The payments landscape is changing – and financial institutions ought to take note.
Consumers expect speed and convenience from just about every transaction. Financial institutions aiming to keep up with such demands must be prepared to act fast, especially when it comes to issuing payment cards.
To ensure customers aren’t forced to wait days or even weeks for a new payment card, banks should consider adopting financial instant issuance. By replacing payment cards in a matter of minutes rather than days, instant issuance can go a long way in boosting customer satisfaction. Considering nearly a quarter of Americans have dealt with debit card fraud since 2011, financial institutions can utilize instant issuance as a strategic tool to help alleviate some of the stress that comes with a lost or stolen payment card.
Enhancing Trust With Customers
Now more than ever, consumers want their needs met in an instant. From entertainment to shopping, the digitization of various consumer-facing industries has prompted a desire for similar speed and convenience in other areas of a consumer’s life. With instant issuance, financial institutions can cater to such expectations while also building loyalty and engagement.
According to our report on instant issuance payment cards, cardholders are 22 percent more likely to be very-to-extremely satisfied with their bank if they received an instantly issued card instead of a centrally issued card. By supporting the on-demand access consumers crave, financial institutions can increase the likelihood their customers will consider them for other products or services.
It’s often said that perception equals reality. Well, good news – instant issuance can do wonders for a brand. In fact, 43 percent of consumers who own centrally issued cards would view a bank more favorably if it offered instant issuance. Additionally, 42 percent of those same consumers are more likely to recommend others to a bank or credit union that offers the service. As competition continues to heat up within the financial services industry, features like instant issuance can keep loyal customers happy and catch the eye of potential clients.
With Entrust Datacard, banks and credit unions can reap such rewards in no time. Our solution can not only ramp up customer satisfaction, but also set the stage for greater security. Compliance with ever-changing industry standards means financial institutions can spend more time meeting – and exceeding – customer expectations.
Note: This is part two in a three-part blog series that explores financial instant issuance and its benefits. To learn more, visit https://www.entrustdatacard.com/use-cases/consumer/instant-issuance/.