SEATTLE–Switch, Inc., a Seattle-based financial technology company, promises to make the holidays brighter for online consumers and Black Fridays a little greener for retailers and financial institutions.
Switch provides a proprietary application of machine learning technology to help buyers conveniently and securely manage all of their online payment accounts and credit cards in one place. The company announced today that it is offering this year’s online Holiday shoppers access to an early version of its platform (www.switchme.com).
The new technology, which acts as an automated assistant to update all consumer online payment accounts, 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 – especially during the holidays.
Switch provides the first comprehensive approach to solve the card management and replacement problem for consumers, card issuers and merchants, and for the first time in the industry, Switch helps everyone in the financial ecosystem win with one easily integrated solution.
“Financial institutions and retailers are losing significant revenue due to lost or stolen credit cards out of circulation, and consumers are looking for an easier and safer way to track all of their card-on-file accounts in one place – rather than worrying about monitoring several cards across several banking or retail institutions,” said Switch Founder and CEO Chris Hopen. “The holiday season is the busiest shopping season of the year, making our platform even more applicable to the success of the retail market and safety of online consumers.”
Financial industry statistics and consumer spending behaviors illustrate that Switch provides a timely and much-needed technology platform to address the following issues:
- 70% of customers don’t change cards on file unless there is a trigger. Buyers can go for extended periods of time not knowing that their cards are outdated or might be compromised online – leading to possible fraud, late payments and other events that can hurt personal finances. The behavior also takes a bite out of the bottom lines of retailers and financial institutions.
- On average, there are 130 online accounts per email address. Most consumers forget about the online accounts they’ve opened with credit cards and don’t know where to begin to update their digital purchasing footprint.
Switch is the only cardholder solution that integrates machine learning, crowdsourcing, and robotic process automation (RPA) technology to seamlessly implement and scale without upending current financial infrastructures, and improves customer experiences. The technology doesn’t require opt-in integrations with individual merchant sites, processors, acquirers or card networks.
“The Switch credit card management breakthrough is important because our approach provides an easily applied, quickly adopted and economical solution that is consolidated in one place for users,” added Hopen.
Hopen is a technology veteran and entrepreneur who also founded Tappin, which was acquired by Globalscape in 2011. Hopen was also the Co-founder and Chief Technology Officer of Aventail, one of the first SSL VPN companies. Aventail was acquired by Sonicwall in 2007.
Sign up for Switch to make holiday online shopping easier and safer. Visit www.switchme.com to learn more and sign up.
About Switch, Inc.
Headquartered in Seattle, Switch is the fastest and easiest way to sign up, sign in, checkout, and switch payment methods across thousands of your favorite websites. The company’s secure, proprietary and patent-pending automation technology gives users the ability to manage and update all of their online accounts in one place. You can learn more about Switch at switchme.com or follow the company on Facebook and Twitter.
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