Making an informed decision about such a critical product offering is important. An agent bank program may not be the best for all banks. Many community banks would benefit more from leaving an agent bank model and joining a program that allows for more control while increasing profits and deepening relationships. There are now options available for community banks to own high-yielding credit card assets on their books and launch a full-service credit card program through turnkey offerings.
Anil Goyal is the CEO of Corserv, a modern payment card issuer that enables banks and fintechs to offer competitive card products to their clients, branded for the financial institution, with credit decisioning and P&L ownership by the financial institution, without adding staff and infrastructure.