Standardizing card programs: The imperative of cost reduction

• What are the biggest operational burdens facing financial institutions today?
  
  
• How can unifying mapping programs solve these problems?
  
  
• What is the best approach to customizing payment offers?
  
  
• What are the key characteristics of a best-in-class solution in terms of consolidation, technology and security benefits?

With operational costs rising, it is high time for financial institutions to unify their card programs. Consolidating systems is the only real long-term vision for banks looking to rein in their out-of-control costs.

The type of change is equally important. While incremental customization of older mainframe platforms may cost less in the short term, each future version drives up total cost of ownership (TCO) as services such as debit, credit, prepaid, buy now, pay later, and personal loans are expanded mean anchoring new, different systems. Not only does this require continuous testing, training and compliance updates for each product, but it also forces banks to manage a complex web of software vendors.

The forward-thinking bank’s approach is therefore to ensure that all optimizations are combined into a single card system. As with any worthwhile solution, institutions can expect a number of positive knock-on effects from card unification – including reducing and increasing the attack surface targeted by fraudsters.

Register for this Finextra webinar, hosted in collaboration with FIS, to join our panel of industry experts as they analyze the biggest costs facing banks today, their operational roots and how unifying programs represents the future .