Convenience for Your Account Holders, Success for You
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There is no questioning that convenience is a key factor to account holder satisfaction. With everybody leading such busy lives, we are all looking for little ways to make our lives easier.
One of our biggest inconveniences? Manually filling out our payment information every single time we have to make a payment.
That is where stored cards come in. Emerging as a powerful tool for enhancing the account holder experience, boosting your financial institution’s efficiency, and strengthening security, stored cards just may be the answer you are looking for to make your account holders’ experience with your financial institution more satisfactory.
The convenience and efficiency of stored cards have so many benefits to offer your financial institution, from boosted transaction volume to better security. In this blog, we are going to be diving into these benefits and discussing how you can reap them yourself.
What Are Stored Cards?
Stored cards, otherwise referred to as tokenized or digital cards, are defined by the enablement of storing a consumer’s payment details, like credit or debit card information, in a digital wallet or within the infrastructure of a financial institution.
These details are stored in a secure application that helps ensure the consumer’s funds and information are not accessed by unauthorized parties.
Stored cards allow consumers to save their card information to use in order to make future payments quickly, cutting the need to re-enter their information with each new payment.
How Stored Cards Can Benefit Your Financial Institution
There are many ways that stored cards can benefit your financial institution, including:
Boosting Convenience for Your Account Holders
The most obvious benefit of stored cards is the convenience it offers your account holders. Stored cards allow users to simplify their transactions by cutting out the need to input card details every time they need to make a payment. It allows them to automate payments, quickly check out when needed, and spend less time on transactions.
Increase in Transaction Volume
With the convenience offered by stored cards, financial institutions can see a boost in the volume of their transactions. With their card details saved and ready to use, customers are more likely to make additional purchases or automate their recurring transactions because they don’t have to go through the inconvenience of re-entering their card information over and over again.
This user-friendly approach can increase customer spending at your financial institution, enhancing both the frequency of transactions and the average transaction size while simultaneously decreasing the volume of abandoned transactions. This could mean boosted revenue for your institution.
Improved Security
When cards are stored in a secure app, it utilizes advanced encryptions and tokenization technology to ensure that account holders’ sensitive information is thoroughly protected. This builds trust within your financial institution’s account holders, further increasing your account holder satisfaction.
Enhanced Account Holder Retention Rates
When your account holders are satisfied with your financial institution’s operations, they are more likely to stick with your financial institution. The convenience, security, and efficiency of stored cards ultimately boosts the account holder experience with your financial institution, which could lead to more account holders wanting to return to your financial institution over and over again.
In Conclusion
At SWIVEL, we know that stored cards have many benefits to offer your financial institution. That is why we have added it as a feature. Our clients can now reap the benefits of account holder convenience at no extra cost. Want to know how you can benefit from stored cards today? Contact us to learn how!
