How to capture top of digital wallet
Card features make a difference in consumer choice of card and spend
With all the ups and downs of 2020, the one consistent thing was the adoption of digital. From online shopping to contactless purchases, the banking world saw a huge spike in digital payment adoption.
With the increased demand, offering digital experiences for cards is more important than ever for credit unions that want to capture top-of-wallet status in both the physical and mobile wallet. With payments being the most frequent interaction that members have with their financial institutions, capturing preferred card status allows credit unions to maintain a strong financial relationship and be present for their members during all their purchases.
Card offerings can make all the difference in retaining cardholder spend and maintaining top-of-wallet position. Consumers make card choices based on a variety of reasons—from rewards to loyalty to available funds. Research conducted by Ondot via a 2020 field poll shows that convenience and spend transparency are the top two factors when considering a debit card, and No. 2 and No. 3 for credit. A large part of convenience and transparency fit into the card experience—from the ease of access, to control and insights into spending. All of these tools factor into the cardholder experience and how a card is chosen to be top-of-wallet.
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