When it comes to the innovation and adoption of new technologies, it’s fair to say the financial services industry has been a tad sluggish. Unfortunately, the research, development, and deployment of new products and services tends to move rather slowly, leaving consumers frustrated by the lack of urgency to fix many of the long-standing issues associated with the traditional banking system.

At the same time, other industries have experienced radical transformations to their operations, revolutionizing the way businesses and consumers interact with one another, generating value for both sides of the transaction.

As a consequence, the financial services sector has been ripe for disruption for quite some time. Thankfully, in recent years, the industry has finally come alive with a slew of exciting new products and services from more nimble, innovative start-ups that seek to transform the way we manage our finances, giving rise to what we call the “fintech” industry. Due to this, experts are predicting that the fintech industry will grow to reach a staggering value of $324 billion by 2026, growing at an annual compound rate of just over 23%.

Meet Card Blanch: The Innovative, All-In-One Wallet

One start-up that shines bright in the fintech sector is none other than Card Blanch, a California-based company that aims to revolutionize how we manage our physical cards and wallets. According to the Experian Consumer Credit Review, the average American holds up to four credit cards on their person at any given moment, which makes it challenging to keep track of their finances and organize their budgets and spending habits.

According to Statitsa, In 2018, over 60 percent of senior banking executives said that wallets and the way we manage our cards were the aspects of banking that were most likely to be disrupted by fintech start-ups. As it turns out, they were right. On that note, let’s take a look at some of the key features of Card Blanch’s new product.

All of your bank cards condensed into one

In an industry famous for its over-complicatedness and unnecessary complexity, consumers seek better experiences and simplified products over more abstract banking solutions. Card Blanch delivered on this exact premise after developing a groundbreaking one-card solution that eliminates the need to carry multiple cards on your person every time you leave the house.

So how does this work? Well, to get started, all you need to do is download the Card Blanch application and register for an account. Once the process is complete, it’s as simple as adding the bank cards you wish to use to the service. Afterward, you can use Card Blanch instead of the original bank card when you shop online or visit any of your favorite stores in person (either using the physical card or your smartphone).

When you pay using Card Blanch, the application will automatically select the bank card that gives you the best deal, such as the account where you receive the most cash back or rewards for that particular type of purchase.

Furthermore, Card Blanch recognizes that the pandemic rapidly accelerates the demand for contactless payments. With this in mind, they offer a payWave service which means that all of your bank cards can be added to Apple and Google wallets for contactless transactions (yep, even the ones that were not contactless-enabled in the first place). Pretty neat.

Making it easier to stay loyal

Did you know that the average American consumer belongs to almost 15 loyalty programs? Sounds like a bit of a headache. If you’re honest, keeping track of your loyalty cards can get pretty frustrating, even at the best of times. Before you know it, they’ve taken up too much space in your wallet, and you’ve thrown them away before you can collect your free macchiato from Starbucks Coffee.

Thankfully, Card Blanch enables you to upload all of your loyalty card programs to the application, where you can view and manage them in one place. To make things even more straightforward, Card Blanch automatically applies merchant discounts while shopping, so you never have to worry about forgetting about collecting your points ever again.

Obtain instant insights into your spending habits

Budgeting is a vital tool that helps you keep in control of your spending, track your expenses, and save more money. However, manually logging all of your transactions across multiple cards and financial accounts can get pretty complicated, which leaves most people in the dark over how and where they are spending their money.

Once your cards are synced to the Card Blanch service, you can access all of your spending data in one place. This gives you a holistic view of your financial transactions in one easy-to-read dashboard where you can sort your spending figures by card, category, date, or merchant.

Furthermore, the service logs both your online and offline spending, thus eliminating the need for third-party software to manually track all of your transactions across multiple accounts. This boosts your security and gives you peace of mind knowing that you can access your complete financial data in one place for the first time. At last, gone are the days where you needed to memorize ten different usernames and passwords for all your accounts.

Final Word

With the fintech revolution finally in full swing, companies like Card Blanch bring a much-needed breath of fresh air to the financial industry. Using their service, consumers no longer have to worry about carrying around all of their bank cards and loyalty cards on their person every time they leave their house. Instead, users can spend their money both online and in-store using just one card, where they will also gain access to comprehensive spending insights and budgeting data to help them meet their financial goals.

 

This is a Contributed Article