Many modern banks and fintechs around the world offer adding cards from other banks, but Canadian banks only work with their own cards despite the fact that most Canadians use several cards. There are close to 100 million credit cards in circulation in Canada, not counting debit cards and cards issued by non-Canadian banks.
While Canadians can’t add cards from other banks to have everything in one place, having this feature would be very convenient for the users and beneficial for the company that offers such functionality.
Imagine being able to manage everything in one place so you can see total savings and spending for all accounts, use budgeting tools and not have to deal with multiple apps and clunky logins.
By adding the ability to add external cards, Neo could attract users who are not primary customers of the company and have an opportunity to convert them into full-time customers, gain insights into the financial habits of customers beyond just their own offerings, build more comprehensive customer profiles with better-targeted services and solutions, and have better opportunities for cross-selling. If users can manage multiple cards and accounts in a single place, they would be more likely to engage with the app regularly.