Understanding the Changing Credit Cards and Payments Landscape
The pandemic has been a catalyst for disruption and led to a change in customer behavior. From declining credit card usage to customers expecting hyper-personalized products, rewards and offers, the payments landscape has seen a significant change over the last year and a half. Disruptive payment innovations such as BNPL, contactless cards, e-wallets, or alternative payments options for the underbanked have transformed the landscape further. Credit card issuers are faced with a challenge of retaining existing customers as well as increasing their usage while attracting new customers through agile offerings that are hyper-personalized to the customer’s context.
Hyper-personalize Your Credit Card Programs with SunTec
Customers today expect higher levels of empathy and to be understood better based on what they seek in terms of their goals, lifestyles, likes, and preferences. You need a solution that offers you the right insights to get to know your customers better and offer products that are relevant to them.
With SunTec, you can position your credit cards program to attract and retain customers and get higher wallet share by meeting customer expectations. SunTec’s proprietary platform Xelerate, can help you deliver agile products, campaigns, offers and loyalty management capabilities. Now extend control to your customers by enabling them to configure their products and benefits. In addition, offer a wider set of products and benefits from a larger partner ecosystem while extending a seamless customer experience. The platform lets you ensure transparency in your reward systems and enables easier rewards redemption to build loyalty and ensure customer stickiness.
CFO, Finance House (UAE)
Group Head, Financial Planning and Control, Ahli United Bank (Bahrain)
Partner – Taxation, PWC
With SunTec’s Credit Cards Loyalty and Rewards Solution, benefit from:
Hyper-personalized rewards to enhance customer experiences
Greater flexibility and transparency in offers, billing, statements and benefits
Improved card usage with innovative offerings from a network of service providers
Transparent and intuitive billing and reports
A Slow Death of Plastic: How Can Banks Stay Top of Wallet?
In recent times, the credit card industry has suffered a setback due to changing customer behavior triggered by the pandemic as well as disruptive innovations such as digital wallets, payment apps and emerging payment models such as BNPL. How can banks and card issuers reimagine their credit cards program to personalize the ‘credit card experience’ for every customer? Decode your way into the customer’s day-to-day life. Here is a quick guide to help you discover the role of technology and data to propel customer engagement and three ways to re-position your credit card programs effectively.