At last year’s Money20/20 USA, we had the opportunity to discuss cardholder expectations in the digital-first world with Juan Carlos Correa, Solutions Engineer at Backbase. An Entrust partner, Backbase is reshaping the banking landscape by prioritizing the cardholder experience, showcasing to banks and credit unions how they can delight their cardholders by offering digital-first payment experiences.
Here are a few takeaways from our Money20/20 interview:
- Backbase is re-architecting the banking experience around the consumer
Understanding the needs of the consumer is key for financial institutions. For the cardholder, a financial transaction is the means to another objective, i.e. a mortgage to buy a house. But for the financial institution, the transaction is an opportunity to showcase trust and reliability. Backbase provides the technological infrastructure for banks and credit unions to cover the entire banking lifecycle. Through a customer-centric, strategic partnership they can offer streamlined processes, reduced costs, and accelerated value delivery to financial institutions seeking to impress and retain their cardholders. - Consumers ask for more flexibility regarding payments, and expect digital card issuance and access to wallets
Nearly 50% of the respondents in a recent Entrust survey indicated they want immediate access to a digital debit or credit card. 89% of survey respondents also expressed their ongoing desire for access to physical cards. These findings seem to show consumers’ preference for payment flexibility. We also learned that 79% of cardholders prefer mobile apps for basic daily banking. Juan Carlos sees similar trends from Backbase’s customers, highlighting that for card users, instant and seamless experiences are crucial. Digital cards and wallets can complement physical cards and offer the flexibility cardholders demand. - The partnership between Entrust and Backbase allows financial institutions to offer seamless digital payment experiences
The Entrust solution integrated into the Backbase platform offers significant seamless banking opportunities, like the ability to issue digital cards in-app, push provisioning the card to digital wallets, viewable secure card information (card numbers and PINs), etc. These specializations provide additional value to the Backbase offering. Issuers can benefit from a simplified integration delivering accelerated time to market. - Immediate usage thanks to digital card issuance
Entrust and Backbase have partnered together to enable the immediate use of a digitally issued card. This allows the cardholder flexibility in transactions, bringing immediate revenue opportunities for the financial institutions.
There is also an opportunity for an increase in servicing costs when a bank or credit union chooses to offer seamless experiences like the PIN display feature. The cardholder will not have to interact with customer services to retrieve or reset their PIN code, as it will be immediately viewable in-app. This is also true for the cardholder’s card number, meaning they can use their digital card for online purchases without needing to read the card number off the physical card.
Our joint partnership with Backbase is an exciting opportunity to offer financial institutions digital-first banking experiences that can meet the demands of cardholders while reducing costs, meeting compliance standards, and prioritizing security throughout their platform. Watch our full interview with Backbase here.
We also did a joint solution demo at the show in the Entrust booth. Learn more about our partnership with Backbase by watching this live demo, where we discuss how our partnership allows financial institutions to offer a seamless digital card and payment experience to their cardholders.
