Apple’s move into the credit card market is no surprise if you’ve been following the company since it first unveiled ApplePay. Now more than ever do local financial institutions need to revisit their market strategies for signing up a new generation of borrowers. Generation Z is the target audience in mind for this new credit card, especially considering Apple highlights the sign up process to be as easy as “sign up and go.”

"Although the Apple card's rewards aren't too exciting, it might bring more value to its already loyal customers in the form of convenience and security," says Jill Gonzalez, an analyst at finance site WalletHub. "When using the card via Apple Pay, users will quickly be able to see where and how they spend their money without the use of a third-party app."

Offering credit cards is an easy sell for those who have loyal brand followers such as Apple. Which begs the question, how can community banks and credit unions have similar online systems in place to attract new credit card signups? The answer is sometimes: Most community institutions still use pen and paper to file for credit card applications or in some cases don’t have a credit card program in place to attract and retain local community funds.

The fact to remember here is that community banks and credit unions are missing out on additional revenue streams from their own local communities. Whether it is by not having a credit card program in place or resorting to a time intensive method of signing up a borrower in person at a local institution via stacks of paperwork; current practices cut the chances of retaining community funds locally. A sign up process that is not digitized to yield quick results for the borrower could result in a loss of community funds to an outside lender.

CCOS is ready to help local institutions retain community funds

By addressing the main issue that most community financial institutions lack the resources (software development team, vision, expertise) to build and support modern online lending solutions, MK Decision’s CCOS is available to any institution seeking this modern day solution.

MK Decision's Credit Card Origination System (CCOS) saves time with an intuitive customer and lender experiences. CCOS is mobile-optimized, ADA-compliant, paperless, and designed to meet customers’ rising digital expectations. CCOS offers automated decisions for instant access to credit, and fraud prevention with real-time identity verification. By using the institution’s existing risk scoring models and digitizing them to systematize underwriting, this in an effect increases ROI through lowering overhead and increasing interest margins.

“Ultimately, MK’s mission is to stimulate local borrowing and local lending,” stated the CEO of MK Decision Har Rai Khalsa, “We truly believe that we can help local economies, and community banks are a key part of that. We see community banks as the backbone of our nation.”

If your financial institution is interested in a demo of CCOS, click here.