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3 ways card modernization reduces costs

By Omneha Amujala

From your local mom and pop stores to your corporate giants, facilitating cost reduction is always an important business practice. Now, with a global pandemic on our hands, it just moved higher on the priority list. In a recent interview with PYMNTS.com, Ondot Systems Vice President of Customer Success Balu Kikkeri outlined the reasons for how card modernization can help promote cost reduction.

  1. Provide a reduction of fraud by restricting when and where card usage is allowed. Having controls where consumers can turn cards off when not in use will also greatly reduce fraud.
  2. Reduce disputes by giving a detailed description of the name of the merchant and the location of where the transaction was placed.
  3. Reduce the need for call centers as consumers can do most of their banking from the comfort of their living room sofa with advance mobile features, such as card activation and wallet.

“While any new technology requires an initial output of funds for investment, Ondot’s Card App has proved return on investment for the issuers. We work with a robust infrastructure on the cloud that scales as the needs increase,” said Kikkeri. “So, there is only a small upfront in investment in infrastructure.”

Find out more- watch Balu’s full response on why Ondot can help facilitate cost reduction.