How FIs Go From ‘Top-Of-Wallet’ To ‘Front-Of-Phone’

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When it comes to getting consumers to use their cards on mobile devices, FIs need to find new ways to stay relevant in a highly competitive space. Card apps therefore need to offer more than just an on-off functionality, says Angel Siorek, VP of Channel Experience for Card Services at Fiserv. Rather, the focus should be on getting consumers more comfortable with mobile payments – and for Fiserv, that meant enabling an interactive, real-time mobile card management capability. Siorek sat down with PYMNTS to break down how Fiserv’s CardValet app lets consumers seamlessly do “what they want, when they want” with their cards, and why she believes that power will ignite a new consumer “peace of mind” and the evolution of mobile banking as a whole.

Earlier in the year, Fiserv launched CardValet, a Mobile Card Management App.  What differentiates CardValet from similar apps available in the market today? What makes you unique?

AS: Our approach has been to exploit all capabilities from a card management perspective in CardValet. There’s the simple approach to just to allow on-off functionality, but we realized we needed to be able to get consumers more comfortable with using their phones for things like payments. So we thought card control, from a mobile perspective, was a good way to do that. The CardValet app, from a card management perspective, really provides some easy navigation – from being able to turn a card on or off, to being able to set the limits regarding how and where the card can be used. So we decided to take an approach where we can exploit all of that functionality.

Fiserv is positioned to be the forerunner in card management applications because we own all the assets, and we have full scale real-time integration with our own mobile banking platform, Mobiliti , as well as our online banking platform, Corillian®. We own the core, we own the mobile solution, we own the online banking solutions, we own the card, and we own the rails. We have the ability to put together an integrated solution that offers the consumer a seamless experience – to be able to do what they want and where they want, be it on their mobile device or online banking app, or be able to make payments.

What specific problems does it solve for both cardholders and FIs?

AS: We’ll take it from a consumer perspective first. We talked about being able to do things on the go, and have that seamless experience across channels. We want to give consumers the ability to interact in real-time. When we’re talking about card management functionality and the controls within CardValet, if consumers turn their card off now, then attempt to do a transaction in the next 20 seconds, their card won’t be able to be used. It’s that real-time interaction that users will get that puts them in control. Consumers know how they transact, and where they do those transactions, and where they go most frequently, and CardValet lets them set controls based on those patterns. They can choose to be alerted if they want, or they can choose to have their transactions declined. They can also control that not only for themselves as an individual consumer, but if they have kids away at college, or they’re a small business owner that has other folks out on the streets with cards in their hands. They can control the spending and payment behaviors of those dependent users as well.

Then from the FI perspective, we’re trying to help keep the FI’s relevant in this competitive space. So by introducing additional opportunities for consumers to interact with the FI brand, we’re giving the FI the ability to engage those consumers more frequently. We speak all the time about this notion of top-of-wallet, which is something everyone is focused on. But in the age of mobile, we also have to help them keep front-of-phone. We want to be able to make their app as interactive as possible, and we believe that if the consumer can control what they do and how they do it, it increases their peace of mind using that card. They will then use that card more often, so the FI benefits from increased usage and spend.

Although apps are largely implemented and used, banking in the U.S. still relies on old systems with long passwords, maintenance fees, and more. Why do you believe this is still the case? What is Fiserv ‘s role in igniting a mobile banking evolution?

AS: Quite honestly, as an industry, I think we need to catch up somewhat. We have all of these legacy systems in place – some folks are upgrading their older systems, and some are outright replacing them for newer technology. That takes a lot of investment. So as we go through this transition, from a technology and innovation perspective, we still have to be able to leverage some of our existing systems. The real-time payments rails work fine today, and we should leverage them to whatever degree possible. From a Fiserv solution perspective, that’s what we are primed to do: leverage the systems we have in place today, as well as integrate all of our components, as we build new innovations on top of them.

Angel Siorek
VP of Channel Experience and Portfolio Growth for Card Services, Fiserv

Angel Siorek is Vice President of Channel Experience and Portfolio Growth for Card Services at Fiserv, with responsibility for achieving solutions differentiation by leveraging Fiserv assets and capitalizing on the company’s unique channel integration capabilities. Her purview includes call centers, client and customer portals, ATM telecom, digital channels, and loyalty solutions.

To listen to the full podcast, click here.