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The race to digital is happening now

How to keep up with the sprint

In a foot sprint it’s easy to see who’s in the lead, but the race in payments is a bit harder to gauge moment by moment. Financial institutions have been challenged by increasing consumer demands and innovative FinTechs in recent years, but the past 12 months have brought new challenges that come with increased urgency.

When Apple Card was introduced in 2019, the news was quickly followed by intentions from other big tech companies to enter the payments space. Community banks and credit unions determined that digital advancement would need to be a priority in 2020.

But, like the rest of the world, financial institutions have been shaken by what 2020 brought to the table. The economic impact of COVID-19 is yet to be determined, and the demand for digital services is all but screaming from the rooftops. Consumers have made it clear in the previous weeks that digital service isn’t simply a preference of some, but a need for all.

The ability to view, manage, and transact funds through web and mobile apps is being sought by people nationwide. Many financial institutions have needed to reduce branch hours or temporarily close locations. Under-staffed call centers are being inundated by calls from consumers who either don’t have access to digital tools or don’t know how to access and use them. Vulnerable populations are trying to access these resources with an added level of fear about leaving their homes.

Consumers are making their needs and expectations clear and banks now have an opportunity to provide the resources and confidence being sought. Financial institutions can respond today by:

  • Communicating clearly and effectively to make sure that account holders know which branches are open, what hours they are accessible, and additional ways to manage their accounts.
  • Sharing simple step-by-step instructions for accessing any digital tools and providing tech support for populations that may need additional support getting started.
  • Continuing the conversation with customers about their needs and their concerns – a listening and responsive ear in times of crisis can go a long way.

Here is a tip sheet for more ways to support customers today.

For community banks and credit unions that haven’t yet added digital resources, Card App is available to add within weeks and can provide the tools your cardholders need to stay in control:

  • Instant digital issuance
  • Card controls and alerts
  • In-app provisioning to digital wallets
  • Transaction enrichment

You can learn more about Card App here.

Regardless of where you are in the sprint to digital innovation, there are steps you can take today to provide comfort and security to your account holders. It’s not too late to be there in moments of need and to be a reliable partner in this journey.