If it seems like just about every small bank or credit union offers credit cards with perks and benefits just like those from major lenders, you can thank service providers like TSYS. The payment solution company recently announced the formation of TSYS Program Solutions, a new division that offers turnkey credit card marketing and management programs for community lenders across the United States.
According to TSYS Chairman and CEO Philip Tomlinson, community banks enjoy a rare opportunity to win new credit card accounts away from major lenders. "Recent regulatory changes have altered the landscape and we believe the case for re-entry is there if we can demonstrate a compelling and profitable business case," Tomlinson told reporters.
By outsourcing credit card servicing and operations, Tomlinson said, more local lenders can use their neighborhood storefronts to lure business from larger banks that have been perceived as out of touch with consumers. TSYS and its competitors help level the playing field by offering customers of small banks access to the same levels of customer service and product perks as larger institutions.
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