Credit / BNPL

Time for an Upgrade: Moving to a Modern Credit Card Program

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Credit cards have changed from physical only to physical plus digital to digital-first in the last 10 years. And those digital-first innovations have changed the amount of time it takes to apply, be approved and receive an active card from weeks to minutes.

The next innovation for credit card issuance is anyone’s guess, but there is little doubt that what cardholders expect from the card program they use is sure to be different tomorrow than it is today. Innovations and new ideas that change how cards are issued, approved, used, or managed can happen quickly and occur many times per year. Because change occurs so rapidly, issuers must be poised to respond as credit card issuing changes to meet customer expectations.

Time for an Upgrade – Moving to a Modern Credit Card Program, commissioned by i2c Inc. and produced by Aite Group, delves into the issue of cookie-cutter credit card programs that look much like every other credit card in the market, and how issuers need a program that allows them to differentiate by offering current, digital-first functionality.

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Whether launching a new credit card program, converting from an agent bank relationship, or upgrading an existing credit card portfolio, issuers on a flexible, agile credit card processing platform have a clear advantage over everyone else because it allows you to be always ready for whatever the future brings.

It is impossible to say what the credit card program of tomorrow will look like. In just the last 10 years, credit cards have changed from physical only to physical plus digital to digital-first. Digital-first innovations have changed the amount of time it takes to apply, be approved, and receive an active card from weeks to minutes. The next innovation for credit card issuance is anyone’s guess, but there is little doubt that what cardholders expect from the card program they use is sure to be different tomorrow than it is today. Innovations and new ideas that change how cards are issued, approved, used, or managed can happen quickly and occur many times per year. Because change occurs so rapidly, issuers must be poised to respond and enhance their products as the future of card programs is revealed.

Time for an Upgrade – Moving to a Modern Credit Card Program, commissioned by i2c Inc. and produced by Aite Group, delves into the issue of cookie-cutter credit card programs that look much like every other credit card in the market, and how issuers need a program that allows them to differentiate by offering current, digital-first functionality. Whether launching a new credit card program, converting from an agent bank relationship, or upgrading an existing credit card portfolio, issuers on a flexible, agile credit card processing platform have a clear advantage over everyone else because it allows you to be always ready for whatever the future brings.

Key takeaways include:

  • Organizations must provide an innovative experience when establishing a credit card program, or they risk falling behind.
  • The growing consumer and business demand for an innovative user experience will benefit fintech firms, banks, and credit unions that upgrade to an agile, API-driven payments processing platform.
  • Credit cards are moving beyond the physical card, and issuers must be able to support new payment form factors such as wearables.
  • Issuers on a legacy processing platform, for which updates take months or years and must be hard-coded, are at a disadvantage compared to issuers on a more flexible processing platform, for which changes are as simple as clicking a button or integrating an API.
  • Cookie-cutter credit card programs that look much like every other credit card in the market must compete solely on low rates and high rewards, which is expensive to maintain over time. A card program that offers current, digital-first functionality can differentiate by providing features that cardholders want.
  • Issuers that want to offer a more up-to-date credit card experience should prioritize the flexibility and capabilities of the card processor they select.

Aite i2c Credit White Paper Infographic

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About i2c

i2c is a global provider of highly-configurable payment and banking solutions. Using i2c's proprietary "building block" technology, clients can easily create and manage a comprehensive set of solutions for credit, debit, prepaid, lending and more, quickly and cost-effectively. i2c delivers unparalleled flexibility, agility, security and reliability from a single global SaaS platform. Founded in 2001, and headquartered in Silicon Valley, i2c's next-generation technology supports millions of users in more than 200 countries/territories and across all time zones.