Nothing takes a week anymore. Food, shopping, television; everything is
on demand. Someone will even save you from the torment of assembling flatpack
furniture! Why then, in this digital world where consumers prize instant
gratification, are so many banks still taking their time to get cards into new
account holders’ hands? There’s a better way and its name says it all…instant
The shocking thing is, this is not a new technology. We’ve been working
with it for years and many issuers, like Metro Bank in the UK, recognized the
benefits and are reaping the rewards.
With a small investment in hardware and swift training process, bank can
be ready to go. Most importantly, customers receive a much more satisfying
experience in-branch and banks see increased activation rates, card usage and
loyalty. Cards are normally used within a few hours of issuance (rather than a
week!), getting banks on the road to a return on investment much more quickly.
Overall card issuance and management costs – relating to activity like
pre-printing, inventory management and mailings – are also reduced and the need
to issue temporary cards or rush through card orders are also eliminated. And
the great thing is, customers benefit from the same levels of payment security
as traditionally issued cards, while reducing the risk of loss or theft in
On top of this instant issuance allows banks to break out of branches
and get cards into the hands of new customers at events or in partner shops,
for example. Everyone’s a winner.
Banking has changed
It’s true, the role of bricks and mortar branches has changed and on the
path to digitalisation, instant issue can be another differentiator. Many
people may not come in-branch the majority of the time, but when they do banks
need to be ready with swift and convenient services. In the case of a lost or
stolen card, instant issue could be the difference between gaining access to
your funds right away, or having to wait for plastic in the post. You can’t put
a price on piece of mind and happy customers that get the support they need are
Interested to learn more? Check out this blog on contactless
merchant etiquette or this piece on how challenger
banks can strike the right balance between card and mobile.