Over the years, card payments have undergone significant changes, moving from the first credit card in the 1950s to the modern digital and mobile payments of today. This evolution has been driven by several key milestones. From the introduction of credit cards allowed consumers to make purchases on credit and debit cards that provided consumers with access to their bank accounts and allowed them to make purchases without cash, to magnetic stripe technology enabling faster and efficient transactions, EMV chip technology, providing greater security to now contactless payments, virtual cards, biometric cards, and more in the recent decades. The evolution of card payments has been driven by advancements in technology, changing consumer preferences, and the need for greater security and convenience. As we move forward, it is likely that we will see further innovation in the world of card payments, with new technologies and features emerging to meet the changing needs of consumers and businesses.
In such a scenario, what is needed is a dynamic, tech-driven, card management and issuance platform that enables issuers to offer greater services to its customers in the shortest possible time and with least amount of friction.
In 2023, customers have certain expectations and needs that they except their issuer banks to fulfil without the need of calling them out explicitly. Some of those expectations revolve around:
- Convenience: In the digital age, customers expect issuer banks to provide them with convenient payment options. This includes contactless payments, mobile payments, and the ability to manage their payment cards through mobile apps or online portals.
- Personalization: Customers expect their issuer banks to offer personalized products and services that meet their individual needs and preferences. This includes customized rewards programs, flexible payment plans, and personalized credit limits.
- Transparency: Customers expect transparency from their issuer banks regarding fees, interest rates, and other charges associated with their payment cards. They will expect clear and concise communication about any changes to these terms, as well as access to their account information through mobile apps and online portals.
- Security: Customers today continue to prioritize security when it comes to their payment cards. They will expect issuer banks to provide them with robust security measures, such as multi-factor authentication, tokenization, and real-time fraud monitoring, to ensure that their card transactions are safe and secure.
- Responsiveness: Customers always expect their issuer banks to be responsive to their needs and concerns. They will expect prompt and efficient customer service, as well as the ability to easily dispute charges, report lost or stolen cards, and request assistance with any payment-related issues.
With the growing pace of payments, and growing demands of customers, what issuers today need is an end-to-end card management system that can deliver innovative payment experiences for its customers across the lifecycle of the cards. FSS’ Unified Issuance Platform is a solution that meets all such needs.
The FSS UIP is built on a scalable foundation that can dynamically adapt to the evolving requirements of both the bank and its customers. It can fulfil present demands while also having the capacity to accommodate future expansions in customer base and transaction volume. The FSS UIP simplifies the handling of significant issuance requests, transactions, customer onboarding, and other operations, all without requiring manual modifications to the system.
Customers today seek control. Control of their payments mode, payment channels, amount, time, etc. Providing them with dynamic card controls to manage their card payments is no more a vanity feature but a basic necessity as it provides them with a greater level of control and security over their payment.
For customers who seek a greater visibility, such a system allows them to monitor and manage their payment card transactions in real-time, providing them with the ability to block or restrict transactions that they consider suspicious or fraudulent and additionally, can customize their card usage based on their preferences and requirements. For instance, they can set spending limits, restrict usage to certain merchants or categories, and turn off their card when not in use, among other things. This helps to prevent unauthorized transactions and reduce the risk of fraud or theft.
With a changing digital landscape, there are more than enough payment options available for customers, and the customer wants to have it all without any additional hassles. Today's tech-savvy customers desire a modern, digital-first experience that is seamless, instantaneous, and accessible across all major channels. With FSS UIP, issuers can quickly and easily provision virtual cards across a variety of platforms, including third-party wallets, mobile apps, and online banking portals, in just a few minutes.
By offering the ability to carry a digital card and make payments through a range of contactless methods such as NFC and wearables, FSS UIP enhances card usage and drives adoption among modern consumers. In addition, FSS UIP provides a companion mobile application that allows customers to manage their card accounts, view transaction histories, create card controls, and even raise disputes or pay bills. This mobile-first portal enables customers to enjoy an enhanced digital experience and take full advantage of the convenience offered by digital card services.
Providing such capabilities at the click of a button to the hands of the customers ensures that issuers are able to empower their customers and ensure complete satisfaction and that is exactly what a customer expects from his or her issuer.
Issuers who seek to compete in this fast-changing payments landscape need to constantly innovate with their offerings and need a technology partner that can enable them for that. FSS UIP, with the power of 60+ light-weight APIs, gives that ability to its issuer partners. From speed, scale, security, and convenience, FSS UIP covers it all for the end customer, make it a complete solution for the banks.
To know more about FSS UIP, write to us at products@fsstech.com.
