5 financial reasons FIs should invest in card modernization NOW
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.
- Shift of non-interest-bearing accounts to megabanks and digital banks, instead of community institutions.
- Zero rate environment is not going away any time soon.
- Non-interest operating expenses are up.
- eCommerce transactions are exploding.
- 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.