The mandating of payment alerts represents a positive step towards satisfying customer expectations. Millennials and beyond now expect instant access to services via mobile, as well as the ability to customise those services to their needs. Banks have made inroads on offering mobile functionality but, with few exceptions, these apps do not allow any type of customisation or control over the account’s debit cards or over credit cards.
Over three-quarters of retail spending in the UK is by debit or credit card. Yet if consumers want to cancel, activate, limit or otherwise exert some form of control over their cards, they need to phone their bank – if the functionality is offered at all. A smarter, ideal offering would allow the cardholder to temporarily freeze their card, to choose which destinations it could be used in when going on holiday and to control whether the card could be used online, in-store and at ATMs – not to mention parental controls, customised alerts and personalised spending limits. All from their phone, in real-time.