Instant Issue – a Missed Opportunity?

by Barry Bevan 0

Nothing takes a week anymore. Food, shopping, television; everything ison demand. Someone will even save you from the torment of assembling flatpackfurniture! Why then, in this digital world where consumers prize instantgratification, are so many banks still taking their time to get cards into newaccount holders’ hands? There’s a better way and its name says it all…instantissuance.

The shocking thing is, this is not a new technology. We’ve been workingwith it for years and many issuers, like Metro Bank in the UK, recognized thebenefits and are reaping the rewards.

Instant benefits

With a small investment in hardware and swift training process, bank canbe ready to go. Most importantly, customers receive a much more satisfyingexperience in-branch and banks see increased activation rates, card usage andloyalty. Cards are normally used within a few hours of issuance (rather than aweek!), getting banks on the road to a return on investment much more quickly.

Overall card issuance and management costs – relating to activity likepre-printing, inventory management and mailings – are also reduced and the needto issue temporary cards or rush through card orders are also eliminated. Andthe great thing is, customers benefit from the same levels of payment securityas traditionally issued cards, while reducing the risk of loss or theft intransit.

On top of this instant issuance allows banks to break out of branchesand 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 thepath to digitalisation, instant issue can be another differentiator. Manypeople may not come in-branch the majority of the time, but when they do banksneed to be ready with swift and convenient services. In the case of a lost orstolen card, instant issue could be the difference between gaining access toyour funds right away, or having to wait for plastic in the post. You can’t puta price on piece of mind and happy customers that get the support they need areloyal.

Interested to learn more? Check out this blog on contactlessmerchant etiquette or this piece on how challengerbanks can strike the right balance between card and mobile.

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