Fiserv: Partnering with banks to elevate digital card experiences

Nowadays, consumers expect easy-to-use anytime, anywhere account access and convenience. Card-based transactions continue to be the preferred payment method for consumers, but the transactions are evolving rapidly and are increasingly becoming more digital.

On the other hand, banks need to deliver secure and convenient consumer payment experiences. Financial institutions also need to drive immediate usage for their credit and debit card programs and empower their users to instantly transact.

These evolving needs by both consumers and financial institutions drive the strategy of Fiserv Inc., as a leading provider of financial technology and payment solutions to banks, credit unions, corporations and businesses of all sizes. CardHub℠ from Fiserv is a mobile and online banking app that provides consumers with the ability to control their credit and debit cards, clearly see their spending, and use their cards more easily. The app was launched in July 2021 with the objective of delivering personalized digital credit and debit card management capabilities to all consumers by partnering with financial institutions.

The largest financial institutions have significant technology research and development budgets,

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Mr. Randy Piatt

Vice President - Product Solutions, Fiserv, Inc.

while smaller credit and debit card issuers are frequently at a resource disadvantage and are challenged to compete.

CardHub democratizes best-in-class mobile and online banking services for payment cards by providing financial institutions – regardless of size – with a robust digital card management capability that competes with even the largest banks and tech giants. Because CardHub works with financial institutions of every size, all consumers’ needs are met. With CardHub, digitally-minded consumers can take advantage of self-service and digital interactions with unprecedented payments safety, speed and convenience. These interactions provide consumers with the ability to manage their credit and debit cards when and however it suits them, enabling them to easily manage their money.

At the recent Digital CX Awards 2022 organised by The Digital Banker Fiserv bagged the award, Best Payments Solution by a Vendor – a much-deserved win for an organization that’s always at the cutting edge of innovation.

“Fiserv is a leader in payments and financial technology, helping clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions, card issuer processing, network services and payments. By partnering with Fiserv, financial institutions benefit from higher card usage, deeper cardholder loyalty and lower fraud and service costs,” said Nirav Patel, Managing Director at The Digital Banker during the awards ceremony.

CardHub: Delivering services digitally

CardHub from Fiserv delivers a digital journey that distinguishes financial institutions, elevates their brand, and helps them successfully compete in their markets. A properly designed and robust card program is one of the financial service industry’s best assets. A card program is a critical relationship product that delivers convenience to consumers, and cardholder loyalty and income benefits to financial institutions.

Delivering these services digitally ensures financial institutions keep their consumers safe and able to transact securely.

In the past years, consumers’ lives and spending profiles have changed dramatically due to the COVID-19 pandemic. The vestiges of social distancing, a restructured retail environment and a reduction in travel have resulted in an overall change in consumer purchasing habits. For example, in-store and in-person transaction volumes have declined, and online purchases are rising.

Even for in-person purchases, many people never pull out a physical card or even choose a card − they just pay with the default card in their digital wallet. Card-on-file and subscription purchases are also accelerating, as are contactless and digital wallet transactions. Meanwhile, fraudsters remain at large and refuse to take a break.

These significant factors have required financial institutions to reimagine their mobile and digital services. With CardHub, Fiserv’s clients can offer their consumers a self-service tool for debit and credit card programs that provides safe and convenient capabilities and access to financial

The use of self-service payment technologies was already trending up before the rise of COVID-19. Now, tools like CardHub promote contactless transacting and social distancing to keep consumers safe, enabling them to conduct their financial transactions and avoid unnecessary physical contact with people or objects.

In addition, CardHub reduces service calls, customer dispute costs and fraud by letting customers clearly see where their card is being used. Merchant names, logos, contact information, and locations are available for each credit or debit card transaction.

“By partnering with Fiserv, financial institutions benefit from higher card usage, deeper cardholder loyalty and lower fraud and service costs.”

New generations of digital card capabilities

Today’s consumers demand safe, frictionless and personalized payment experiences that align with their evolving lifestyles. Modernized, digital-first card experiences eliminate wait time and strengthen consumers’ emotional bonds with financial institutions through repeated, positive interactions in real-time. The Fiserv strategy is simple: to improve consumers’ financial lives by delivering new generations of digital card capabilities.

CardHub is currently used by 676,000 cardholders who receive their financial services through approximately 100 financial institutions across the United States. CardValet, one of the existing CardHub brands, has received more than 17,000 consumer reviews on the Apple App Store with an average 4.6 rating and more than 10,400 consumer reviews on Google Play with an average rating of 4.4

Its interactions with payment card issuers and cardholders show that Fiserv is delivering fresh digital experiences centred on consumers’ dayto-day needs. Fiserv is presently creating more experiences for cardholders that are seamless, efficient, and engaging. Currently, Fiserv anticipates enrolling approximately 2,000 clients on CardHub within the next 18 months.