Card innovation needs to be a focus in 2021

Digital transformation will be required to retain and attract new members

With 2020 came a move to all things digital. In payments, digital-first cards—new and replacement cards that are available digitally before a physical card is issued—have risen as the new standard. While financial institutions of all sizes were previously investing in innovation, the last year has created a triple threat—the power of big tech, infrastructure investments of mega banks and the ongoing pandemic. Credit unions must make digital transformation a focus to retain and attract new members.

The necessity for innovation hasn’t been lost on credit unions. They know digital is important, but for many credit unions the urgency has been on other types of advancements — not on cards.

Yet payment cards have become the primary focus of innovation in digital banking transformation. A few reasons why:

  • Cards are the most frequent and important interaction financial institutions have with their account holders.

 

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