New suite of solutions by FinTech leader helps banks innovate and meet growing consumer demand for digitalized, mobile-first banking experiences
Ondot Systems has announced a disruptive end-to-end digital card services platform that will enable Asian banks to transform the life-cycle of consumer engagement – from invitation and acquisition of customers, to instant issuance of cards and secure payments, to daily purchase interactions.
Powered by a next-generation machine learning-driven engine, Ondot’s digital card services platform enables banks to empower customers to self-serve, through instant digital card issuance, secure online and autonomous payments, payment card controls, personalized user journeys, effective spend management, and location intelligence-based services.
With smartphone users accounting for more than 90 per cent of South-east Asian internet users, Asia has increasingly become a ‘mobile-first’ region – with customers opting for mobile banking over traditional branch banking. Earlier this year, Hong Kong, a global leader in banking and finance, revealed plans to grant online-only banking licenses, allowing digital banks to develop and offer a new kind of customer banking experience. With over 4,000 banks that offer its solutions globally, Ondot brings a mature, market leading solution to the Asian market as the region demands mobile-first on-the-go banking solutions.
“In Asia, there is growing, untapped consumer demand for digitalized, mobile-first experiences throughout the banking and payment journey. The race to become the top digital bank in the region is on, and big banks are partnering with FinTech companies to accelerate digital transformation at every step of the customer’s journey,” said Rachna Ahlawat, Executive Vice President of Ondot. “With our next-generation digital card services platform, Ondot is building on our track record to help banks delight existing customers and attract new ones, whilst keeping fraud and operation costs under control.”
“The banking and payments landscape continues to evolve rapidly in the age of digitalization. No longer do banks, FinTech providers, or payment service providers operate in silos. A bank’s digital platform, when enhanced with user payment controls, personalization and data transparency, brings huge value to customers,” said Cyrus Daruwala, Managing Director for IDC Financial Insights. “For banks, these technologies translate to higher customer retention and acquisition, productivity as well as cost efficiency – ultimately accelerating digital transformation across the organization.”
New revenue stream for banks with customer-centric FinTech
With its latest digital card services platform, Ondot allows banks to design their card digitization strategy and roadmap in stages or all in one go, from invitation to acquisition to instant issuance to secure payments – providing full card life-cycle management associated with the “digital card” in a single platform.
Card issuers can leverage their cardholders base and their social networks to create a viral effect for customer acquisition and use bots to guide users through an interactive application and ‘Know Your Customer’ (KYC) process. Upon approval, cardholders can complete the onboarding journey with instant digital card issuance and in-app push provisioning into digital wallets. An existing customer can invite a friend, and a new prospect can apply, be approved, onboarded, and start using digitized cards for online purchases or tap-and-pay at stores – all in a few minutes.
Ondot’s digital card services platform enables new capabilities for cardholders to instantly create a new virtual card number and control the use of the card to a specified time window, spend amount, location, merchant, and device. Furthermore, the card numbers are associated with dynamic security codes (CVV2) for securing online transactions.
For more information, visit Ondot’s booth at 3F29, Singapore Expo (Halls 1 – 4) at 1 Expo Drive, from 12 – 16 November, 10am – 6pm.
Ondot Systems is the global leader in powering mobile payment services, serving over 4,000 financial institutions across four continents. The company’s real-time platform gives financial institutions a competitive edge by increasing engagement and empowering their customers to personalize, manage and control how payments are made in today’s world of always-on digital commerce. To learn how Ondot is shaping the future of payments, visit www.ondotsystems.com.