As consumer expectations for on-demand services rise, a growing number of banks and financial institutions are shifting debit card distribution from mail delivery to instant issuance. Fulfilling Consumer Expectations for Immediacy provides insights into how banks can optimize their in-branch experience and build customer trust by offering instant card issuance services.
Branches using the instant issuance technology grow every single day than the ones that don’t. There are many reasons to believe the bank’s decision marks an exception rather than the rule. For evidence, look no further than consumers’ heightened expectations for their branch experience. They want the same speed and convenience they get through digital channels, the promise of security, and the technology that matches the speed of their lives. Giving consumers activated cards when they walk into the branch means customers can start using them as soon as they walk out the door. Those expectations are more than a trend, they’re the reality of financial services today. They’re also what’s behind the growing popularity of instant issuance.
Let’s look at 3 customer expectations with instance issuance:
1.Consumers Demand It
Services such as instant issuance can be game-changers for financial institutions. For instance, 80% of consumers who get a debit card at a branch will bank at the same place. Most consumers expect the physical branch to match their experience when shopping even online or even sending digital payment to a friend. They want financial institutions to translate click and go into a branch experience.
2.The Branch Still Matters
Self-service channels continue to outpace the branch in terms of frequency of use, many customers value branch, and in-person interactions. Branches still are relevant to all generations, because most consumers especially millennials expect in-person interactions to mirror the convenience of other channels. Those expectations are informing how the branch evolves and highlighting instant issuance’s place in that progression.
3.Security, Speed, and Convenience
Preventing fraud, providing convenience, and enhancing the customer experience are all critical. But they don’t have to be mutually exclusive. There are concrete steps financial institutions can take to ensure security and meet consumer expectations for speed and ease. Take, for instance, biometric fingerprint authentication, which, when combined with instant card issuance, creates a secure, holistic experience. A consumer who visits a branch for a new debit card can get a biometric fingerprint authentication or even facial recognition in less time than it takes to pull out an ID and walk out minutes later with an activated card. That’s how branches, banks, and financial institutions evolve and rise to meet consumer expectations for security, speed, and convenience.
In conclusion, the case for instant issuance of cards has traditionally focused purely on the monetary increase in interchange revenue from the user having the card a few days longer in the first month. Although this is still a core reason for providing instant issuance to cardholders, both bank’s financial institutions and cardholders tout the equally significant benefits of improved customer satisfaction, retention, and word-of-mouth recommendation.
By Carolyne Rabut
Content Marketing – CompuLynx