Now that we have established the basics of the Card Management System (CMS), here we will focus more on the features and benefits of this platform. As we already know, digitization had a major role in most innovation and up-gradation around the industry, and the evolution in the card industry was also brought upon by the same.
In most instances, we prefer cards over any other mode of payment due to various reasons. The features and benefits of the system have made it so wanted by all that the constant updates and innovations in the system are determined to provide a better and customer-centric experience without any hassle.
The efficiency and fast access given by the CMS have eased the entire process of card management and provided a better customer experience. The implementation of CMS has made it a more reliable and less time-consuming process which is now being used at convenience.
- With some of its included features as Instant issuance, the CMS industry has been expanding while also providing better services. The expanding use of cards everywhere had one hurdle which was excessive data usage, while this was overcome by implementing the CMS as it integrates all the cards into one channel and works with less internet and data usage as well.
- Another astonishing feature of CMS is the real-time tracking and fraud preventing leveraging behavioral scoring. This feature gives access to the organization to assess the situation and prevent fraud even before it can take place. It monitors the behavioral activities of the card and develops an insight report to highlight the suspicious activities which lead to fraud detection and prevention.
- Real-time fraud prevention also works based on strong identity verification, in which a strong KYC and CDD process contributes a major role. With efficient and enhanced identity verification it makes the entire system secure and with the higher configurability, it reduces the chance of any fraud activity. And for other such references to fraud detection, the system has been developed in a manner to alert the user before any such activity.
- In the current market trends, all vendors must provide a deployment system that can provide hassle-free banking services as the banking industry is becoming complicated with every advancement. The features provided by the CMS consist of installment payments which allow banks and other financial institutions to offer their consumers a flexible payment system of installments for on-time purchase activity.
- This installment option gives much-needed flexibility and reduces the stress of on-the-spot payments. It can also be leveraged by the banks to set an auto/repayment from the customer’s end at a scheduled time based on the request raised by the customer. This helps to reduce the fraud activities and other financial crimes related to cash management and solve the cash management issue as well.
- Another feature is the payment holiday, which enables a bank to hold on to the principal amount or the interest amount for a certain period, temporarily supporting the consumers. Further, the list of features expands to credit card expiry bypass enabling the banks to detour the expiry date for transaction cards, allowing consumers to have access to card and cash transactions. This offers the consumers spare time to renew their cards and doesn’t end their transactions abruptly, this detour gives enough time to further make the renewal process.
- After this comes the virtual cards, which have enabled the banks and other financial institutions to provide their consumers with virtual cards that aid in supporting their needs at crucial times. The card system is also developed in such a way that it supports multiple cards, and this also aligns with complying with the global and regional payment standards.
Combining these features of the card management system, it is justified to conclude that this system has elevated the entire card industry and is expanding rapidly. The CMS along with its features has become one such system to be implemented by all the financial institutions for a better customer experience and ease of transacting.
Read: Card Management System-All You Need To Know