Seattle-based financial technology company Switch,
Inc. announced today a market feasibility pilot with CUNA Strategic
Services to provide its CardUpdatr™
App to credit unions nationwide. The issuer-branded web and mobile
browser application updates merchant sites with credit union cards in
real time. The solution brings immediate increased online card
circulation, transaction volume, and brand loyalty to credit unions.
“The CardUpdatr solution is uniquely positioned to propel credit unions
to the frontline of innovation to increase cardholder satisfaction and
differentiate themselves from other financial institutions,” said Eric
Gelly, President of CUNA Strategic Services (CSS). “The fintech company
Switch, Inc. offers a powerful solution that is in complete alignment
with our organization’s mission of helping credit unions improve their
bottom line and enhance their relationships. CSS is thrilled to bring
the breakthrough capabilities of the Switch technology to our credit
unions.”
CardUpdatr is an issuer-branded app offered to cardholders using a
vanity URL. The app can be used in a variety of marketing programs
including activation, reissuance, and card use promotion initiatives.
The white-labeled application is cardholder ready within days without
the need for in-house development resources. CardUpdatr offers a fast,
yet simple way, to provide a truly frictionless card-on-file updating
experience to cardholders.
According to The Financial Brand’s 12
Ways to Get to the Top of the Digital Wallet, “Financial service
providers of all sizes will continue to compete aggressively for
top-of-digital-wallet position with incentives and an emphasis on the
convenience and security of digital payment methods. While the uptake
has been modest, the opportunity (and threat) in the future is
significant due to the importance of ongoing digital engagement with
financial services organizations.”
“CSS recognizes that tech-sophisticated financial organizations who
apply easily integrated solutions to directly address member experience
problems are in a better position to win on member loyalty and long-term
growth,” said Chris Hopen, Co-founder and CEO of Switch, Inc.
“Significant transaction volume attrition stems from daily reissuance,
moreover, newly issued cards may never see a return on investment
because cardholders do not update the online accounts where these cards
are used the most. Switch looks forward to witnessing the positive
impact CardUpdatr will have on credit unions and their members.”
Gelly added, “CSS believes that credit unions can elevate their
businesses and be more competitive with CardUpdatr. The app is an
innovative antidote to the damaging reissuance problem that other
financial groups are ignoring or hiding. CardUpdatr will allow credit
unions to offer an instant and flexible fix to the card updating problem
before it starts.”
Switch’s core CardSavr platform, on which CardUpdatr is powered, is a
flexible, cloud-based solution that uniquely combines a scalable
machine-learning engine and patent-pending artificial intelligence
algorithms. The platform does not read, pull or scrape PII (Personally
Identifiable Information).
To learn more or sign up to attend a demo, visit http://www.cunastrategicservices.com/credit-union-providers/switch.
More about CardUpdatr can be found at Switchme.com/cardupdatr.
About CUNA Strategic Services
CUNA Strategic Services develops strategic alliance relationships to
offer quality products and services to your credit union that contribute
to your bottom line, add to your peace of mind, and enhance your
relationships. The company is jointly owned by Credit Union National
Association and the state leagues. For more information, visit www.cunastrategicservices.com.
About Switch, Inc.
Headquartered in Seattle, Switch creates cardholder experiences that
drive cards to Top of Wallet®. The company’s payment card solutions
protect and increase card transaction volume for issuers. Switch’s
proprietary and patent-pending autonomous browsing technology, CardSavr,
helps cardholders update any card on any site. You can learn more about
Switch at switchme.com
or follow the company on the Switch
Blog, Facebook
and Twitter.
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