Is your Card Management System Holding you Back? - Part I
Card issuing banks are struggling to differentiate themselves in the marketplace and are under pressure to generate new revenues. Their card management system might be holding them back from being able to provide new services to the marketplace.
Although their technology is scalable, they are hampered by its inflexibility. Across the globe, issuers are being burdened by significant levels of regulation leading to high long-term costs and a reduction in revenues.
Maintenance costs of incumbent and antiquated legacy systems are astronomical and prevent innovation, meaning financial institutions can’t take advantage of market trends; they are under threat as their card management system is holding them back from competing in the marketplace.
In order to better tackle the issue of whether your card management system is holding you back, we’ll look to answer the following questions:
• How old is too old?
• How slow is too slow?
• How many platforms are too many?
• If not now, when?
As the industry is under ever-increasing regulatory scrutiny and facing strained customer relationships, it is clear that issuers must do something to fight back against significant margin pressure.
Can’t wait for the rest of the blogs? Take a look at our webinar "The time is now!” to learn the strategic imperatives forcing issuers around the world to revamp their technology.
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