Instant issuance is transforming the financial services landscape.
- Over 3,300 branches in the U.S. have an instant issuance solution by 2021 (1)
- 55% of branches in the U.S. will offer instant issuance by 2021 (1)
- US$778.9 million invested in instant issuance by financial institutions as of 2017 (1)
Financial institutions of all tiers are adopting instant issuance, and with one third of large U.S. Banks having implemented instant issuance (1), there will be increased pressure downstream for smaller banks and financial institutions to adopt their own instant issuance solution.
Being sure of the benefits, and having the desire to invest in instant issuance, what are some things you need to know in order to ensure maximum return on your investment?
Choosing a solution
Aite Group’s ‘2017 Instant Issuance: U.S. Current State Assessment' (1) provides four key areas to examine when selecting your instant issuance solution. Each of these areas touches something strategic and will help you develop an instant issuance strategy that is a fit for your organization.
- Solution roll-out strategies
- How many branches will be included in the initial launch of instant issuance?
- Many banks implement instant issuance in all branches from day one. In other cases, banks may choose to target high-volume branches or areas with current competitive pressure.
- What types of cards are you going to issue?
- The hardware and software solution can personalize all types of payment cards – debit, credit, ATM, prepaid – the choice is financial institution preference and need.
- Under what conditions will cards be issued?
- The most common issuance use cases are new account openings and card replacements.
- Is there a need to use instant issuance as a centralized card issuing solution?
- Some banks may choose to utilize instant issuance for the reissuance of naturally expiring cards which reduces the reliance on cards issued from your bureau.
- Driving ongoing activation and utilization
- How are you going to educate customers about instant issuance?
- We have seen website promotion, statement inserts, in branch collateral all the way to TV commercials and billboards. Your most influential marketing will be from customers who have the opportunity to experience the benefit of instant issuance directly. Any and all of these will drive awareness to the new product available.
- How can you leverage instant issuance to direct customers to other self-service avenues?
- Handing a customer their permanent payment card allows staff to walk a customer to the ATM and educate them on the various self-service options available – providing one-on-one education which increases adoption.
- Are you aware of all of the capabilities that come with instant issuance?
- Some software features can improve the operational efficiency for your staff or are designed to benefit the cardholder. Some of these examples include scheduling cards to be printed in batch mode, simultaneous integration to both debit and credit card management systems (CMS) to remove staff looking up multiple accounts, the ability for card personalization through custom photo uploading or gallery image selection
- Integration of instant issuance into your existing digital experience
- How are you going to integrate instant issuance with your digital strategy?
- Instant issuance is a compliment to the digital transformation strategy within a financial institution such as mobile provisioning (digital card issuance in a mobile wallet) at the time of physical card issuance.
- The role of new and emerging touchpoints
- What emerging interactive, service-based technologies will I be able to integrate with my instant issuance solution?
- Perhaps utilizing self-service kiosks equipped with instant issuance printers to issue customer’s cards after branch hours.
Aite Group’s full report expands upon the facts presented in this blog series and may hold more vital information as you proceed through your instant issuance buying journey.
Get your free copy of the full AITE Group ‘2017 Instant Issuance: U.S. Current State Assessment’ report.
Are you interested in increasing card usage and driving customer loyalty? Talk to an instant issuance expert about how you can put ready-to-use cards in your customers’ hands in a matter of minutes. We can help identify the right financial card solution for your needs. Talk to an expert >>
1 – ‘Instant Issuance: U.S. Current State Assessment’, AITE Group, 2017