Mobile banking is on the rise, especially with millennials. According to a recent survey, 54 percent of consumers say they use a mobile application for everyday banking.1
59% of millennial respondents said that they would leave their financial institution because of a credit card false decline.
Where mobile applications are not being sufficiently leveraged is in managing credit cards. Why? Up until now, few mobile apps have addressed credit.
You're looking for ways to differentiate your credit card and institution and build ongoing customer loyalty. Now there's a mobile application to achieve those goals.
Our mobile card services can not only help your cardholders manage their cards faster and easier, the services can help resolve issues that have suppressed card usage such as false declines and security and make your card more profitable for your institution.
The services are available through an application that you can easily push to your cardholders. One swipe on their phone and they're ready to go.
Reducing false declines
In a survey conducted by Aite Group, 59% of millennial respondents said that they would leave their financial institution because of a credit card false decline.2 Ondot mobile card services put your cardholders in control of their card activity to reduce false declines.
As you know, those declines are typically triggered by location, frequency of use, merchant type, and transaction amount based on a one-size-fits-all formula. Our mobile card services allow cardholders to set their own parameters for card use from their smart phone.
Cardholders can decide in advance when, where, and how to accept or decline transaction activity. Controls set through the application automatically confirm authorized use based on the cardholder's individual parameters, reducing the chance of a false decline.
Cardholders have the power to switch their credit card on and off—anytime, anywhere—to help reduce their exposure to risk. They can control activity by the type of transaction such as setting restaurants to "always on" and switching off online purchases until needed. They can control the card by different types of merchants such as setting grocery stores to "off" and setting gas stations to "on" when needed.
They can also set their credit card to work in their current location, with narrow- or wide-area coverage. The card can be linked to the GPS feature in their phone, giving them card access wherever they go. And that includes vacations and business trips. The card can be set in advance from their phone to be accessible on the road, in another state, in another country.
If the card gets lost or stolen, it can be switched off in a second. If the card is found, it can be switched back on just as fast, with a tap on their phone.
Protecting against fraud
With Ondot's push technology, you can send real-time transaction alerts to their phone to help your cardholders keep track of their spending and know instantly if their card has been compromised. They can review their transactions, flag those that appear to be fraudulent and initiate a dispute. They can also quickly and easily check their account balance and transfer funds.
Reducing your costs
And they can do all that and more without visiting one of your branches or contacting your call center. Think about the savings in time and support.
In addition, with cardholders setting their parameters, you'll have more information on their buying activity to help reduce false declines and better assess disputes involving chargebacks.
Our application has helped increase card use by an average of 23%. It has also helped financial institutions reduce false declines by 16% and fraudulent transactions by 40%.
Contact your representative to learn what Ondot can do for you.