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CardAlerts Benefits

CardAlerts offers consumers instant knowledge, and Financial Institutions increased engagement. Alerts are becoming table-stakes in mobile offerings today, and Ondot’s CardAlerts is real-time, interactive, and least expensive to implement in the industry.

Increase Engagement and drive Consumer Loyalty.

Ondot customer data shows that consumers value the instant and interactive alerts, and feel safe using their payment cards when their Financial Institution provides instant visibility and the ability to flag disputes and turn off the card in real-time. With increased engagement comes higher consumer satisfaction and increased consumer loyalty.

Lower Fraud.

Fraudsters are becoming more sophisticated in causing data breaches, to the tune of $11B in 2012 and increasing by over 25% annually. While Financial Institutions are fighting back with better fraud detection systems, over 45% of fraud is still reported by the consumer, taking an average of 52 days. With Ondot, Financial Institutions can co-opt the cardholder into fighting fraud, to the benefit of both the issuer and the consumer.  Financial Institutions lower fraud by up to 60%, and consumers are safer.

Empower Parents and Businesses to Monitor Dependent Card Usage.

The teen population in America will grow by over 66% in the next ten years and the number of aged dependents will double in this time period. Over 50% of small businesses do not use financial tools to manage employee spend today, but friendly fraud by employees costs businesses an average of $72/year annually. Financial Institutions can provide value-added card products to these fast growing market segments by combining instant visibility with proactive control.

Financial and Merchant-Funded Offers.

Ondot’s CardAlerts offers a real-time, location-aware and purchase-aware channel to Financial Institutions that they can leverage to piggyback contextual offers while the consumer is still at point of purchase. Such offers can be financial in nature, such as overdraft protection or financing for big purchases, or merchant-funded, such as coupons and discounts.

Minimize Time to Market.

Financial Institutions need to offer interactive alerts to stay competitive. Ondot’s patent-pending integration seamlessly taps into the universal ISO 8583 payment standard, obviating the need for customized integration at Financial Institutions. Simply plug in the Ondot server in your data center infrastructure and start delivering alerts.

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According to your peers:

“Usability of the application is a key win for our customers and us, which is exactly what the smartphone age is all about. We are an integral part of our customers' daily lives now.”

Edna De Saro
Senior Vice President and Marketing Director, Lone Star National Bank

Industry research shows:

One in three consumers switches payment instruments after a fraud incident.