Provide a rich and reliable experience that speeds transactions, provides analytics and improves security.
Sponsored by Fiserv
Credit unions continue to rethink and evolve delivery models to accommodate today’s member needs for digital financial service experiences—and credit and debit programs are leading the way. Beginning with card controls and alerts, credit unions have already successfully deployed an array of consumer tools that are finding marketplace success.
Now, credit unions should be planning for a second wave of tools with additional capabilities to provide members with a rich and reliable experience that speeds transaction flows, provides analytic insights, and improves the safety and security of payments. Members will be empowered to control their credit and debit cards, clearly see their spending and use their cards more easily.
The Five Essential Needs for Digital Card Consumers
Implementing digital card services and capabilities that span the cardholder lifecycle will help you keep your members satisfied and engaged. The appeal of digital card services is easy to understand when you preview a hypothetical day in the life of a digital-savvy member.
- Get a Card. The day begins as your members go online to open new accounts. You make your interaction easy by enabling them to provide and enter pertinent information online or in-app and open an account quickly.
- Use a Card. Next, your members receive a text message from you directing them to access your mobile banking app. By merely tapping on an app link from the text message, they’re instantly connected. Once there, they can access their card details, see their card image, and add their new card credentials to available digital wallets. Once your member taps to add credentials to a wallet, they’re ready to begin transacting.
- Understand Spending. As they transact, your members can see and track where their card is being used—in person, online, in-app or card-on-file purchases—to better understand their spending. Each time they make a purchase, the merchant’s name, logo, contact information and mapped location are available. At a glance spending trends across merchant categories, time and location are provided, eliminating time spent analyzing and categorizing spending.
- Manage a Card. Digital capabilities put your members in control of their cards and spending. Self-service options offer 24/7 assistance and information. Card controls and alerting capabilities are available to help your members decide when, where and how their cards are used, which adds a level of security. Members can also add travel plans or connect with you in just a few taps. Credit cardholders can view statements and make one-time payments.
- Engage with Offers. As a value-add, you can digitally provide your member with extra perks and convenient features that are easy for them to access and relevant to their financial lives—like rewards and special offers.
By offering digital card capabilities, you’ll be able to strengthen your member relationships and enhance loyalty by creating and delivering a simple and convenient payments experience.
Digital Is . . .
Adding digital card services promotes deeper member loyalty that results in higher card usage and lower service costs. Here’s why.
- Digital is frictionless. As the demand for self-service and touch-free transactions grows, digital card capabilities create memorable payment experiences that provide you with a great opportunity to place your card top-of-wallet and front-of-phone. And at a time when every member’s business is important, you’ll also be appealing to a younger demographic and tech-inclined consumers.
- Digital is instant. Your members want solutions that align with their fast-paced lifestyles. Issuing cards digitally eliminates the wait time for a plastic card. You can give them what they want, when they want it, by empowering them to transact and track their spending immediately.
- Digital is integrated. Digital card capabilities can help you create a multichannel advantage by evolving your account processing, card solutions and mobile applications into an end-to-end service that allows immediate in-store and online transactions. You’ll improve your credit union’s stickiness with an optimized, seamless experience. You’ll also help decrease fraud reports by increasing your members’ mobile wallet usage and reducing the number of service calls and dispute costs caused by unrecognized transactions.
Differentiate Your Credit Union
Providing a robust digital journey for your members will distinguish your credit union as a leader in the evolving digital landscape and keep your brand top-of-mind. By delivering fast, secure, convenient experiences, you can drive immediate usage for your card program and empower your members to control their cards, see their spending clearly, and use their cards more easily.
Randy Piatt is VP/product solutions for Fiserv, a CUES Supplier member. Piatt has over 20 years of experience in the payments, cards and banking fields. He was previously at Alliance Data Card Services where he led product strategy for payments and rewards for the private label and co-brand product offerings. Learn more about digital card services from Fiserv.