According to CreditCards.com, in 2012, there were more than 609.8 million credit card holders in U.S. in the year of 2012. The average credit card debt per household is $15,956.
This debt increases with the years. This inspite of the fact that financial institutions do provide consumers credit card debt payoff calculators based on Microsoft Excel. This then ideally should lead financial institutions to introspect.
It is unequivocal that Microsoft Excel-based calculators has played a significant role in setting-up calculation tools for financial institutions so far. However, as per the data of credit card debt, it seems that the idea to make consumers aware of their debt has not worked well and financial institutions continuously make money out of people’s bad judgment and misery.
Wouldn’t you rather want to make “good money” out of people’s informed choices and trust for you? To convert excel into application is one of the methods to implement this idea. As mobile applications are creating history in all walks of life, it is the best opportunity for financial institutions to cash in on the immense possibilities of mobile applications.
Some reasons why excel-based credit card payoff calculator is not a good idea
While you set up the calculator based on Microsoft Excel, you need to employ staff to regularly update it and maintain it. This inevitably results into costs. Moreover, getting credit card payoff calculator based on Microsoft Excel requires manual entries and formulas. This means chances of errors are enormous. In short, it is costlier and more laborious.
Mobile applications make the process of calculating credit card debt automatic. Even if the end user makes mistakes in calculations, she can erase it easily.
Mobile application to calculate credit card payoff does not require your end user to remember complex formulas of Excel. This widens the reach of your institution.
Why financial institutions need to convert Excel to Credit Card PayOff Calculator Application?
Being a righteous financial institution, you can initiate an effective campaign to make your consumers aware how much money they end up wasting on avoidable debt or late payments on their credit card purchases.
This campaign will be much more effective when you introduce customized mobile applications for them. These applications make them on top of their credit card payments. This wins them over and earns you loyal customer base.
Are you wondering why you would do that if you are getting money out of late payment or debt payments? Wouldn’t it mean loss of revenues for you?
The answer is simple NO.
While you provide free of charge mobile applications to your customers, you can monetize them by employing following strategies:
- Introduce freemium or In-App purchase feature in your applications
- Establish a add network business
Benefits of Credit Card Repayment Calculator App:
Once you decide to introduce mobile applications for your credit card consumers and monetize them too, you should approach a technology partner like Space-O. When applications created by such company, your consumers would have following benefits:
- Each recent purchase and transaction becomes accessible
- Direct online credit card payments avoiding late payments
- Facility to redeem rewards if any are available on cards
- Automated alerts to remind users to make payments, informing transactions etc.
- Consumers can also plan their purchases by calculating how much debt they would incur on a specific transaction
These are some of the benefits to convert Excel into application and introduce advanced and user-friendly mobile applications to your consumers.
Talk to Space-O right now and know more about it.