Getting Members to Use It: 3 Keys to Card Controls & Alerts Engagement

Consumers are paying much more attention to the security of their financial data than they were even a few years ago. In fact, IBM just found that, for the first time ever, consumers prefer security over convenience.

Notably, consumers are changing their attitudes about getting involved in the fight against financial criminals. As their interest in becoming deputized in this fight increases, credit unions should take full advantage of their eagerness to spot and stop payment fraud. Credit and debit card controls and alerts are one of the easier ways to empower members to act to protect their accounts.

Since 2014, when CO-OP became the first to make card controls and alerts available to credit union members, we have seen varying degrees of engagement with the technology from a member perspective. Over time, we have learned which strategies are most effective at piquing and maintaining their interest in the solution.

Here are three keys to triggering member excitement for and use of card controls and alerts.

Integration With Online and Mobile Banking

It can be difficult to convince a consumer to download yet another app, especially when the features offered by that app are not something a person would use daily. Although many of the card controls and alerts apps are beautiful and highly functional, consumers want a seamless, secure experience when they engage with their financial institutions.

Credit unions in the CO-OP ecosystem have access to eight different mobile app solutions. Our developers have built custom integration of card controls and alerts functionality into each, so members don’t have to download yet another app.

Education and Awareness

In the IBM study, 74% of the 4,000 adults surveyed said they would use extra security when it comes to their financial accounts. Of course, they have to know that extra security is available to them, is easy to use and will have a meaningful impact on their protection. Credit unions that actively promote the availability of card controls and alerts experience much higher levels of engagement with the solution.

Many of CO-OP’s credit union partners leverage large and well-publicized data breaches for the marketing of card controls and alerts. Sadly, there is no shortage of such incidents, and experts predict things will get worse before they get better. Each time a high-profile attack occurs, credit unions that educate members on the availability and optimal use of card controls and alerts see big-time upticks in use.

Continuous Improvement

Digital consumers love iteration. They’ve become accustomed to new features and services rolling out from their favorite brands at a break-neck pace. Facebook added Marketplace; Amazon added two-hour delivery; Uber added bike and scooter rentals; Airbnb added mainstream hotels. Examples of continuous improvement from digital brands are plentiful. Card controls and alerts should be no different. New features and functionality must be a focus, and credit unions would be wise to partner with vendors that are committed to frequently upping their game.

Just a few of the ways we see card controls and alerts evolving include:

• Artificial intelligence and machine learning integration to improve predictability, so the tool becomes more convenient while adding even stronger protection.
• Real-time offers based on a member’s location or pre-selected preferences.
• Conversational messaging that improves the user experience and gives the interaction a more personalized feel.
• The creation of automatic travel notes, so members who confirm they are traveling when they respond to a push notification don’t also have to call their plans into the credit union.
• Digital issuance, which automatically pushes reissued card credentials to an Apple Pay, Google Pay, Samsung Pay or similar digital wallet account. In data breach or lost/stolen incidents, there’s virtually zero interruption for cardholders.

Historically, our industry has looked at security as having a potentially negative impact on user experience. It’s time to turn that notion on its head.

Advanced, cognitive technology is standing up incredible member-centric use cases that not only protect members and their accounts, but also improve the experience they have with their credit unions. Card controls and alerts, as a rapidly-evolving digital banking feature that adeptly balances security with experience, is one of several technologies poised to help the movement pursue security as a competitive differentiator.

Michelle Thornton is director of product development for CO-OP Financial Services. She can be reached at michelle.thornton@coop.org.