Fintech Company Provides Smart Tools to Banks, Card Issuers and Online Merchants to Improve Profitability and Customer Satisfaction During Credit Card Replacement; Keeps Cards Top of Wallet™
Switch, Inc., a Seattle-based financial technology company offering the only comprehensive technology platform to solve the credit card management and replacement problems for consumers, card issuers and merchants, announced that the company continues to attract powerhouse financial industry leaders to its company, with the addition of former Mastercard executive Carol A. Cosby to its board and as a company advisor.
“Switch technology is the disrupter the financial industry needs and at a pivotal time,” said Cosby. “The company is providing banks, issuers and online merchants one-of-a-kind tools to make them smarter and more profitable during the credit card replacement process, while simultaneously improving customer satisfaction and keeping cards Top of Wallet™. No one in the fintech payments business is offering this technology and making it easy to integrate into existing operations.”
Cosby is most recently a former Mastercard Worldwide Executive Vice President, and has served multiple high-ranking executive positions across international credit card companies and banks over the last several decades. Prior to Mastercard, Cosby was Senior Director of JP Morgan Chase and Senior Vice President at VISA.
Cosby joins existing board members, company CEO and Co-Founder Chris Hopen, a technology veteran and entrepreneur who also founded Tappin, which was acquired by Globalscape in 2011; Spry Internet-in-a-Box and DataChannel Founder and Switch Co-Founder Dave Pool; accomplished CEO and wireless pioneer Rich Begert; and consumer payments and loyalty executive Kevin Knight.
“Our company’s differentiated offerings and ability to proactively solve big industry issues is resonating with financial leaders. We are elated to add such valuable financial industry veterans like Carol. She will bring her deep financial, payments and banking insight, experience and relationships to Switch,” said Hopen. “Carol will help facilitate the evolution of our business by providing access and opportunities that are central to the next phase of our development.”
“As a banking and payments executive, I have felt the painful issues being addressed by Switch,” added Cosby. “I am impressed not only by the exclusive capabilities of the company’s technology, but also by the ingenuity and operational acumen of those in and surrounding the organization. I look forward to contributing to the company’s development and growth.”
Switch announced its breakthrough API, CardSavr™, earlier this year, to positive response from the industry for its revolutionary approach. The company continues to announce product enhancements and new applications of the platform to address huge financial industry opportunities, such as the integration of voice capabilities, and its role in propelling virtual credit adoption and easing the issues around co-branded card reissuance.
CardSavr API helps issuers place their credit cards into use instantaneously by provisioning cards on thousands of merchant sites in real time, alleviating batched file transfer processes.
The new technology will help redeem millions of lost purchasing dollars for financial institutions and retailers, who are hit hard when consumer credit cards are out of circulation. The Financial Brand reports that banking customer attrition rates are around 11%, and annual churn rates on first year customers are as high as 20-25%. Many of those customers are lost in the first 90 days. Banks need to create positive experiences for consumers to keep them.