2019 has been a year of evolution, change and growth for cbsi and the transaction account market we serve. We continue to be a leader in benefits through product and service innovations, as well as investments in technology and data analytics. You, our clients, our most valued asset, have continued to support and challenge us along the way. For this, we thank you.
‘No additional cost benefits’ continue to undergo change and more than ever, accountholders are making acquisition and purchasing decisions based upon the presence of a benefit. We have seen:
- Improved marketing communication via multiple media sources.
- Increased cardholder engagement and general benefit awareness.
- Rapid changes in technology altering the customer service landscape - digital is KING.
- An expectation of one call resolution/real time satisfaction.
- Evolving regulatory requirements.
- Increased FI spend directly related to increased attention on ROI.
- Outside and unanticipated circumstances (terror attacks, natural disasters, epidemics, frequent computer glitches at common carriers,etc.) driving call and claim volume.
- Social media, forums and blogs providing tips and information on how to get the best value from a benefit, as well as providing a place for those to show their frustration with the process.
We have also seen Citi cards exit the benefit space; leaving their customers to decide whether their macro relationship with their FI outweighs the value add they could receive from other transaction account providers. This has enabled large and small transaction account providers to double down on benefit and acquisition efforts, targeting these up-for-grab accountholders.
As we enter a new decade, cbsi will continue to support our clients’ strategies to acquire new customers, in addition to supporting changing needs and buying patterns of our clients’ existing customer base. We are focused on developing a suite of technology-driven services, designed to enhance brand loyalty, bringing every level of interaction between consumers and benefits into the digital age. This vision will include:
- Benefits access allowing consumers to look up their associated benefits and details via web/mobile devices.
- Recommendation of benefits utilizing an algorithm/AI-driven engine, notifying users in real-time of relevant benefits within particular situations.
- Online utilization of benefits so consumers can leverage a particular benefit or file a claim via web/mobile devices.
- Benefits support offering consumers real-time help through a variety of next-generation mechanisms.
While we won’t get there overnight, we will continue to carefully lay the foundation for each new innovation. As we do, you have our commitment that we will be working to deliver the best in class products and services, and diligently address those aspects of our performance in which we see the greatest opportunities for improvement. In keeping with that spirit, we invite you to share your experiences with us. We take this feedback seriously and always welcome it. We also encourage you to visit our newly designed website, packed with content that is relevant to our market. Finally, we recommend you follow our subject matter experts on Twitter for real-time news and fun facts.
Again, thank you for your continued interest in cbsi and for your ongoing support. On behalf of the entire cbsi team, we wish you peace and happiness this holiday season and a very healthy and prosperous New Year.
Gerard A. Garofolo