Digital technology is becoming increasingly integrated in the lives of today’s consumers and as a result, their relationship with financial institutions is also evolving, including the way they interact with their issuer's brand. Consumers are looking to their banks to provide the same agility and innovative experiences they receive from other aspects of life, and issuers should deliver these seamless experiences while ensuring their brand remains at the forefront of their consumers' minds. As digital payments become more ubiquitous, financial institutions, now more than ever, need to strike a balance between gaining an edge over their peers and countering challenges around brand disintermediation to make sure that their brand is represented discernably in third-party digital offerings.
One way financial institutions can find an optimal solution is by participating in solutions like Visa Checkout, which leads with the issuer brand. A recent study commissioned by Visa* revealed that issuers who actively offer Visa Checkout to new and current consumers are viewed as innovative leaders among their own existing cardholders. Visa Checkout is an online checkout service from Visa that allows consumers to make purchases quickly and easily from any device. The study also indicates that issuers that align themselves with innovative solutions and technologies like Visa Checkout may be more successful when cross-selling products to consumers. (See the full infographic here).
“Our members are mobile and we’re always looking for innovative, convenient solutions to make the most of their overall banking experience,” said Aaron Aggerwal, assistant vice president of credit cards, Navy Federal Credit Union. “Visa Checkout is a perfect example of how we’re helping our members make purchases easier and more secure. At the same time, it opens doors to broader conversations about our other offerings that may be beneficial for them.”
“The new generation of consumers that we are trying to reach is always on-the-go and connected to devices every step of the way,” said Tom Kunz, senior vice president and director, digital channels and payments, PNC. “Visa Checkout is a great way to engage with these consumers by showing them that innovation is top of mind at PNC.”
Additional findings from the study include:
- 38% of consumers surveyed are more likely to want to find out about more products and services from issuers who offer digital products like Visa Checkout*
- Post-exposure of Visa Checkout, 83% of consumers surveyed agree that the issuer introduces innovation produc and services, compared to 76% pre-exposure of Visa Checkout*
- Post-exposure of Visa Checkout, 62% of consumers surveyed agree that the issuer sets trends and leads the way in their category, compared to 47% pre-exposure of Visa Checkout*
With more brands extending their footprint tothe point of purchase, it’s becoming increasingly important for issuers to enhance their product offerings with cardholders and assume a position of digital leadership. By participating in Visa Checkout, issuers are actively showcasing their alliance with a user-friendly and convenient experience that provides customers with an easy way to pay.
* Millward Brown Visa Checkout Issuer Branded Impact Study, July 2016 used issuer-cobranded Visa Checkout creative to assess the impact of Visa Checkout on consumer perceptions of their issuer brand on dimensions like innovation and digital leadership and their willingness to seek other products and services from their issuer, pre- and post- exposure to the product. It involved 700 participants from 5 U.S. issuers. Figures show percentage of respondents who selected “Agree Strongly” or “Agree Slightly” in response to the statement.