate has achieved many successes in its first four years,” Garner said. Not only were the broad objectives of the original business plan achieved during its first four years, Catalyst actually outperformed most budget projections. And a recent survey of members gave Catalyst Corporate a net promoter score of 70 percent, far exceeding 50 percent, the benchmark score for excellence.

One of the keys to Catalyst Corporate’s success has been the close interaction between the corporate and its members. The upcoming Economic Forum provides such an opportunity.

The annual Economic Forum, scheduled for October 5-7 at the Omni Mandalay at Las Colinas in Irving, Texas, will draw an expected 300 credit union attendees. In addition to the lively interaction between Catalyst Corporate and credit unions, the Economic Forum features a full line-up of economists and financial industry experts prepared to provide timely information and strategies to help credit unions position for the future. 

“Catalyst Corporate is working to be responsive to our members’ needs, and we are especially pleased that our members are responding favorably,” said Garner.  “We look forward to continued success in the coming year.”

Catalyst Corporate is an approved five-star partner of Credit Union Resources. For more information about Catalyst Corporate, its services, and the Economic Forum, please visit www.catalystcorp.org.