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What Fintechs Look For In Their Payment Card Selection

What Fintechs Look For In Their Payment Card Selection

As FinTechs companies continue to gain momentum in the marketplace and consumers continue to ask and want more of FInTechs, these businesses are looking for other ways to retain loyal customer bases, and find ways to attract new ones. One of the most common strategies FinTechs are employing is the alignment of a physical card strategy with an already existent digital offering. For many Fintechs, payment cards are the only physical touchpoint between the business and the consumer, so the importance of a physical card is significant when connecting their brand with cardholders.

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Three main considerations have become top of mind for FinTechs looking to solidify a payment card strategy and introduce a physical card option into their product suite. These considerations include quick and personalized service, the use of innovative materials – including more sustainable options, and the ability to provide a unique packaging experience.

FinTechs have begun to recognize the benefits of using payment cards as another entry point or overall touchpoint in the company’s overall brand experience.

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Quick and Personalized Service with Payment Card Selection

As the past few years have shown, consumers have grown accustomed to having the most convenient and accessible service right at their fingertips – from prepaid cards to on-demand delivery and everything in between. This same concept also exists in the financial services industry; which is most evident by the rise in contactless payments that have accelerated the transaction speed at point of sale, helping to create a seamless cardholder experience.  For FinTechs looking to meet consumer demands, it’s paramount that these companies provide services that meet their customers’ need for instant gratification.

Whether FinTechs issue cards quickly, or deliver a wider versatility in their overall payment card suite, FinTechs are sticking to their tech-forward approach with their payment card strategy. Many FinTechs employ new technologies, like APIs, to deliver customer experiences in a more efficient manner.

Innovative & Sustainable Materials   

Outside of technological innovation, FinTechs are also embracing environmentally focused initiatives, including the adoption of eco-focused payment cards and products that use upcycled materials in the card body construction. Introducing these cards may appeal to eco-focused consumers who are looking to align themselves with brands and organizations that share their values. This is another example of how FinTechs are creating additional opportunities to strengthen the relationship between the organization and their consumers, driving long-term customer loyalty.

A number of companies across the FinTech industry also understand the opportunity they have to position themselves as more than just another company in the financial services industry – and truly do their part for the environment, the communities they operate in, and the world at-large.

Creating a Packaging Experience

Along with quick service and eco-focused products, many consumers are also looking for more personalized payment card products based on what they need most. Some factors that consumers are considering include rewards programs, quicker access to funds, ethical interests, and factors that can even be driven by the visual makeup of the card.

Payment card packaging is just as important as the card, helping to further brand recognition and foster consumer loyalty. A personalized packaging experience can include a simple carrier with brand images and assets, or it can be as elaborate as a direct custom mailer that encompasses a high-end payment card unboxing experience. Print-on-demand solutions enable FinTechs to extend a tailored approach to their payment card programs, and allow for a high degree of flexibility.

The Power of Payment Card Selection for FinTechs

FinTech companies have an opportunity to innovate and set the new standards for payment card “experiences”. This idea starts with payment card selection and its impacts, and ultimately ensures that consumers are still able to pay the way they want in the most convenient ways for their lifestyle.

For FinTechs and digital banks looking to set themselves apart from their competition, it’s crucial that payment card set-up becomes a priority in their issuance strategy. Through their payment card selection, FinTechs will be able to create meaningful and important experiences for their customer base that will only mean more for their business in the long run.

[To share your insights with us, please write to sghosh@martechseries.com]

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