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Controlling Your Spending: A New Feature That Banks Could Use To Prevent You from Going Broke

January 26, 2018

 

Reckless spending habits have always been the norm during holidays and vacations. But this always leaves a dent in your bank account that you may not even account for!

 

However, there may be no need to fear anymore because the current technological innovations have found a new way to control all your poor spending habits. According to American Banker, more bank customers are attempting to seek new ways in which they can avoid being broke especially in their moment of need.[1] This has prompted software solutions companies to build innovative solutions that will focus on solving the customer ‘pain point’.

 

The Launch of Controlled Spending Cards

 

 

This solution is aimed at benefiting customers from all categories. TechTarget points out that they have detected the need by the customer to have more card controls as well as potential cost savings in their bank accounts.[2] Furthermore, some software solutions companies are collaborating with banks so that they can offer card control options through the mobile. This is done by providing a comprehensive suite that enables you to limit or control spending. It does not just turn cards off or on, but it has the ability ti set particular daily, weekly or monthly thresholds.

 

Controlled spending techniques also include categorizing spending, for instance, you can enable personal care and groceries but at the same time disable mail-order and entertainment. Additionally, this will enhance security because your card will be digitally controlled. The card can be linked to your GPS coordinates on your phone which means that if anybody attempts to use your card if you are not nearby, the transaction will be locked.  

 

Using the mobile phone to control spending on debit cards is not a new concept because there are some software companies that began selling the feature to banks as part of a mobile banking platform. Customers have liked the feature and incorporated it in different aspects of their lives. Mast suggests that other solutions can embed this feature into their operations.[3]

 

As a result of this mobile banking enhancement, more opportunities have been revealed especially with regards to its expansion into other industries. This is because it has found ways to offer consumers additional control over their finances.

 

It has become an industry trend to empower customers to cater for their financial needs anytime through digital channels. Banks are also empowering their customers to manage their accounts through a mobile app.

 

It is evident that consumers want to participate more when it comes to monitoring and managing their accounts. Therefore, if banks partner with consumers, they will have that ability to improve by preventing fraudulent activities.

The Importance of the Bank Control Feature

 

Consumers are having an increasing need to control their debit card spending. This card control feature assists in training customers for the digital wallet concept.

    

Overall, it’s clear that banking is following some pretty specific trends. Automation is taking complex tasks and streamlining them, making banking products more accessible for consumers. Big data is analyzing how you use your services, ensuring that your bank can offer you products that are customized for your own unique needs. But most importantly, everything is becoming connected.

 

Today, we look at banking products as these isolated, specific things. You choose from a list of credit cards, select a banking package, and sign up for a variety of service providers when necessary. Moving forward, things aren’t going to be so black and white. What we’re seeing is a transition towards a common banking platform. A system where your bank understands what you need to accomplish, and provides you with the resources necessary to do so. In 2018 and beyond, you can expect to see your bank start working for you.

 

NLS

 

Software solutions companies understand that security is a major concern especially in the banking sector. With this in mind, NLS mobile banking solutions uses cutting edge security features such as:

 

1.    Cryptography-messages transferred from client to server and vice versa are encrypted and integrity of data exchanged is assured

 

2.    Provision of One Time Passwords (OTP).

 

3.    Sensitive data management- sensitive data stored, sent and logged in encrypted form.

 

 

References

 

 

[1] https://www.americanbanker.com/news/banks-add-card-controls-to-their-mobile-banking-apps

 

[2] http://searchsecurity.techtarget.com/answer/What-are-good-features-to-look-for-in-access-control-software

 

[3] https://www.paymentsleader.com/diy-card-controls/

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