How slow is too slow?
When a new opportunity arises, how easily can an old card management system be adapted to seize it? Many organizations getting by with their incumbent legacy systems today find they can’t add new functionality or offer new products without incurring soaring labor costs — for programming, maintenance, training and more.
Think about it. When that legacy system was designed and implemented years ago, how many debit cards did the organization issue? How much mobile banking did its customers do? Was there even a thought about today’s new revenue-generating prepaid card market? Did anyone imagine that every transaction might have its own interest rate and be paid in installments?
And what about flexibility? An older card management system that can’t add new functionality and adapt to new technologies and business strategies quickly, easily and efficiently is doomed in today’s fast-changing global environment. Today’s customers are not only savvy, they’re fickle. The barriers for switching banks have been eroded and they have no problem leaving their current institution for one that can provide them with the new features they demand and expect in the timeframe they choose. I should know having recently switched banks due to the unavailability of mobile banking at my previous bank.
Keeping current with technology, being able to offer innovative products quickly and having the flexibility necessary to adapt to market needs are all essential to maintaining a strong customer base and generating new revenue streams from them. Organizations choosing to make a go of it with an inflexible card management system are also choosing to forego revenue and market share.
I’ve written a lot about technology, why not look at some? Preview our system and see how flexible the system is and imagine how much quicker you can get to market.