Time for credit unions to think about the daily deal?
A new report from Aite Group has explored the opportunity for banks and credit unions to provide Groupon-like daily deal offers to their customers.
According to the report, opportunity knocks as U.S. banks and credit unions could generate more than $1.4 billion in revenue on more than 300 million transactions by 2017.
A few credit unions have had some success with such initiatives ranging from cash mobs and buy local programs to more localized daily deals.
Meanwhile, daily deals have proven to be a lucrative business with deal providers like Groupon and LivingSocial commonly retaining 50% of the deal price.
"Daily deal subscribers are looking for more relevant offers from providers, and financial institutions, which have access to their customers' spending patterns, are poised to provide that relevance," said Ron Shevlin senior analyst with Aite Group and author of the report.
"To capitalize on the sizeable potential revenue stream, financial institutions will have to consider their own goals, work with their small-business customers, and offer merchants a more attractive deal model," Shevlin said.
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