Strum - Strategic Branding and Analytics
The new face of Weber Marketing Group

Blog Articles

Enhancing Consumer Experiences and Driving New Revenues with RPA and AI

 

Day 2 at the Strum Executive Innovation Summit continued with a decidedly deep dive into technology and innovation.

We heard from Chris Hopen, CEO and Co-founder of Strivve.

Strivve is a Seattle-based fintech firm that helps card issuers like credit unions increase card usage and revenue. Strivve’s CardSavr® platform enables an API driven push of payment credentials in all forms: ACH, Real Payment Cards, Virtual Payment Cards, Tokenized Payment Cards and more.

The technology from Strivve allows cardholders to instantly add or update their cards everywhere they use them online. And, as we all know from our individual experiences, the list of retailers, clubs, subscription services and countless other transaction-based relationships is immense for the average consumer to have to take the time to update. Strivve makes it easy and frictionless for cardholders. And as a result of an FI deploying CardSavr for their members, they reap the benefits of being the preferred card on file with brand affinity and loyalty back to the organization.

The potential is amazing. Hopen painted this scenario: there are 849 million credit cards in the United States. Around 25% of them expire each year. Additionally, 50 million are breached per year. All told, over 800 MILLION payment cards are replaced annually. That’s a lot to re-issue, and that’s a lot of updating burden thrown on the cardholder. Strivve eliminates that pain not only for cardholders, but also for the issuer’s missed financial opportunity from having cards out of circulation.

And the with Real-Time-Payments exploding into a phase that will perform instant digital payment remittances, consolidation and lower margins are ahead for the payments category.

Strivve stays above the fray by focusing on the PULL payment market segment. PULL dominates online payments with over 75% market share and represents 98% of e-commerce payments as well. Online billpay PUSH payment pales in comparison: banks have approximately 24% share and credit unions 21%.

Where and how do 75-80% of bills get paid? From stored payment credentials at billers. And stored payment credentials at retail pays for 98% of all e-commerce. Companies like Amazon, Netflix, Uber and countless others have no checkout experience and are frictionless.

So, how does your organization get in on this and reap the potential? By using Strivve to help your cardholders update their online accounts and prevent any PULL payment interruptions. Benefits to the organization include:

  • Increased revenue by gaining additional transaction fees and interest payments.

  • Your card stays Top of Wallet®: cardholders choose your card first when purchasing online.

  • Your cardholders can quickly and easily update websites with their new card or switch from competitor cards to yours.

The insights you gain from deploying Strivve are long and deep. You can:

  • See how often a cardholder uses your card compared to other payment cards.

  • See which sites a cardholder uses your card on.

  • See which sites a cardholder doesn’t use your card on.

And, with Strivve you can present cardholders offers that promote use of your card as the default payment card on additional sites and the cardholders can instantly take advantage.

All of this takes place in the CardSavr® API which embeds the Strivve card updating technology into your existing mobile or web applications while you maintain 100% control of your user’s experience.

Chris closed his presentation by letting us know he loves to talk all things Strivve, so he welcomes all inquiries and questions at chopen@strivve.com

— John Mathes, Director of Brand Strategy