5 Delights of Digital Credit Card Origination

Uncertain times plague the credit card industry. With the current generation of customers being influenced by self-help finance literature, there’s a growing perception that credit cards are synonymous with financial pitfalls and mismanagement. How can credit card providers turn the tide and make customers fall in ‘love’ with cards?

Let’s explore the five key delights that emerge from the digital lending journeys of credit card origination:

1. Boost business acquisitions-

A potential credit card applicant begins their journey by exploring credit card options on the mobile device while commuting. With a seamless omni-channel strategy in place, the customer can easily start their application through mobile, pause it, and later continue from laptop at home. This uninterrupted journey is made possible through smarter lead capturing and a responsive digital journey designer. The application is processed quickly through an automated decisioning engine, and the customer receives instant approval.

The path to rekindling customer interest begins with smarter lead capturing strategies that extend across multiple touchpoints, spanning both retail lending and corporate lending spheres. This holistic approach empowers customers to initiate, pause, and seamlessly conclude their credit card acquisition journeys anytime, anywhere, and across various devices. Accelerated credit assessment and approvals, facilitated by automated decisioning engines, streamline the card application process. Furthermore, the implementation of faster sales fulfillment through drag-and-drop visual digital journey designers redefines the speed and efficiency of delivering credit cards to eager customers.

2. Real-time personalized offerings-

A credit card holder, frequently uses their card for online shopping. The intelligent origination platform analyzes the spending patterns and sends real-time offers on their smartphone. After making a purchase at an electronics store, the customer receives an offer for cashback on the next purchase from a partner store. The offer aligns perfectly with the customer’s interests and recent activity, showcasing the power of AI-driven insights and real-time personalization.

Leveraging the power of actionable insights gleaned from past customer transactions, purchasing behaviors, and profile data through an intelligent origination platform marks a turning point in customer engagement. By harnessing the capabilities of AI and machine learning, business teams gain the ability to craft precisely targeted customer engagement campaigns, increasing the likelihood of successful cross-selling endeavors. This approach enables credit card issuers to proactively present real-time offers aligned with cardholders’ current activities, recent purchases, and potential shopping preferences, creating a personalized experience that resonates.

9 out of 10 businesses are already using AI-driven personalization to increase growth in their business.

3. Seamless integrations for E-KYC–

E-KYC shortens lengthy and tedious documentation hassles. OCR capable digital documentation management makes processes paperless and data entry quick and intuitive. Integration with external credit rating agencies results in instant credit scoring with quick eligibility check on pre-approved offers with efficient credit assessment. Robotic underwriting through actionable data & seamless visual designers provides speedy fulfilment.

4. Influence future customer value-

After a customer gets acquired, be it retail lending or corporate lending, the first 90 days are crucial in moulding customer engagement. A robust digital origination platform will interact with customers on key journey milestones. Meaningful engagement ensures highly receptive customers that in turn, increases customer life cycle value. Issuers can make sure that their cards are the first choice for active cardholders.

5. AI-driven customer service-

A customer contacts the credit card provider’s customer service through the mobile app, seeking assistance with a recent transaction. The AI-powered chatbot on the app understands their query in natural language and provides an immediate solution. The chatbot also suggests personalized tips for managing the card effectively based on the usage patterns.

The journey toward rekindling customer affection for credit cards traverses through the realms of digitization and innovation. By embracing these five delights of digital credit card origination, credit card providers can effectively reshape customer perceptions, delivering enhanced value propositions that transcend the conventional boundaries of the credit card industry. Through seamless integration, personalized engagement, and advanced technology, the credit card experience can be transformed into a journey of delight and empowerment.