The Best Time to Prompt Cardholders for Digital Wallet Updates
By Luke Saban, CFO, Strivve
There’s no single “right” time to encourage members to update their default card with online merchants. Success depends on a variety of factors, but one insight is consistent across credit unions: timing and member motivation are critical.
Why Timing Matters
Member motivation varies widely depending on the situation. For example, placement rates can exceed 50% when updating a card is integrated directly into the activation or replacement process. By contrast, placement rates may fall below 15% when members casually encounter a prompt during online banking. The difference highlights how much context matters – members are far more likely to take action when the prompt aligns with a meaningful moment.
Leveraging Engagement Opportunities
One campaign illustrates how credit unions can build on these insights. In this example, members were offered a $100 bonus for successfully placing their card with five online merchants. The outcome was powerful: card placement rates were three times higher than typical campaigns. Incentives, when thoughtfully designed, can significantly amplify success.
The Role of Variables
Of course, no single approach guarantees results. Campaign timing, the incentives offered, the target audience, and the channels used all influence outcomes. Even within the same financial institution, results can differ based on situational factors and member attributes. This means card placement strategies must be continuously tested, measured, and refined.
Continuous Improvement for IT & Ops Teams
For IT and operations leaders, the takeaway is clear: integrating prompts into high-engagement moments – such as activation or reissue – offers the best opportunity for success. From there, data and performance metrics should guide adjustments. Whether it’s experimenting with campaign timing, refining incentive structures, or tailoring outreach to specific member segments, the key is to remain flexible and data-driven.
Ready for a conversation about how you can have more productive card placement? The Strivve Customer Success team is eager to partner with you. Together, we can drive greater success for your card portfolio and deliver excellent cardholder benefits at the same time. We can share proven ideas and suggestions to generate measurable improvements to your overall card portfolio success. We’ll improve cardholder experience, increase loyalty, and generate strong financial returns, thanks to the strategic efforts you put into your card program.
Connect with Strivve to learn more.
