According to a recent study by OnDot conducted over a 6-month period, users of card controls and alerts saw a 60% decrease in fraud, a 54% increase in usage, and a 48% increase in purchases made on their card.
Card controls and alerts are valued by today’s busy and security-conscious members for a variety of purposes, including the ability to turn it off should the card be lost; setting limits and budgets in cases of joint ownership between parents and children; setting controls around travel; and better equipping cardholders in the fight against fraud.
CardNav by CO-OP was the first-to-market mobile card controls and alerts app, so credit unions have been able to offer this level of functionality to their cardholders since 2014. And now CardNav is gaining an even richer set of features both members and credit unions will love.
Topping the list of exciting new features is the addition of credit cards to the application. Members can now use CardNav to control when, where and how each of their card accounts is used with a single point of entry. The enhancement is part of CO-OP’s commitment to support a seamless member experience across all payment channels.
Three Options for Flexible Configuration
To further seamless, friction-free delivery, CO-OP is now offering credit unions three ways to configure CardNav with the credit union’s brand at the center:
1) Standalone credit union-branded app
2) Credit union-branded “Companion” app, linked to the institution’s current mobile banking solution
3) An API that integrates with the credit union’s existing mobile banking app
This is an enhancement that CO-OP’s Dr. Kathy Snider, SVP, Group Leader, Engage Products, says supports the diverse needs of credit unions at various stages of the digital transformation journey.
“Some clients will prefer to drive engagement through a single app they control using API integration; some will opt for a completely branded standalone solution,” Snider said. “Others will choose to embed the capabilities, which can be done with minimal technology effort. We allow the credit union to choose the solution that aligns best with their strategy and needs.”
Integration flexibility for the credit union is something Jerry Bettens, Chief Information Officer for Michigan First Credit Union, believes is vital in the highly competitive card market. “Offering controls and alerts is becoming something our members expect,” said Bettens. “How you deliver that functionality is the part that can truly make your credit union standout. Having access to CO-OP’s API really allowed us to use our imagination when it came to integrating CardNav into our mobile and online experience. It allowed us to offer cardholders the kinds of personal touches that are especially comforting to credit union members.”
New Features Will Impress Cardholders
A new set of member-facing features is designed to make CardNav easier, faster and more convenient for cardholders, helping credit unions stay ahead of consumer expectations. Members can set spending limits (giving parents more control over shared cards with children, for example) and can temporarily turn off and turn back on a lost card with the new features.
The integration of fingerprint and facial login to authenticate app users makes the mobile experience more user-friendly and satisfies a growing consumer demand for security features. A recent PwC survey revealed that a whopping 92 percent of consumers believe companies must be proactive about data protection.
“Member engagement is absolutely top of mind for credit unions and allowing members to have highly personalized card control at their fingertips is one of the best ways to strengthen the credit union-member relationship,” said Snider. “Empowering members with the ability to decide when, where and how their cards are used is a simple, affordable way for credit unions to demonstrate their ability to provide superior payment experiences.”
Activating CardNav at Your Credit Union
By giving members a single view of their entire cards experience, both credit and debit, credit unions can enhance member loyalty while growing one of their most profitable assets.
Are you ready to empower your members by arming them with a tool that puts control and security into their hands?
Learn more about CardNav: http://visit.coop/1lw2lk
The original article CardNav Expands across all CO-OP Debit and Credit Channels can be found on Insight Vault.