3 Ways Mobile Card Controls Provide the Ultimate Member Experience

It is no secret that financial services have gone mobile. According to The Economist’s study, “Retail Banking. In Tech We Trust.,” 72% of people using a mobile phone in the last six months conducted at least one bank transaction. However, all too often, the most commonly used mobile services are minimal – they’re often limited to checking balances, transferring funds between accounts or paying bills.

Mobile apps have the power to do so much more. Linking a credit union’s debit and credit cards to a comprehensive card control app enables members to strengthen security, more actively manage their finances and issue digital cards to friends and family. The level of control provides credit unions a powerful member experience tool that actively engages users from the initial card issuance through its daily use.

Security Protections to Stop Card Fraud

As technology advances and consumers are made more widely aware of all that is available, there is a heightened sense of worry regarding the safety of their funds. Through card control apps, members are given a capability that enables them to manage any fraudulent charges to their account within a few taps on their phone. All transactions are able to be approved or denied within the app, allowing for any incorrect purchases to be flagged and the credit union’s fraud department to be immediately made aware. This addition shaves vast amounts of time off the usual fraud recognition and resolution process.

Thanks to the immediate action by the consumers during a time of fraud, not only are the consumers saved a headache by having stolen funds recovered, credit unions are also able to reduce the amount lost to card fraud. There is safety and a sense of assurance found from the ability to be in control of something so important to so many. That extra sense of security also leads to more trust in the credit union, which encourages members to use their cards more often over other choices.

Mobile Spending Controls for Daily Engagement

While fraud controls are crucial to protect members, the ability to more personally manage finances with mobile card controls increases the daily engagement with the credit union. These mobile management tools provide the ability to institute guidelines regarding their spending. Whether that means switching their card on and off to promote saving, or drawing boundaries that show the areas in which their card will work, these capabilities encourage saving and revolutionize members’ ability to be in control of their funds.

Creating a mobile wallet allows for a centralized location for the consumer to manage their cards, receipts and coupons. It also ensures the ability to review and manage all transactions made from the consumer’s accounts. Banking also becomes a capability that is done on the consumer’s terms. They are able to choose how their card can be used, set spending limits and set restrictions that not only assist them in their everyday banking, but also allow for a heightened ability to detect fraud.

Virtual Cards for Complete Money Management

Members can also use management tools that reduce plastic and allow them to utilize a virtual card. With this function, users are given an easy way to complete transactions without having to carry their wallet with them. A virtual card can also be utilized as a service for families. Instead of using cash for an allowance or worrying about their child overspending, the parent can allow their child to use their card virtually, while still managing the amount they spend and where they spend it; the parent can also control which transactions are denied.

With the utilization of the digitized card services, credit unions are now able to increase membership through an easy-to-use account creation process. In just a few minutes and with a few taps on their smartphone, consumers can create an account with the credit union. This in turn benefits the consumer as well as the credit union, jump-starting a symbiotic relationship between them.

By utilizing card services, your credit union can offer members high-tech features that allow them to bank on their terms. In addition, your credit union will gain access to card capabilities that provide an easy experience for members, open an opportunity for new business and reduce the industry’s plastic footprint.

Gary Singh of Vice President of Marketing for Ondot Systems, Inc. He can be reached at gary.singh@ondotsystems.com.