Providing relevant services to accountholders is becoming increasingly important to retail financial institutions, but making the investments necessary to keep pace with the market can be especially challenging for the SME segment.
SHAZAM, the lone non-profit EFT Network in the United States, hopes to ease that pain by delivering innovative products that can be white labeled by its member banks and credit unions. With the launch of BOLT$, the product is designed to provide tools and services developed to help these financial institutions compete in a market crowded with traditional and alternative products.
From SHAZAM’s press release:
The app, available to smartphone and tablet users, allows debit cardholders to check balances, set parameters for email alerts, and eventually, initiate person-to-person (P2P) transfers.
With an emphasis on fraud detection and offering the ability for a financial institution to “deputize” their cardholders in the fight against fraud, products like BOLT$ can serve to introduce mobile services to larger segments of the financial institution market. At the same time,the product can build a higher value relationship for the network.
Click here to read more from SHAZAM.