Householding

Related Topics

Householding is the process of identifying related information about members then grouping/linking the individual members together for the purpose of viewing the relationship as a group rather than an individual.

The household routine identifies related information about members using the following criteria.

  • Share the same address and their last names are the same.
  • Share the same address and have the same Tax ID.
  • Share the same address, last names may be different but the members share a product or service such as co-borrowers on loans or are joint owners on shares or certificates

Each household member is assigned a unique household ID that is shared by all members within the household. The householding routine ranks each member in the household as well as assigns a head of household indicator.

Household information is also available in Reporting Analytics so that queries can be organized by household. Marketing materials can be grouped by household to reduce the volume of duplicate information received at a household. You can send one piece of mail to a household, which may save considerable dollars in postage and mail preparation costs.

Additional benefits to using Portico Householding are:

  • Household analysis and reporting:
  • Profitable vs. Unprofitable households
  • Geographic location of profitable vs. unprofitable households
  • Household member age analysis/profiling
  • Flexible Rewards Programs:
  • Household data can be used in determining if members qualify for a flexible reward.
  • Relationship Pricing
  • Household data can be used in determining if members qualify for a relationship pricing plan.

The householding routine and household profitability is determined by Prism Analytics for Credit Unions from Fiserv (Portico’s Member Relationship Management vendor). Householding does not require the credit union to have Prism Analytics for Credit Unions.

Household data is used to calculate household profitability. Profitability varies by household depending on processing costs for account types such as shares, certificates, loans and fees charged to each member of the household and collected by the credit union.