The Credit Card Evolution
Numerous studies have reported a significant increase in the usage of online and mobile banking, mobile wallets and other cashless payment options due to the pandemic. With most banks and retail businesses partially or fully closed, customers either accelerated their use of online shopping or tried it for the first time, including shopping for bank products. Although the behavior shift was forced for many, consumers across all demographics report they are likely to continue using online channels for shopping and banking. Digital banking and contactless payments continue to be important factors as financial institutions focus on creating exceptional experiences for their customers.
BBOK’s new online application platform is now fully functional. Banks have received a custom branded link to be placed on their websites. The most successful card programs display this link in a prominent position to highlight the convenience of an online application and provide information about the features and benefits of credit cards as their customers shop for bank products online. The online application is optimized for use on any device and provides cardholders a seamless, digital experience with quicker decisions.
With our migration to contactless cards in motion, we were able to accelerate the roll-out to accommodate consumer preferences for contactless payments. Several pilot banks have started the reissuing process and all cardholders will begin receiving contactless cards starting in Q4 2020.
We are excited to announce BBOK has partnered with Trellance, who specializes in data-analytics and credit card marketing, to bring our credit card banks new marketing programs designed to acquire more cardholders and encourage increased card usage. Additional details on this new program coming soon!
There is significant momentum happening in BBOK’s Card Services, if you are not offering a community bank card, now is a perfect time to add cards to your product mix. For more information, contact Lea Gubitz at 1.800.675.6284.