Ondot Reaches Deal to Bundle its Card App With MEA's Banking Platform

Ondot Systems has formed a reseller agreement to offer its Card App services platform for credit and debit users alongside MEA Financial Enterprises’ mobile banking app.

The companies said the link-up will allow MEA to offer a complete digital solution in a single platform, providing consumers with the ability to easily use, manage and control their credit and debit cards, as well as monitor spending transactions and make smarter decisions about how they spend. The deal will benefit users by resulting in fewer service calls, lower fraud and increased consumer engagement, the companies said.

With more than 60% of consumers researching a financial institution’s digital capabilities before opening an account, the agreement between Ondot and MEA provides a convenient way to meet the demand for digital capabilities, Chris Harris, head of marketing for Ondot, said.

“Ondot’s Card App is kind of a one-stop shop in terms of using and managing your credit cards, and when you look at MEA Financial, they try to be a one-stop shop for everything in terms of mobile banking, so you have two sides of the same coin in terms of mobile engagement. If you’re an issuer trying to find out how do I create engaging mobile experiences for my customers, those are two pretty logical places to look and we’re just trying to combine them into one selling experience for that user,” Harris said.

Harris said a lot of credit unions are trying to attract a younger member base, and digital tools are a way to attract the next generation. “Credit unions face a unique challenge in the marketplace because surveys have shown that big banks are outpacing them on growth thanks to the digital tools they offer consumers,” Harris said.

He continued, “The challenge facing credit unions is heightened by the recent introduction of Apple’s first credit card, as well as plans by Samsung to launch a debit card and Google’s announcement that it will offer checking accounts.”

“It’s really a challenge for smaller issuers to react to that,” Harris said. “When you look at a smaller credit union, I think absolutely people are choosing where to do their banking based on the digital capability they offer. If you look at Wells Fargo or Bank of America, they’re going to have stuff about their digital capabilities right there on the website. You usually don’t see that with smaller institutions. Honestly, it’s about creating a brand that’s digitally relevant. ”