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So far in 2021, I have had the opportunity to discuss “Why your commercial card program should go virtual” and how “Relaunching your commercial card program” is so essential. In this interview, I sit down with our Insights team to discuss the same type of topics but with a direct application to Private Label Cards.
Where can Private Label Cards go from here?
Private label cards are starting to see a large comeback because of the ongoing COVID-19 pandemic. Many merchants, specifically retailers, have shifted their focus to these cards and by extension, are developing their own loyalty and rewards programs to attract new consumers. This gives them the ability to connect to their customer base by providing a new, individualized experience that uses the data that they have on hand. Fully utilizing the data that they have on hand will allow them to craft a card offering that can help individuals with what they specifically need. Providing private label cards has also paved the way for post purchase installment loans, which allow consumers to still buy higher priced items that they need but instead pay on a recurring basis of their choice. This empowers consumers to shop and pay the way that they want while still benefiting the merchant. That is why it is critical for financial institutions to have these features baked into their private label offerings.
Where does the virtual aspect come in?
Virtual private label cards provide three distinct advantages:
These cards are more convenient. Providing your private label offering as a virtual option gives consumers the ability to integrate it into their mobile wallets. That means that the same convenience that Apple Pay users experience can be had through a merchant’s own card program. A virtual card offering increases customer acquisition and retention by adding value to a traditional private label card program. Not only does convenience factor in, but incorporating a virtual option makes transactions more secure. These cards have built in fraud controls that can help mitigate the risk of stolen data and funds.
How can a financial institution “relaunch” these programs?
Relaunching these programs gives financial institutions the ability to expand their card programs and offerings. The opportunity to cross sell and make that merchant or retailer a loyal customer by giving their consumers a great experience that keeps them coming back is there. That is why it is important to partner with a technology partner like FIS. We are 100% full service and can even provide APIs to help retailers promote their private label cards to their customers. Whether in-person or through an online store/mobile app, these APIs can give consumers clear transparency on what they want to buy and the rewards points that they can get.
Want to see what FIS can do for your financial institution’s card programs? Get in contact with us by clicking the following link: