Banking

Ondot’s New Cloud Service Taps Digital Innovation For Banks

online banking

Banks and credit unions looking for safer and more efficient digital and mobile services for debit and credit cards can now turn to the cloud.

Silicon Valley’s Ondot Systems has developed a new cloud service for debit and credit card issuers that offers a great user experience while also being fast, easy and accessible, Ondot said in a press release.

Ondot said its 4,000 banks and credit unions will see faster and easier upgrades while also gaining access to the latest innovations and functionality. For new clients, the cloud service addresses the digital demands of today’s consumers with easy integration and low maintenance.

“One of the challenges regional and community banks and credit unions face is the complexity of physical data integration in their data centers,” said Prasanna Narayan, head of product at Ondot. “This option allows mid-sized and smaller issuers to more quickly and easily launch these services and compete with large national banks on digital customer experience.”

Ondot already offers the leading card controls and alerts; cloud integration goes further with extensive access to cutting edge services. Instant digital issuance, mobile onboarding, and transaction enrichment are among the many digital card tools clients can tap.

“A key concern we hear about from customers is security and compliance,” Narayan said. “Ondot’s eight years of experience working closely with banks and credit unions help us understand the security and compliance needs of our clients.”

The new cloud service is secure and scalable, utilizing Amazon Web Services for reliable disaster recovery and redundancy to ensure consistent uptime. Ondot also adheres to financial services’ best practices for privacy, security and compliance.

Digital services are increasingly driving customers’ preferences, giving large banks a continued market gain over the last decade. According to a 2018 Harris Poll, the largest driver of preference for large banks compared to smaller financial institutions was digital experiences and capabilities.

Ondot’s cloud service helps close this gap by letting issuers of all sizes offer the ability for cardholders to get, use and manage their cards with their mobile phone.

Over 60 percent of American smartphone users have at least one financial services app installed, which represents an all-time high. Of those with mobile banking apps installed, 70 percent check those apps once per week and 16 percent check them once per day.

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The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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