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How banks can deliver great customer journeys in the digital era

Tone Jensen / June 28, 2024
My Cards white paper: Powering up cards for the 21st century

A new white paper from Tietoevry Banking argues banks hold an ace over digital competitors – payment cards and card infrastructure. Giving customers greater control over their cards via modern, capable mobile apps will help reposition banks for the digital era.

The last ten years have been tough for retail banking. After a decade of flat or declining profits since the Great Financial Crisis of 2007-2008, new competitors have emerged to threaten retail banks’ traditional dominance in the provision of consumer financial services. These competitors include digital-only banks like N26 and Revolut, fintechs such as Trustly and Xe, and Non-Bank Financial Institutions (NBFIs) like Klarna and Afterpay. 

In Powering up cards for the 21st century, we argue banks hold a huge advantage as the leading issuers of payment cards and managers of card infrastructure. Cards – whether physical or virtual, held within a digital wallet or used in-person – remain resoundingly popular with consumers in Europe and North America, with card spend up 14% last year according to the European Central Bank.  


Changing customer journeys 

Despite the continued popularity of cards, there can be no doubt that consumer expectations have changed in the digital era. These days, users expect fast, easy and secure onboarding; the capacity to access and manage services online, and more capable, powerful and convenient services. Our new white paper, shows how cards have become more powerful, with more memory and greater functionality such as debit/credit on one card, BNPL and loyalty.  

Quote over an image of a mobile payment transaction using Apple Pay

Perhaps the greatest innovation in cards, though, has been the arrival of card management apps, which reinvent cards for a digital world in which customer expect greater flexibility, speed and convenience. Card management apps offer banks a platform for improved communication, including personalized notifications, provisioning of cards to wallets, offers, and updates, plus enhanced customer engagement and loyalty. Furthermore, they enable banks to provide more convenience and flexibility to their customers and promote their offerings to maximize revenue opportunities. 

Our new white paper acknowledges that many banks already offer some card management services via their mobile banking app or in their internet user portals. However, they should consider upgrading these apps to drive higher transaction volumes and values. Providing a seamless and intuitive interface via app keeps users engaged and satisfied, while advanced features such as personalized notifications, expense tracking, instant access to card and account information, subscriptions and recurring payment management, budgeting tools and enhanced security including biometric authentication encourage card use and drive greater loyalty to your bank.   

Download “Powering up cards for the 21st century” to learn more about reinventing cards for the digital era. 

Tone Jensen
Head of section/Solution Architect, Card Mobile App

Location: Trondheim, Norway
Started: 2018 (Evry from 2010-2017)
Background: Master’s degree in Information Technology from NTNU
Fun fact: Was voted one of the 50 most influential tech women in Norway in 2022


Tone Jensen

Head of section/Solution Architect, Card Mobile App

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