Reminding consumers that online bill payment matters by offering them a juicy prize once a year pays off for PSCU.
Not the usual promotion, which generally focuses on credit or debit card transactions, motivating almost 20% of inactive subscribers to use the service is an impressive result.
The 129 financial institutions enrolled in PSCU Financial Services’ third annual Bill Pay Summer Sweepstakes achieved a 17.8% increase in usage of PayLynx™ online bill payment by inactive subscribers during the two-month promotion that ran from June 1 to July 31, 2010. There was an 8% increase in subscribers who made their first online bill payment, and a 6% increase in members who made three or more online payments a month. The sweepstakes offered a grand prize of $10,000, a $1,500 first prize travel certificate and two second place winners who each received an Amazon Kindle DX™ Wireless Reading Device and a $50 Amazon.com gift card.
Red the full article:
http://www.greensheet.com/newswire.php?flag=display_story&id=19939