The Value of CardValet


Benefits Abound

As CardValet is rapidly adopted, credit union professionals recognize the numerous member benefits this product offers. With the ability to turn any debit card “on” or “off” from any mobile device, along with the personal control of establishing spending limits, setting customized alerts, accessing accounts, and limiting usage based on GPS location, this product offers a lot to members.

Going beyond member benefits, CardValet also offers a lot to credit unions who are implementing it as part of their card programs. Because of the controls and alerts, fraud is reduced. According to Aite Group, 46% of Americans have experienced credit card fraud within the past five years – reducing fraud is a top priority! In addition to fraud reduction, cardholders become more engaged and top-of-wallet card placement means increased usage. All of these factors lead to increased revenue for credit unions.

Staying in Compliance

CardValet also provides the additional value of helping credit unions comply with the Transaction Alerts Mandate that becomes effective for Visa issuers on October 14, 2016 and MasterCard issuers on April 21, 2017.

Target Marketing with Actionable Data

“Big Data” is a term that we’ve heard a lot. How do we know that CardValet engagement drives elevated card utilization? Because this app also tracks actionable data that can be analyzed and leveraged through data mining!

Synergent’s Direct Marketing Services team works with credit unions on creating customized target marketing campaigns to increase adoption rates, identifying patterns that include:

  • Member product and service mix (i.e. mobile, home banking, etc.)
  • Activity or inactivity of card holders
  • Previous fraud victims and reissues
  • Multiple cards per household/account
  • Families or businesses with card limits

Sharing CardValet with Members

Whether marketing to members who are new to CardValet or to members who already have downloaded the app, keeping members aware of this valuable asset they now possess is important. Direct Marketing Services has templates for customized statement inserts, web banner ads, newsletter articles, and website copy ready to be personalized with any credit union branding, sending a personal message to members. Videos are also a great way to keep members informed.

To learn more about implementing CardValet at your credit union, contact the Payment Services Implementation Team, or download our CardValet data sheet.