White Paper Title: In the Cards: Getting into the Credit Card Business
Many community-based U.S. financial institutions (“FIs”) are facing a weighty dilemma.
How do they meet demands from their Board of Directors to more aggressively grow loan and fee-based portfolios while providing quality products and services for their customers and members, now that the economy is back on the upswing?
Few likely consider expanding their credit card program as a source for this growth, since the majority of community FIs have either exited the credit card industry or exist on its margins, as a participant in a credit card program owned by a larger bank that owns and manages the loan portfolio.
But that is exactly where they should be looking, thanks to an innovative business model from Corserv Solutions that offers turnkey yet customized credit card solutions. A typical Corserv client is an FI that wishes to offer or expand its credit card product to its relationship consumers and businesses, while controlling the customer experience at every key touch point.