Ondot Systems has introduced a digital card services platform to offer significant tech advancements for traditional banks against new challenger models.
Powered by a machine learning-driven engine, the platform will enable the banks to offer their customers more control over their card transactions and payments.
What the new platform will offer?
The platform will facilitate instant digital card issuance, secure online payments, and personalised user journeys.
Additionally, the platform will allow banks to offer location intelligence-based services to the customers.
The platform also utilises micro-services architecture and will allow banks to develop their own card digitisation strategy.
The bank can deliver the solution by integrating it through APIs/SDKs into existing mobile banking apps. It can also integrate it by utilising Ondot’s white label mobile app.
Ondot offers a number of push notifications to inform a user of card activity. It is all about delivering a responsive and secure platform.
Customers can pick different levels of security for example a customer can decide on a location perimeter for card use. This means that if the card is used outside of that perimeter, it will cut out. The customer will get a notification instantly.
With this new offering, Ondot aims to help banks to better serve customers in the age group of 16 to 24 years. This group primarily rely on mobile phones for banking and other transactions.
According to Statista, 95% of those aged between 16 and 24 in the UK own a smartphone. Furthermore, younger generations have been a key target for challenger banks as they race against each other and incumbents to win over more customers.
Ondot executive vice-president Rachna Ahlawat said: “In the UK, there is already an enormous consumer demand for mobile-first experiences throughout the banking and payment journey.
“Big banks are partnering with FinTech companies to accelerate digital transformation at every step of the customer’s journey.
“With our next-generation digital card services platform, Ondot is building on our track record to help banks retain existing customers and attract new ones, whilst keeping fraud and operation costs under control.”
The digital card services platform supports credit, debit, and pre-paid cards; Visa, Mastercard and closed loop private label cards.