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Meeting the digital-first standard

Providing the experience cardholders desire

Today’s customer relationships are about making sure that even in moments of stress consumers know they can rely on your business. It’s about making it personal and providing the tools they need to be successful.

Tech companies recognize the lack of evolution in how financial institutions interact and engage with their account holders and are stepping in to fill the gaps. A recent Harris Poll study showed that 81% of Americans under 34 would consider banking with a tech company – especially when provided with convenience and better technology.

This number represents millions of Americans who are seeking a better experience. They want to bank with an entity they trust and that provides all the bells and whistles. Millennials and Gen Zs can’t fathom standing in line to cash a check or waiting in a phone queue as ways to do banking. They have been conditioned to have the world at their fingertips and they’d like their banking to be available just as swiftly and seamlessly as any other app.

The Apple Card launch came with the allure of a simple, quick application, an attractive interface, and an offering from a company that had built trust – especially when it came to providing quality experiences. Rumors of Google’s smart debit card are running deep as well and the mega tech companies are reinforcing the message that payments is begging for a digital-first transformation.

While financial institutions continue to innovate, there is much that can be learned from the recent announcements from Apple and Google.

  • Simplicity is as important as features
    All the bells and whistles are only a benefit if they are easy to find and use within an app. Clean interfaces, clear menus, and seamless interactions are a necessity – especially in adopting new users.
  • Payment cards are the epicenter for customer relationships
    Debit and credit cards represent the ways that cardholders interact with their financial institutions most often. Tech companies understand the value of this relationship and are trying to offer payment solutions that put them in the driver’s seat of this relationship. Protecting these relationships is what will allow banks and credit unions to maintain control.
  • Digital-first offerings are highly sought after and the new consumer standard
    Controls and alerts are now table stakes. Being digital-first means providing consumers with the ability to:
    • Easily get and use cards digitally
    • Clear visibility into transactions
    • Self-service at the tap of a button
    • Card management and control
    • On-the-go awareness and communication

Apple Card is for credit, Google is launching a debit product, but financial institutions want to provide both. You want to be there for cardholders in the moment – for all transactions. Ondot’s Card App is the solution to going digital-first, quickly and easily, to provide the best customer experience for all your cardholders and maintain your wallet share.

Learn more about modernizing your card portfolios