New regulations, better data mining, and analytics for capturing consumer characteristics are both necessitating and enabling FIs to hone in on which clients are best suited for instant issuance of credit offers. Better utilization of technology to support the process of instant credit card decisioning has moved traditional mail campaigns and batch file processing to automated systems which has resulted in huge cost savings. Credit card application processing systems can be tied in with decision engines to support custom rewards and dynamic labeling for commercial clients; which then are also a means by which consumers can fulfill their own credit needs while deepening their personal connection and relationship to the organization which is extending a credit opportunity.
Membership within industry or professional associations has become a marketable arena for credit card origination to be valued for serving specific niche clientele. Customers can have greater flexibility and actual fun with designing the look of their credit card. Custom pictures can even be built directly into the credit card design adding a novelty which yields a greater sense of ownership and alliance to the organization that the consumer is building a credit card account with. The bottom line is that people want to know that their dollars are both working for them and aligned with their self-identity.
To build a solid customer retention base, the decisioning logic built into the prescreen logic of a pool of intended consumers can incorporate data that includes identity verification and other indicators that fits within the goals of the enterprise. New reward structures and credit tier structures are easily maintained within the instant credit card decisioning logic structures and can be updated as policy rules change. Having flexibility and the interests of the customer in mind is the key to having credit card origination yield an enduring success.
Fundamental to this development effort are the utilization of tools to design a credit card application processing system that business users can work with based on a solid foundation of infrastructure which accounts for a reliable and stable system. Business requirements need to be driven and configured by those that understand what their logic is intended to achieve, while the core system should support transactional volume with instant access to data, both internal and external sources. With this in mind the bottom line is more than met, making for a satisfying experience for both business and consumer end users.