Welcome to the second post in our series on Top of Wallet and Brand Differentiation. In this post, Art Stewart, Global Head of Sales & Marketing, at IDEX Biometrics, talks about how biometric payment cards can provide brand differentiation via personalized banking.
We bank and shop online. We ask Alexa, not the bank clerk, to tell us where the nearest cashpoint is. If banks don’t impress people online and through payment processes, they don’t impress or reach them at all.
Biometric Payment Cards
The payment card is one of the key mediums banks and issuers can use to communicate with their customers, who are having less and less interaction with their banks, so it is the perfect format to build brand loyalty.
Society’s embracing of technology creates opportunity for card issuers, who promise convenience and security via online banking and payment cards. But technology has raised customers’ expectations.
Customers expect user journeys to be tailored and personalized. Biometrics, the ultimate in personalization, lets banks show their commitment to security, their understanding of new technologies and personalized service. This drives up brand loyalty in a marketplace where it is very scarce.
A card incorporating the owner’s fingerprint has a value beyond its enhanced security, it elevates the card from being a static generic solution, to a personalized and tailored user experience. A biometric payment card is prime branding real estate and creates a tangible link between owner, card and issuer.
The potential is huge, but so is the need for security
Today the world needs secure cards. Card issuers need to optimize brand value in a crowded market. As global markets open up and the IoT generates a new retail experience, cards with fingerprint authentication will give their issuers a clear USP, act as a brand differentiator and greatly reduce the issuers’ risk of fraud loss.
But as with most branding innovations, early adopters are likely to reap the greatest benefits.
The previous post in our series on Top of Wallet and Brand Differentiation talks about how biometric payment cards can provide brand differentiation.