What Is The Technology Used By Financial Institutions For Better Credit Card Experience

What is the technology used by financial institutions for better credit card experience?

BUSINESS Finance

In June 2020, India witnessed more than 323 thousand ATM transactions as well as 125 million point-of-sale transactions using credit cards. These numerical figures are the indicators of the consumer’s dependency on plastic money. Furthermore, this number is likely to grow even bigger with each passing year, thanks to the rapid digitalization of every sector in the country. 

However, with more people adopting credit cards, it has become a necessity for financial institutions to adopt technological advancements and incorporate them into credit cards to enhance the user experience. For instance, the RBL Bank has introduced a plethora of features that help customers to learn about how to redeem RBL credit card points, keep track of their credit account, as well as complete their repayment online. 

Apart from that, several other technological advances have been made to improve the credit card user experience. 

Where are issuers employing new technology?    

As the online transaction is overpowering the traditional mode of payment worldwide, the technologies used in a credit card need to be cutting-edge to maintain the pace and stay ahead of the competition. In tune with this trend, different financial institutions and credit card issuers already have started integrating artificial intelligence and Crypto & Blockchain like technologies. Due to these, the future of credit cards has evolved drastically in terms of the payment system, risk management and other aspects.  

These technologies have reasonably improved the experience of credit card users. Besides knowing about how to redeem RBL credit card points, the application of technology in credit cards is also important.

Following are some of the pivotal contexts where such technologies are leading the way. 

Card security

A credit card offers an array of benefits if used wisely. However, when it comes to the security factor of the card, the issuer and cardholder both need to be extra careful. Since fraudulent online activities are on the rise, it is of utmost importance that issuers must implement the most promising technological advances to help and make all types of credit card transactions safer. 

Keeping this aspect in mind, top credit card issuers have introduced credit cards with enhanced security features. It includes EMV chips on the front side of a credit card, CVV, customer-generated PIN, account blocking, fraud monitoring, etc. Along with that, certain cards like SuperCard offer “Zero Fraud Liability” cover. It ensures that if any fraudulent transaction has been made via this card, the amount will not be charged from the cardholder. 

They also provide pre-approved offers for existing customers applying for this SuperCard. Thus, it simplifies the credit card application process, saving a lot of time. Such an offer is available on personal loans, business loans and other financial products as well. Moreover, you can check your pre-approved offer by sharing your phone number and name. 

Tracking usage

Besides getting a manual of how to redeem RBL credit card points, cardholders can also track their usages by downloading the mobile app of their respected issuer. It allows you to cut down unnecessary expenses every month, thus reducing the credit card debt at large. 

However, to make the most of this card, you should first learn about different types of SuperCard for every lifestyle and need. 

Credit card bill payment 

Paying a credit card bill is a pivotal part of using a credit card. While earlier the bill payment options were limited, several credit card issuers have now incorporated the latest technology that makes the bill payment hassle-free and more secure than before. 

The most convenient and popular payment options include net banking, NEFT, IMPS, Bill Desk, downloading NACH form, via an online app and several others. You can choose the one best suited to you and pay the bills before the last date to avoid any late fees.                                   

No matter how much technology advances, it will always be wiser to be aware of different types of credit card fraud and how you can avoid them. Thus, along with learning about how to redeem RBL credit card points, you should also take the right precautions to avoid unethical transactions and misuse of your credit card.

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