Commercial Card - Product Build or Optimization for Banks
Strategies around building your own Bank issued Commercial Card Product
Strategies around building your own Bank issued Commercial Card Product
Strategies around building your own Bank issued Commercial Card Product
RRY Group specializes in aiding Financial Institutions take advantage of the strategic opportunity to own their own Commercial Card issuance. Why is this an essential strategy for Banks?
- Enhanced client retention through control of your clients' payments experience
- Commercial Card is a major revenue driver for Banks by allowing them to gain a portion of the interchange value
- Enhancing the reputation of the Bank as a top-level providers of Commercial services
Strategies around building your own Bank issued Commercial Card Product
Strategies around building your own Bank issued Commercial Card Product
RRY Group Key # 1 - Alignment with all key partners internally
RRY Group brings deep expertise working with all tech and payments partners that are part of the process, whether it be the Card Networks, Card Processors, or other partners that may be essential to your strategy.
In addition, RRY Group will engage with relevant internal stakeholders from credit, finance, risk, sales, marketing, and client support to ensure the whole team is connected, aware, and supportive of the product and program goals.
Strategies around building your own Bank issued Commercial Card Product
RRY Group Key # 2 - Focus on product build to meet current and future client needs
To remain competitive, commercial card providers must stay current with emerging capabilities. RRY Group has experience working with card issuers and FinTech's to innovate around commercial card offerings.
Topics like proprietary interchange, integrated payment solutions, buy-now pay-later, cross-border payments, AI enablement, and enhanced data analytics are frequent topics today. We will work with your Bank to enhance vendor partnerships and prioritize the product build that aligns with your objectives.
Recent data from Commercial Card issuer ramp, indicates that the corporate card market is now valued at $150 Billion and is projected to reach $280B by 2033
Expense tracking initiatives and more efficient expense payments are driving larger corporate card adoption
As of 2024, 70% of US based corporations had adopted the use of virtual cards, up from 55% in 2022
RRY Group Key # 3 - Ensuring your project team is ready to go is essential
Frequently, internal project management resources are in high demand, resulting in delays around key product launch initiatives. RRY Group can aid as needed with our experience leading projects, documenting steps, and overseeing accountabilities. We approach all engagements with a focus on strong communication.
