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5 financial reasons FIs should invest in card modernization NOW

By Cristi Kirisits

The pandemic has created a unique shift in factors that are affecting the great balancing act of loans versus deposits for financial institutions. In a recent interview with PYMNTS.com, Ondot Systems chief strategy officer Todd Lesher outlined the financial reasons for why now is the right time to invest in card modernization.

  1. Shift of non-interest-bearing accounts to megabanks and digital banks, instead of community institutions.
  2. Zero rate environment is not going away any time soon.
  3. Non-interest operating expenses are up.
  4. eCommerce transactions are exploding.
  5. Credit spend is predicted to transition to debit spend.

“Payments are the doorway to the world of connected commerce, and to a healthy and lasting customer or member relationship,” said Lesher. “More cards equal more spend equals more deposits, which are critical to an FI’s success.”

Find out more – watch Todd’s full responseon why now is more important than ever to invest in card modernization.