Corserv, a company that empowers banks and fintechs with payment programs, was selected by St. Louis-based Midwest BankCentre to enhance its credit card offerings and card access for customers.
Midwest BankCentre, a fast-growing community bank, found that Corserv’s credit card issuing program enabled local credit decisions for customers and local service versus the Agent Bank program they previously used. In addition, the bank also increased its brand awareness among card holders and realized a new revenue stream from card interchange and loan interest while reducing card program management costs. Corserv’s credit card program enabled Midwest BankCentre to achieve its goals without adding staff or infrastructure.
“While we previously offered credit card products through an Agent Bank program, we wanted to better serve our customers by having local control over credit decisions,,” said Erin Erhart, EVP of Bank Operations at Midwest BankCentre. “In using Corserv's card program, we have enhanced our consumer and business credit card products with improved 24x7 call center service and local service in our branches. We value keeping the business in our local community while more than doubling the program’s budgeted growth in the past year.”
“Our main focus is to assist banks by providing a complete credit card issuance program that the banks can brand and control,” said David Luther, Chief Business Officer at Corserv. “Midwest BankCentre has fully embraced our program to provide credit and improved service to their local consumers, businesses, municipalities, and non-profits. We look forward to continuing our work with Midwest BankCentre, and other community banks, to make credit cards a growing and profitable business for the banks.”