Barry Bevan, financial services sales manager at Thames Card Technology
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 issuance.
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 transit.
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 loyal.
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.