Every year, new trends emerge in fintech. This constant innovation creates an extremely competitive environment in an industry works to fill gaps in traditional banking services.
Today, customers are looking for ease, simplicity, and connectivity. They are looking for solutions that do it all — from traditional financial services to credit cards. This is where fintechs can leverage their technology and resources to launch a new credit card issuing program or optimize an existing program – all they need is a partner like CorServ.
Let’s explore a few key reasons fintechs should add credit cards to their provided services:
- Meet the Growing Demand from Businesses to Streamline Their Finances
Businesses are looking for ways to improve cash management and financial efficiency. Research from S&P Global’s 2024 Trends in Fintech highlights the growing demand for automation and flexible payment solutions. Many businesses are turning to fintechs for modern tools that make managing finances easier.
Commercial credit cards, in particular, are among the fastest-growing card segment with over 12% annual growth rate. Commercial cards produce high interchange revenue and low credit losses, meaning more profit and less risk for fintechs providing this product.
- Offer Advanced Technology for Customized Card Programs
One of fintechs’ biggest strengths is their ability to integrate new solutions quickly. With advanced digital platforms and tech expertise, fintechs can seamlessly add payment card services to their offerings, working with a partner that provides the tools, technology, and expertise to tailor every aspect to their needs.
Partnering with CorServ and our Payment Cards as a Service API (PCaaSA) solution makes this process even easier. CorServ’s frictionless APIs empower fintechs to fully control the user experience of their payment products and provide access to the data and services that drive custom-tailored solutions, giving fintechs a competitive edge.
- Enhance Customer Engagement with Digital Financial Solutions
More customers are choosing digital-first financial services for their ease of use and efficiency. Whether for personal or business needs, payment cards provide a familiar and valuable tool that complements fintech services.
By offering fully digital capabilities like virtual cards, mobile wallet provisioning, and instant spend controls, fintechs can enhance customer loyalty and engagement, providing a seamless experience that keeps users within their ecosystem.
- Create a One-Stop Financial Solution by Integrating Credit Cards
Fintechs often transform financial services by meeting specific customer needs in innovative ways. Now, they have an opportunity to expand beyond niche offerings and become comprehensive financial platforms.
Adding credit cards allows fintechs to provide a more complete financial solution and an integrated experience. With the right technology and support, fintechs can continue to grow and serve their customers more effectively.
Get Started with CorServ
Leverage CorServ’s advanced open-API technology to provide necessary products for your customers. Credit cards give you a competitive edge in an ever-evolving industry. We make it easy for fintechs to launch and manage credit card programs.
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