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Thursday, June 11, 2020

Ondot webinar: Can big tech save small banks?

As the banking industry continues its digital transformation journey, payments analysts are questioning whether customers will remain loyal to their community banks and credit unions. Ondot Systems, a Silicon Valley-based digital card services platform for credit and debit issuers, will shed light on this question in a webinar on June 24, 2020.

Moderated by Chris Harris, senior director at Ondot, with panelists Dale Laszig, senior staff writer at The Green Sheet and Ken Pasternak, president and chief strategy officer at Two by Four, the discussion will examine what consumers want most from financial services providers and how small and midsize financial institutions can compete against fintechs and major banks.

"Consumers are attracted to the easy user experience they find with tech companies and are willing to overcome misgivings about how technology companies use their data," said Vaduvur Bharghavan, CEO at Ondot. "It is a necessity and an opportunity for banks to deliver the digital-first capabilities that give consumers the convenience they seek with the security they need."

Apple Card-like experience

Bharghavan cited statistics from Ondot’s Harris Poll survey, which was published in April 2020. Researchers found that 64 percent of Americans would purchase financial products from a technology company instead of a traditional financial service provider. Percentages rose to 81 percent among 18- to 34-year-old respondents, he pointed out.

Noting that regional financial institutions must adapt to survive, Bharghavan stated that small and midsize banks and credit unions can offer the same kind of digital-first experience as Apple Card to keep their customers. Value-added features such as a simple sign-up process, instant card issuance and the ability for consumers to track spending, are just a few examples of what consumers expect from their digital card payments provider, he added.

“Credit and debit cards provide financial institutions the opportunity to differentiate themselves with a positive impression in everyday interactions, as well as critical moments of service, such as replacing a stolen card,” Bharghavan said. “This is about making it easy for your customers to do business with you and making them feel confident they are in control of their finances.”

These themes will be further explored in the webinar, along with tips on how to create a digitally innovative brand and how to launch digital card payments quickly. For additional information or to register for the webinar, visit bit.ly/2XS9nqx . end of article

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