CUNA Strategic Services has partnered with Seattle-based fintech Switch to bring instant card updating to credit unions across the country. The two firms have announced a market feasibility pilot involving Switch’s CardUpdatr app which updates merchant websites with credit union cards in real time to get new cards into circulation faster, boost transaction volumes, and increase customer loyalty.
An issuer-branded solution, CardUpdatr supports activation, reissuance, and card use promotion marketing programs. The app can be deployed and used without requiring the involvement of in-house development teams to make the card updating process easier and smoother for issuers and cardholders alike. The technology is powered by Switch’s CardSavr platform, a scalable, cloud-based solution that uses advanced autonomous broswer technology fueled by machine learning and AI-powered algorithms to place new or reissued cards on any online account.
“CSS recognizes that tech-sophisticated financial organizations who apply easily integrated solutions to directly address member experience problems are in a better position to win on member loyalty and long-term growth,” Switch co-founder and CEO Chris Hopen explained. He warned that because many cardholders do not update their online accounts when they receive newly-issued cards, issuers often do not see the ROI that they should. “Switch looks forward to witnessing the positive impact CardUpdatr will have on credit unions and their members.”
Switch issued its CardUpdatr app this spring. The app leverages the power of the company’s payment provisioning platform to keep cards-on-file updated where cardholders shop and make online payments. Cardholders simply enter their card and billing information, choose the websites of the online merchants where cards-on-file need to be updated, and provide login details for those selected sites. The updating process takes seconds and does not involve reading, pulling, or scraping personally identifiable information (PII).
“The CardUpdatr solution is uniquely positioned to propel credit unions to the frontline of innovation to increase cardholder satisfaction and differentiate themselves from other financial institutions,” CUNA Strategic Services (CSS) President Eric Gelly said. “(Switch) offers a powerful solution that is in complete alignment with our organization’s mission of helping credit unions improve their bottom line and enhance their relationships. CSS is thrilled to bring the breakthrough capabilities of the Switch technology to our credit unions.”
Founded in 2014, Switch demonstrated its technology at FinovateSpring 2016. The company picked up $2 million in funding late last year, bringing its total capital to more than $2.3 million.