The Internet is both a threat and an opportunity for retail banks and card issuers. Banks need to fend off competitive threats and fight dis-intermediation. Solutions' technology also allows retail banks and issuers to cut the expenses associated with Internet payment fraud. E-payment is the perfect medium to present convenience and financial control to customers. E-payment is a sticky and repetitive function that puts an institution's brand in front of cardholders over and over.
Security is also a concern for cardholders.
Securing Internet payments gives them peace of mind and has a strong positive impact on institutions' image. Improving security also results in substantial savings for banks, by limiting fraud-related expenses. Security and convenience are issues that financial institutions must address as trusted partners in their cardholders' financial lives. With a fully branded payment portal cardholders have a constant reminder of the services provided by their retail bank or issuer. Such information can be invaluable when plugged into CRM applications for use in marketing or cross-selling initiatives.