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Getting a debit card on the spot could influence a person’s choice of financial institution. But there’s more.
Among all debit card users, 36 percent say instant issuance would influence their choice of financial institution—a number that jumps to 47 percent for 18- to 24-year-olds. And if that’s not enough to make you focus on offering this service, here are three more business reasons why you should.
Higher Activation and Usage
Instant issued cards see higher activation and usage rates, which can be as high as 89 percent. Account holders are using their cards within hours, rather than days which means instant gratification and better account holder experience. In fact, instant issued cards are used on average within the first 93 minutes of activation compared to the first 10 days as with standard issue.
Due to higher activation, instant issuance has been shown to lead to a 5 percent increase in overall transaction volume. Instant issuance also leads to increased use of mobile deposit, which equals cost savings for branches.
Affordable
Buying and implementing a new software solution often means expensive up front and licensing costs, complicated infrastructure changes, dedicated IT resources and numerous upgrades.
In contrast, Card@Once® instant issuance is a software-as-a-service solution that uses cloud-based computing. This means that financial institutions only need to invest in the card printer—so they can be up and running with just an internet connection and a web browser. From there, the cloud-based service provider handles all updates, security and maintenance.
This ease of use puts instant issuance within reach of both large and small credit unions.
Enhances Member Onboarding
Instant issuance keeps the new account holder onboarding dialog active much more efficiently than standard card issuance, which can put distance between you and your account holders at a crucial selling stage. This active dialog makes the contact strategy and insight collection of onboarding more seamless and effective.
When account holders receive their cards in the branch, you can better earn their trust and build engagement with them, laying the foundation for deepening the relationship.
Instant issuance naturally builds account holder loyalty and even creates the opportunity for account holders to become brand advocates, providing free, organic marketing for your credit union. Really, the question is – why haven’t you switched to instant issuance yet?
Renee Jones is product manager, card services for Harland Clarke, San Antonio.
Read more about the race to faster payments in “Cash in a Flash” and about the need for speed in lending in “Setting the Credit Speedometer.”
You may also be interested in attending Payments University, Aug. 13-14 in Denver.
