5 Tips to Maximize your Debit Card Experience


Debit card programs are making it easier and more convenient to pay for everyday purchases, especially when they support digital wallets like Venmo or PayPal Cash App, which have recently gained popularity in the last five years. 

After you have a modern and feature-rich debit card ready for your customers, the next step would be to innovate the user’s experience by continuously re-inventing their experience to reclaim wallet share from these competitors.

Banks should do everything they can to increase debit and credit card sales, especially since the number of consumers inclined to use some form of electronic payment has risen to 75% in recent months.

Prepaid debit cards have made it easier for customers to pay faster, which increases the speed with which your accounting team has to process this transaction method. 

On the other hand Neo banks worldwide are also rapidly soaring their popularity targeting a subset of the youth, the teenagers and millenials to walk path of digital banking that too hassle-free. Banking for teens has gained huge traction in the past 2 years due to the rise of FinTechs, working to inject financial literacy through money management backed by informational byte-sized content.

The debit has been the driving force behind the growth of the payment industry ever since it first slid into the driver’s seat in 2004. According to the Nilson Report data, the year that shifted in the payments industry was when global debit volumes overtook credit volumes for the first time. 

Consumers have increasingly turned to their “ready funds” on their prepaid debit cards instead of paying with their credit cards. 

In 2007, almost 92% of transactions (40% of volume) were paid for with ready funds, while only 8% of transactions (55% of volume) were made via general-purpose credit cards, as suggested by the Nilson Report data.

Let’s explore 5 Tips to Maximize Your Debit Card Experience

1. Card activation plays a pivotal role

Wise marketers tell us to ensure we win when a potential customer first meets our products. After all, this is the first impression they’ll have of our company. 

So let’s be certain that they are delighted when they open the product they receive and want to start using it as quickly as possible. 

Let’s make activating their card as simple, straightforward, and easy as possible! 

And while activating cards online is the most common choice nowadays – customers will always appreciate being able to activate over a call in case there’s any difficulty with the website or app!

2. Onboarding is Critical to Making Usage Front of Mind

Starting work or business is hard. There are so many things that one needs to take care of at any time. But in the end, you will get tired after some point, even though you won’t be willing to admit it. 

The best way not to get burnt out is by taking some time off every day and ensuring that there are people in your team whom you can trust and rely on.

You may have noticed that some companies now send out cards to their clients when opening an account instead of just giving them one or two.

This is because customers don’t know yet what the card carrier offers, so issuing companies go the extra mile in sending out a series of cards instead. 

The series gives the customer much more information about how to better use their debit card and how it can help them.

Financial institutions want consumers to know that their cards are the ideal option for use. Keeping a debit or credit card on top of one’s wallet makes people more likely to use it. If the card is contactless, tell them! 

Is it compatible with popular digital wallets? There are several ways in which people can do things these days, and educating your account holders about how they can add money to their card if needed gives them a way to pay that can be even more convenient for them. 

Does the card offer rewards? For example, is there a discount, or is one offered cash back when shopping or earning points for redeeming things at their favorite stores?!

3. Focus on a Single Feature

It can be tempting to spill everything you know into a marketing email like writing a book. After all, many facts and figures need to be conveyed. 

Marketing teams should avoid sending too many messages to their account holders because they risk becoming too fatigued by an abundance of information in their daily work inboxes. 

Today’s customers have little attention spans and no patience for boring content (see more text later on). As a result, emails with shorter copies often generate better results than longer ones, which can lose their readers halfway into the letter due to their overwhelming length.

No matter how long a message is or how interested someone is in learning about the latest Fintech trends – the first couple of sentences should be the key message you’re trying to share. 

We recommend that the secondary message(s) about what others say about your company or product take place after either this original key point has already been mentioned or the main area you are focusing on.

4. Communicate as Frequently as is Practical

Like many other industries, the banking and credit union industry has historically had problems talking to its customers. 

According to our research, successful credit unions have discovered that most bankers and credit unions believe their customers do not want to be contacted too often by their lending institutions. 

This is in marked contrast to other industries we’ve researched, like online brokerage houses, where customers are more than happy to give up just about any financial data if the reward is greater service and value.

If a marketing campaign is designed to help those it’s directed toward, people will appreciate the message and recognize their bank as a voice of reason.

5. Selecting the Right Marketing Channels

Banks have decided to aggressively market their services. So the question is, what kind of marketing should they use? 

Email, direct mail, and text messaging are great ways to reach customers.

If someone gets seven or eight emails, they may think it’s too many. But if a bank were to send out three or four emails in one month, two direct letters (with the ability for visual appeal), and two SMS messages without being too repetitive. The customer can read everything instead of just emailing something else right away.

According to a study by Gartner, the inbox-delivered SMS open rates sit at 98%, while that of financial email needs more frequency to get any result. 

Marketers have reported that four to six SMS messages per month are better than flooding contacts with daily or hourly SMS marketing. Try varying your marketing channels for best results instead of being afraid of jumping into new things!

Conclusion

Debit cards have made it easier to use your savings account to purchase. They’ve also made it easier for unscrupulous people to take advantage of the money you’ve so thoughtfully saved in your bank account. 

This can happen if you don’t run a credit check on an online seller and your debit card information is stolen. Of course, the best route to take is to ensure no one on the internet uses your personal information, but if they try, there are some tricks you can use so that they won’t get very far in taking your cash.