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Winning Top-of-Wallet with a Digital-First Strategy

Winning Top-of-Wallet with a Digital-First Strategy

This is a sponsored post in collaboration with Amanda Glincher, Director of Marketing, Fiserv


It’s no surprise that a digitally issued card shortens the time frame between when a consumer receives a new card and when they begin using it for spend. Yet, digital issuance is just one step on a digital-first journey and without a full strategy, that newly issued card might not bring with it the added spend issuers are expecting.

Yes, consumers want digital-first cards, but they are also in search of digital-first options when it comes to all of their other banking activities. From the first engagement someone has with a new financial institution, each traditional activity should have a digital counterpart.

Applications that win

The beginning of a banking relationship often begins with a consumer applying for an account. Creating an application process that is seamless and reduces barriers is the best way to start the cardholder’s digital experience. As noted in The Financial Brand, when an application takes more than five minutes to complete, abandonment rates increase to as high as 60%. To reduce abandonment and improve the customer experience, applications can be limited to the necessary data.

Add to the convenience by allowing applicants to switch between devices to complete an application without losing their place in the application flow, especially in situations where any documentation or uploads are being requested.

Immediate access

Once you’ve approved a new account, increase usage rates by providing immediate access to a new card. In a world where our groceries are delivered within the hour and the world’s library of movies and music is available to stream in seconds, time really is of the essence with today’s consumer.

70% of digitally issued cards are used within five days, compared to a physical card that won’t even be delivered for 7-10 business days.

Make usage a breeze

“Manually entering my card details and verifying my identity is so fun” is a statement that has never been uttered. Once a card has been digitally issued, make using the card simple by enabling push-to-wallet. There are many benefits to giving cardholders this ability and it is among the most essential parts of a successful digital-first strategy. In addition to the seamless experience for the cardholder, push-to-wallet provides more opportunity for you to capture top-of-wallet for both the physical and digital wallet, as well as bypassing the marketing of competing cards.

Top-of-wallet opportunity

When a card is pushed directly into a Google or Apple Wallet from your app, it provides immediate access and the ability to spend in-person, online, and in-app. With over 85% of U.S. retailers accepting Apply Pay, a digitally issued card that is pushed to wallet is available for use nearly everywhere.

In addition to the availability of the card, the ease-of-use enables consumers to go about their regular spending and utilize your card without missing a beat.

Bypassing the competition

While push-to-wallet is the more convenient way to add a card for a consumer, it’s also the simplest way for an issuer to avoid competition. A customer who chooses to manually add a card to Apple Wallet will be greeted by an offer to apply for an Apple Card. When a card is directly provisioned to a digital wallet, the cardholder bypasses the manual entry point at which they would be offered another product.

Sweetening the deal with offers and rewards

A list of retail discounts, benefits pamphlets, and APR offer checks are among the many mailings we receive from financial institutions. These offers are more accessible and beneficial to digitally savvy cardholders when they are offered, visible, and available in-app.

Not only is this a preferred way for customers to access offers, but a digital-first model allows financial institutions to make personalized offers in the moment – special financing opportunities and location-based discounts – enhancing the cardholder experience and capturing even more spend.

Give insight into all the places a card is stored

For existing cardholders, instant issuance of a replacement card can be made even more valuable by providing information on all the places the old card was stored. A list of existing retailers where their card is on file or is being used for recurring purchases allows cardholders to make sure the card is updated everywhere it needs to be – providing a smoother journey with uninterrupted spend.

Control in the palm of their hands

While card controls and alerts are a standard today, they are also an essential part of a digital journey. Allowing individuals to set limits on transaction types, locations, and amounts – and receive alerts – reduces fraud, minimizes inbound call center activity, and gives cardholders the security of managing their cards 24 hours a day. Controls can include the ability to turn cards on and off, set spending limits, create location boundaries, and report a missing card. Alerts allow cardholders to create notifications for a variety of scenarios, and to keep a close eye on the transactions charged to their account.

The importance of a fully digital journey

While all of these features are beneficial on their own, it is when they come together as part of a full digital strategy that they provide the most value to both the cardholder and the financial institution. Digital issuance is a key part of going digital-first, but it is the combination of this suite of digital-first tools that provide the best cardholder experience.


Photo by Jahangeer Bm from Pexels