COVID-19 has no-doubt changed the way we conduct business – and financial institutions are no stranger to having to quickly pivot and evolve how they, too, must interact with consumers. From business and branches being closed for periods of time, to contactless and touchless interactions with consumers – there are many business practices that are being changed in order to continue to serve customers and members while adhering to social distancing and safety.
Just as retail and restaurant locations have offered new ways for consumers to shop or order online and pick up their items curbside, financial institutions are also seeing the benefits of offering curbside services. One way they are doing this is with instant issuance.
Instant issuance has many benefits as it allows cardholders to receive a debit or credit card immediately without having to wait 5-7 business days for a card to arrive in the mail. As one can imagine, waiting that long can also be particularly problematic should cardholders need to replace a card if it has been lost or stolen. When this happens, oftentimes cardholders want their card right away and do not want to wait one week before they get their card in the mail.
Financial institutions that have instant issuance as part of their card portfolios can offer their customers an added value of contactless and curbside pickup when individuals open a new account and request a new card or for existing customers/members who may need a replacement card.
For consumers – the process is simple. They can call their bank or request a card online, and within minutes, can drive to a branch location to receive their card where branch employees can securely and safely deliver their card to them in their car. It’s that simple.
For financial institutions – it’s a game-changer. Financial institutions are consistently looking for ways to engage customers, build brands, increase revenue and expand market share, and this helps them do just that. A key aspect that is emerging through the COVID-19 pandemic for businesses to thrive (and possibly survive) is service delivery and catering to consumers as best they so that they can be differentiated, and consumers continue to buy or use their products. Financial institutions are no different in the sense that they want to continue to retain and gain customers and offer services that are differentiated from the competition during a time that many consumers are not coming into branches.
Offering customers an added service such as instant issuance with curbside pickup for debit and credit cards will undoubtedly bring a superior customer service level that can be an incredible value-add to cardholders. In addition, it aligns with consumer behaviour that is being driven by less face-to-face interaction due to safety and health concerns, while also providing the ability to have a card immediately issued, activated and ready for use. Combining these two offerings provides incredible convenience and safety to consumers. Additionally, when cards are instantly issued and activated and cardholders can pick them up right from the location of the branch, there will be a better opportunity for that card to become top-of-wallet and thus increase usage and interchange revenue for the financial institution.
If you have not already implemented instant issuance or are looking to make a switch to another vendor, Matica is here to help! With Matica’s fully integrated instant issuance solution, financial
institutions can easily create a customer experience that drives loyalty. Contact us today to schedule your demo and see how Matica can help you make the move for instant issue!
For further information, please email firstname.lastname@example.org