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Financial Institutions Leverage Fiserv's Card Expert for Enhanced Customer Engagement
Financial institutions are harnessing the power of Fiserv's Card Expert solution to gain deep insights into cardholder data, optimize card processing costs, and enhance customer engagement.
Deana Bartel, Vice President of Payment Services at Randolph-Brooks Federal Credit Union, noted that before using Card Expert, the credit union rarely used data in a proactive way due to limited access. Now, Randolph-Brooks is using Card Expert to review declines and improve the member experience, with plans to send near real-time notifications.
Janine Wilson, Director of Data Solutions at Fiserv, explained that Card Expert is a business intelligence tool that helps issuers gain deeper insight into their customer base. It allows issuers to build detailed client personas by analyzing variables such as age, available balance, transaction frequency, and preferred shopping channels.
One of the key benefits of Card Expert is its automated analytics, which enable financial institutions to gain granular insight into card processing fees and authorization performance. Derek Hayes, Senior Products Manager of Cards and Payments at 1st Source Bank, stated that his bank combined data from Card Expert, core systems, and Mastercard for a holistic customer view.
Card Expert also helps financial institutions conduct detailed reconciliation processes more efficiently and extract actionable data on customer spending trends that support strategic marketing and customer engagement initiatives. For instance, 1st Source Bank used Card Expert segmentation tools to design campaigns for clients with no or minimal card activity, and Randolph-Brooks Federal Credit Union uses Card Expert to identify ways to improve the member experience.
In addition to these capabilities, Card Expert provides an executive-level overview of an issuer's portfolio while making it easy to drill down into the data. On the horizon for Card Expert is enhanced interchange trends and expanded benchmarking beyond today's debit and credit portfolio metrics.
Fiserv is also engaging with clients to understand their requirements for expanded capabilities like data sharing or data as a service. The company holds monthly sessions to demonstrate product enhancements, answer user questions, and share best practices with client banks and credit unions. Participants in these sessions discuss strategy, data usage, member and cardholder engagement, portfolio trends, and benchmarking against peers.
By leveraging Card Expert, financial institutions can move beyond traditional transaction processing—using data-driven strategies to engage customers with personalized offers, mitigate fraud risks, and improve the overall payment experience.
For more information on Card Expert and its capabilities, visit Optimized Payments.
Financial institutions utilize Card Expert, a technology-driven business intelligence tool, to analyze and optimize their card processing costs, thereby enhancing both business performance and customer engagement. With features like detailed client persona building and automated analytics, institutions can gain deeper insights into their customer base, develop strategic marketing initiatives, and improve the overall payment experience.
