Building transaction volume and cardholder loyalty with card controls

Financial institutions are constantly competing in digital and mobile technologies. On top of that, nontraditional players are going after consumer relationships and reducing the big institutions’ relevancy. To implement a new strategy, institutions face skyrocketing integration costs for solutions that aren’t flexible, scalable, tailored or focused. And, with an estimated 36 percent of millennials* making spending decisions based on mobile offerings, institutions cannot afford to take a “wait and see” approach.

Controlling fraud is another reason to offer a card control solution. Even though some cardholders may still be wary of mobile platform security, the opposite has proven to be true. Issuers have found that mobile card controls can increase the institution’s ability to control fraud. In fact, many cardholders leave their card turned “off” until they are ready to make a purchase. This limits transactions used with counterfeit, lost or stolen cards. Issuers save fraud dispute costs, and consumers do not have to deal with disputing charges on their account.

Empowering cardholders with mobile card controls can provide a variety of card management options to tech-savvy, modern cardholders, including Gen Y and millennial users. And, financial institutions can build customer loyalty and increase transaction volume by engaging cardholders more frequently.

Contact Allied Solutions to learn more about how your financial institution can increase consumer loyalty through offering card control solutions.