In our crowded, hyper-competitive market, a well-run credit card issuing program can be a high-return growth engine for banks. With the right strategy and partnerships, credit card issuing can generate more income, deepen customer relationships, and unlock valuable cardholder data. Let’s explore the blueprint for building a high-performing credit card issuing program that capitalizes on the strategic opportunity of offering credit cards and mitigates the complexities typically associated with card issuing.
“How can my bank build a successful issuing program?”
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Modernize issuance and infrastructure.
Today, bank customers across all generations and demographics are looking for a future-ready, end-to-end banking experience. Juniper Research predicts modern, digital card issuing platforms will issue 35% of all payment cards by 2029. Your card program has to feel as seamless as the national brands. Instant issuance (physical and virtual), robust controls, alerts, and a seamless customer experience are critical. Now is the time to get ahead of your competitors and implement your own credit card program. Most community banks don’t have the resources to build this infrastructure from the ground-up, but CorServ’s platform enables fast time-to-market and a custom-branded issuing experience.
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Prioritize your most profitable segment: Commercial Customers.
Commercial customers are constantly seeking ways to drive innovation and growth, and this starts with their financial tools. Purchasing cards, corporate cards, and fleet cards are the cornerstone of commercial spending. Commercial customers seeking credit are significantly more likely to turn to bankers they know and trust. CorServ’s commercial card offering supports charge card products with high interchange, customizable cash rebates by company, and virtual and ghost cards for secure vendor payments. Commercial customers benefit from frictionless business administration and expense reporting.
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Leverage customer data and relationships to promote a sales culture.
Agent banks limit access to cardholder and portfolio data, making it difficult to learn customer behavior and cross-sell products. CorServ provides detailed cardholder and portfolio data so you can understand how they spend and how to sell. This in-depth perspective on data boosts bankers’ ability to build relationships with customers, maximizing profit and fostering long-term loyalty.
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Find an issuing partner that does the heavy lifting.
The scope of implementing a compliant and successful credit card issuing program can feel massive. There are operational intricacies to navigate, team members to hire and train, frameworks to construct, multiple vendors to orchestrate and more. But there are partners out there who can build, implement and manage your credit card issuing program without requiring your bank to add staff or infrastructure, while letting you own the full economics of the credit card portfolio. Learn the different partnership options available for banks entering the issuing market and pick the one that’s right for your team and customers.
A profitable credit card issuing program is not reserved just for the largest banks. With the right partner, community banks can deliver national-issuer experiences, win commercial relationships, and own the data and economics.
Learn more about CorServ and our credit card issuing programs: www.corservsolutions.com.
