Financial service providers continue to rethink and evolve delivery models to accommodate today’s need for robust self-service financial experiences. Where the “personal touch” was once prized among all other interactions, today’s focus is on social distancing recommendations and remote capabilities — pushing banks to identify and deliver digitally-based capabilities that the times, and consumers, now require.
Fortunately, the new expectations for self-service and delivery play into financial institutions’ strengths – and credit and debit programs are leading the way. Beginning with card controls and alerts, card issuers and payments providers have already successfully deployed an array of consumer tools that are finding marketplace success.
Now, banks should be planning for a second wave of tools with additional capabilities that provide consumers with a rich and reliable financial services experience by speeding transaction flows, providing analytic insights, and improving the safety and security of payments. Consumers will be empowered to control their credit and debit cards, clearly see their spending and use their cards more easily. And your financial institution will see deeper user loyalty that results in higher card usage and lower service costs.
In a phrase — meet your consumers where they are: on their devices.
Here’s a short guide to developing and implementing a digital card program that will satisfy your consumers’ needs and address your program goals:
- Integrate your credit and debit card management capabilities into your banking app to provide a seamless experience for your users — no extra apps should be required.
- Identify robust capabilities that span the entire cardholder lifecycle. Cardholders should be able to:
- Get a card quickly through fast onboarding and digital issuance
- Use cards easily with integrated digital wallet features
- Understand spending through quick, easy-to-read insights that drive card choice
- Manage cards on-the go with integrated self-servicing options
- Engage in real-time with alerts and controls to build loyalty and connect with your financial institution wherever they go
- Never give up, never surrender! Continue to innovate by creating additional card experiences for cardholders that are seamless, efficient, and engaging.
Credit and debit cards are financial necessities. Offering your digitally-minded consumers and cardholders self-service tools and capabilities for their debit and credit card programs provides safe and convenient servicing and immediate access to financial information – whenever and wherever they transact.
Delivering the card payments journey consumers want will elevate your brand and help you successfully compete in your market. Although large financial institutions may have significant technology research and development budgets, smaller institutions can overcome resource challenges by working with reputable providers that have demonstrated the ability to supply and support digital card management capabilities that only the major banks and tech giants may offer.
– Mandar Mangalvedhekar, Vice President, Product Strategy, Card Services at Fiserv