Financial institutions are increasingly turning to mobile card control technology as consumers demand greater visibility, security, and control over their payment cards. Companies like Ondot Systems are helping banks and credit unions deliver app-based tools that allow cardholders to manage spending limits, receive real-time alerts, monitor suspicious activity, and instantly turn cards on or off. As mobile banking becomes central to the customer experience, card controls are emerging as an important way for financial institutions to strengthen engagement, improve fraud prevention, and secure top-of-wallet status with consumers.
SANTA CLARA, Calif., May 21, 2018 (GLOBE NEWSWIRE) — In response to consumer demand to provide strong mobile-based protections for credit and debit cards, more than 3,000 financial institutions now offer millions of cardholders mobile-based payment card controls via apps powered by Ondot Systems.
These institutions, located worldwide, are implementing the solutions in response to consumer demand for 24/7, mobile-based controls for credit and debit cards, along with enhanced fraud protections and powerful payment tools. Consumers use the app to monitor suspicious activity, set location and spending limits on their cards and stop fraud before it impacts the account.
“Consumers entrust us to protect their money, and we don’t take that lightly. That is why we continue to provide better functionality and security,” said Diane Morais, President of Consumer and Commercial Banking Products at Ally Bank. “With innovations like Ally Card Controls™, consumers have at their fingertips the ability to define when, where and how their card is used. They easily can turn the ability to transact with their debit card on and off, set spending limits, even create real time alerts all to ensure they can better manage their finances.”
This type of service enhances customer engagement, deepening the relationship to the financial institution. Ondot Systems is transforming the payments landscape by digitizing all aspects of payment instruments resulting in a paradigm shift in how consumers select, interact and make payments. Only Ondot gives both – financial institutions and its customers – everything they need to create & deliver exceptional payment experiences.
“Banks using mobile card control services see an average increase in revenue of up to $30 per user per year,” Vaduvur Bharghavan, CEO at Ondot said. “When consumers know they are in control of their card, they trust the financial institution more, use the card more often and log into the mobile app more often to manage usage parameters.”
“It’s now clear that being top of wallet is critical – 70% of consumers don’t change the primary card in their digital wallet, barring a major issue with the card,” said Kausik Rajgopal, Senior Partner leading Global Fintech and Payments for McKinsey. “Improving card experiences and reducing negative events such as false declines is a must have for issuers.”
“Card control and management is fast becoming a category of service that leading financial institutions are embracing to create high frequency interactions through mobile channels,” said Al Pascual, SVP of Research and Head of Fraud & Security at Javelin Strategy & Research. “The availability of card controls in a mobile app is a great way to enhance card security while enabling consumers to manage their cards in the way they want.”
Driving the rapid growth is Ondot’s strong partnerships with the largest payments processors and mobile banking providers. The app sits within the bank’s mobile banking app, providing the ability to establish a single sign-on, creating a consistent user interface and experience across all mobile services.
“Today’s economy is self-service driven, and consumers want to be able to manage every aspect of their financial life – especially their cards – through any channel at any time,” said Nish Modi, Vice President of Digital and Business Intelligence at CO-OP Financial Services. “Our credit unions offering the CardNav by CO-OP app to their members provides an invaluable tool to help them manage their finances.”
“When it comes to delivering a great customer experience, consumers demand seamless performance from all of their banks’ mobile services,” said Ondot’s CEO Vaduvur Bhargarvan. “Much as Facebook Messenger fits completely within Facebook, Ondot’s Mobile Card Services platform can sit perfectly within any bank’s digital offerings, which drives more mobile engagement as consumers establish their own card usage preferences.”
