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Timothy Kolk is a 15-year-veteran of the credit card industry.Today, he runs TRK Advisors in Peterborough, NH. He has been managing partner at Brookwood Capital and head of finance for M&T Bank’s credit card program. He has analyzed more than 300 credit card programs and is considered a leading expert on credit card program design, portfolio optimization, and program profitability management.
Managing a card program will require addressing specific challenges. Failing to prepare could result in a damaged future for the credit union’s card program
Card managers who have proven to be the right leader for a critical product in the past almost certainly remain just as capable in the present.
Stress test your card portfolio now before reality does it for you. A level-headed, data-driven approach will still win the day.
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These partnerships can serve members and the credit union, or they can damage the cooperative. There is no one right answer for everyone, but there is a wrong approach.
Credit unions will face headwinds in the coming year, but a well-managed credit card portfolio can weather the storm.