A card service provider interested in lurking in more users must be able to provide its customer with options, rewards, and a feeling that their privacy is in safe hands.
Many consumers usually carry more than one card in their wallets. Usually, every individual carries one or two debit or credit cards at least. It is important to know that the card with the largest number of purchases is called the “top of the wallet” card, and every bank must ensure that their card is an individual’s top priority.
Making an individual choose a specific bank’s card among the others can get tough for credit unions and retail banks, but in today’s digital world, the competition is severe. With mobile wallets like PayPal, Apple Pay, and Samsung Pay, the card payment system becomes inconvenient for the customers and financial institutes as well.
TSYS’ researchers studied 1,000 consumers in the US to observe the users’ preferences and priorities about payments. The main aim was to find out the payment method they would prefer and their thoughts about credit and debit cards. The research led to the conclusion that there are three crucial ways to keep a bank’s card at the “top of the wallet,” in addition to cross-selling additional products to consumers and developing trust in customers’ eyes.
What customers really love?
Every customer loves the feeling of additional rewards each year. Rewards are always at the top when it comes to counting the benefits of a card, leaving other features far behind like the brand of the issuer, interest rate, design/style of card, and adjustable payment methods. If the payment service provider puts a good reward on payment through the card, the issuer will get the benefit of charging any amount of fee and interest on the payment due to the huge flow of transactions.
The most favorite reward of consumers is cashback. That is right! Customers love it when they get a specific percentage back of the money they spent. Other highly wanted features are more close to cash rebates, including saving money on both local merchants and brand names.
Customers love it when they are being provided with special offers and coupons based on their purchases. It is crucial for a bank to know their consumers individually based on several factors like:
- What type of spending they usually make?
- From which brand or merchandiser they buy the most?
- Are they interested in technical or non-technical stuff?
Providing a consumer with discounts and offers according to their need and taste is something important and necessary to be noted by every bank.
What consumers are concerned about?
Nearly half of the customers state that getting the financial tools and products from the same institution they have an account with is important to them. However, it is a great thing for institutes providing cross-sales to their current customers; nearly below one-third of customers stated the matter to be not necessary or not significant at all.
What the consumers freak out about?
Although every institute is bound to keep its card security standards at their peak, customers don’t get how card payment service providers make payment methods secure. As soon as an individual hears news about the latest leakages in the system, they freak out.
Research about customers’ fear towards payment methods showed the results in which nearly 74% of the customers were more concerned about their security compared to the profits that came with their card payment service.
In the end, it all comes down to this that no matter what benefits are being given to any customer, they are more concerned about the security benefits that come with any card payment system. So it could be understood by any business that the more security benefits a bank provides to its customer, the more chances are for that card to stay at the top of the wallet. The more transactions a card makes, the more benefit there is for the business.
What is important for any bank to understand is that consumers are more concerned about their security instead of their benefits; therefore, the more secure they feel, the more transactions they make.
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