There is no denying that our world is constantly evolving. Innovation and inventions show up by the minute and companies become increasingly competitive to meet the ever changing customer demands.
Customers today want products in their hands instantly, with no turnaround time and in the most convenient way. The financial sector is no different – the faster a customer has a card in their hand, the quicker they begin spending! No modern day customer has the time and patience to wait for 10 to 12 days to receive the financial card they have applied for.
Instant issuance is an invention that is making its rounds in the market. It has revolutionized the customer experience in the banking sector as it enables institutions to convert a blank or pre printed card into a ready-to-use credit or debit card right before the customer’s eyes!
So how does it work?
To make instant issuance possible, a bank needs to be connected to a fully-fledged remotely hosted card software provider like EDC. Instant issuance printers will also need to be installed in the branches, while remotely yet securely connected to the card software infrastructure. To have the finished card ready:
It’s that simple and quick!
But how does it revolutionize customer experience?
It’s no secret that the one factor pivotal to any businesses success is creating a happy customer base. In order to do that, pain points need to be addressed. In today’s day and age, there is no scope for missing the mark on this. With instant issuance, customers are able to benefit from:
Does it benefit the bank?
Apart from creating a happy customer base, there are several benefits to the bank. Instant issuance is able to tackle some of the biggest pain points for the issuer as well. Banks can benefit from:
Is security being ensured?
In the card industry, changes are never welcomed unless it’s secure. Instant issuance is no different. With instant issuance, there is the added security of minimizing the logistics and transporting of the personalized card which eliminates concerns such as theft, undelivered cards or misplacement. Banks are also required to use PCI (payment card industry) PA-DSS Compliant vendors who are also certified by Visa, MasterCard or any other payment scheme authority. This will ensure secure transfer of data and handling of confidential items.
In the era of plastic currency, financial cards have become an integral part of our lives. Instant issuance skillfully tackles some of today’s biggest challenges and helps banks front runners and meaningfully engage with the customers, thus creating a highly satisfied client base.