SEATTLE--(BUSINESS WIRE)--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.