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Although many financial institutions are engulfed in the back-office activity required to implement EMV chip cards, “the cardholder should be at the top of the EMV food chain,” reminded presenters in an Arroweye Solutions webinar, Best Practices to Navigate the EMV Transition.
“A meager 7 percent of banks we surveyed said customer satisfaction was a top EMV implementation concern,” the company shared in a webinar follow-up report. “But issues both within and outside of the bank will impact customer satisfaction. Banks must be customer focused and use this critical opportunity to educate and establish trust with customers.
“Despite the numerous players who work together to enable transactions and keep cardholder data secure, banks hold the primary responsibility in consumers’ minds, and must have a solid ongoing communications strategy in place to retain customers and build loyalty,” the payment cards solutions firm reminds.
“Start now with pre-launch communications including every available channel, such as online, cardholder statements, direct mail, media, branches, ATMs and more. Maintain, don’t sideline, key marketing strategies. Use the EMV touch point to reconnect with customers by offering a more personalized cardholder experience or introducing new services.
“EMV has been implemented globally for decades, but the U.S. market is the largest and most complex. Banks must take the lead in cardholder communication to ensure a smooth transition and maintain customer loyalty.”
