There is no doubt that financial institutions and banks have seen a massive evolution of payment methods – from the use of cash, checks, and mobile payments. In the early adoption phases of instant issuance, banks and financial institutions primarily focused on the instant issuance of debit cards, which could take weeks to replace, and that became a big challenge to the bank and financial institutions.
Now, as consumer expectations for on-demand services continue to rise, instant issuance is implemented all over East Africa and is used for debit, credit, and prepaid cards. There are now thousands of branches that offer this all-over East Africa.
What is instant issuance?
Instant Issuance means that the credit or debit card is issued and activated on the spot and then can be used immediately. It’s essential for today’s market, enabling banks and financial institutions to get new or existing customers up and running with their bank cards instantly.
There are several ways to deliver this level of customer service including locating a card personalization machine-like Entrust Data card printer in the branch or a self-service kiosk which reduces branch staffing requirements.
Let’s look at three key benefits of financial instant issuance for Banks and Financial Institutions
- Boosted Revenue
Issuing cards instantly provides several benefits for the banks, and it’s the most attractive and important being that it reduces costs and drives additional revenue to the bank’s card program because customers are using their cards immediately after activation rather than waiting for weeks like the olden days, this means Banks and other financial institutions not only increase card activation rates but also boost acquisition by providing cardholders with the opportunity to have their card issued within a short time.
- Enhance Branch Efficiency
Entrust Data card printer can create a more frictionless process for Banks and Financial Institutions allowing frontline staff to deliver cards quicker and create a more efficient customer care experience. Time and staff resources previously committed to the card order process can be funneled back into core productivity and face-to-face time with cardholders – making for happier employees, happier customers or members, efficient operations, and the financial benefits that come with them.
- Customer Loyalty
Instant issuance can help banks win customer loyalty and boost their profitability by making their in-branch experience more meaningful. This capability is especially valuable when customers need immediate card replacements stemming from a lost card or if their cardholder data has been compromised.
In conclusion, at CompuLynx we take pride in providing efficient instant issuance solutions to facilitate the convenient delivery of debit cards, credit cards, and prepaid to the customer at the bank branch level, to ensure a seamless customer experience.
By Carolyne Rabut
Content Marketing – CompuLynx