Re-posted with permission from CPI Card Group and edited.
Today’s consumers have a growing appetite for instant gratification. The on-demand economy provides immediate accessibility like never before, changing how consumers see convenience with everything from shopping and dining to entertainment and transportation. To complement the growing popularity of immediate servicing, financial institutions are turning to instant card issuance. Through technology, the physical branch experience can become a more welcome part of customers’ lifestyle.
Convenience in the On-Demand Era
On-demand convenience is becoming more of the norm than the exception, making its way into many facets of consumers’ daily lives. People can hail a ride at a moment’s notice, have dinner delivered whenever they feel like it, pay bills with a few clicks or even apply for a mortgage in a matter of minutes. Collectively, these friction-less experiences are shifting the baseline of consumer expectations. This makes waiting to receive a new debit card in the mail feel extremely outdated by comparison.
With an instant issuance solution, a branch can print cards for customers onsite. This allows financial institutions to deliver a level of on-demand convenience consumers expect, while connecting customers to instant purchasing power at the same time. The seamless branch experience helps the banking public see their financial institution as not only “customer-first”, but also modern and tech-savvy. This can be a competitive advantage and support account holder loyalty and retention for financial institutions. 86% of consumers will use their branches in the future and want human interaction when they do. Instant issuance allows just that – freeing branch staff from multiple manual processes and creating more time for customer engagement.
The Need for Instant Issuance
Juniper Research forecasts that the number of global digital banking users will reach nearly 3 billion by 2021 – representing approximately 50% of adults globally. Alternatively, digital banking can’t replace all branch functions for consumers and financial institutions will need to find new ways for their branches to provide value. Instant issuance is a means to do just that – delivering the immediate gratification customers prefer.
No website or mobile app can put a new or replacement physical card into an account holder’s hand as quickly as a branch with instant issuance. Although digital banking can support instant card issuance for mobile wallet usage, consumers continue to prefer using traditional credit and debit cards for purchases. With the ability to print physical cards on-site and on-demand, branches provide a unique convenience that accommodates cardholders’ preferred way to pay.
A SaaS-based instant issuance solution with plug-and-play capabilities can be a simple and cost-effective way for banks or credit unions to evolve their branch experience while providing value that reinvigorates their brick-and-mortar operations – which can make both dollars and sense.
Card Issuance Solutions from the ISG
If your organization issues financial, membership or loyalty cards on-site, talk to your local ISG dealer about our instant issuance solutions. Improve your customers’ experience and increase your revenues with solutions that provide an immediate connection to your organization. Need more than just
Contact us today to speak with your local ISG dealer about your specific card issuance needs.
Original article written by Rob Dixon for CPI Card Group.
