Biometric Payment Cards – An Effective Brand Differentiator
Welcome to our second post on how biometrics can drive brand differentiation. In this second post, David Orme, SVP Sales and Marketing at IDEX Biometrics reviews how biometric payment cards can be an effective brand differentiator. The previous post in our series on brand differentiation looked at integrated payment systems.
Biometric Payment Cards allow brands to set themselves apart with greater security and flexibility, making them an optimal choice.
Setting yourself apart in today’s digital marketplace isn’t easy. Consumers are inundated with data every time they open an app or a browser on their phone, in stores with advertisements and even audio commercialization, and on their daily commute. Technology is everywhere, and everyone is vying for valuable advertising space to create and build brand loyalty. How do you set yourself apart when your product is one that is used every day but is a quiet contender for brain space?
Credit Card Fraud is a Key Consumer Concern
Credit card fraud has long been a problem, and it is one that has impacted more and more consumers as shopping trends have shifted from in-person to online. A significant portion of this fraud happens when consumers share their payment information online. While internet security has improved, it isn’t foolproof, and credit card information can still be stolen when a transaction is processed or when a breach of data occurs on either the buyer or seller side.
Brands who can help alleviate or eliminate this risk with their services have an advantage in the financial market. They can provide their customers with a service that sets them above their peers and helps build consumer confidence. Biometric payment cards are one such solution that offers this security.
The Smart Payment Card Revolution
Implementing smart payment cards into the banking industry will become a standard across the board. Getting on board with the standard early will allow for earlier adoption and trust in the brand by consumers. It also allows the institutions issuing the cards to provide an additional level of security to their customers, and grants them access to unique data that enables the tailoring of their services to the individual customer. Demonstrating they understand their customer’s needs and the technology that will lead into the future of securing personal data will enable financial institutions to make significant strides in building brand loyalty and setting themselves apart from the competition.
The Future is Biometric – And We Are Already There
Biometric technology is here to stay. Whereas before we had to go to stores to purchase groceries, we can now order them online. Services like Alexa can be asked to order items for you and have them delivered to your home without ever pushing a button. These technology shifts have created many co-branding opportunities for technology-savvy institutions. Adding biometrics as a feature to many of these opportunities will allow a brand to set itself apart as secure and viable, making integration into everyday life a reality for many. The level of security afforded by biometric payment cards is impeccable, and this is an opportunity for brands to change their way of thinking now and into the future.
Payment cards that utilize biometric data are a way to set your brand apart. Are you ready?
The previous post in our series on brand differentiation looked at using integrated payment systems.