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Improving Card Issuance Process

CubeIQ Limited
Published by in Card Management ·
Tags: CardManagementEMVPersoCreditDebitVisaMasterCard

For several years banks and card issuing financial institutions are using a centralized approach in personalizing bank cards and then the typical mail service for sending the card and the corresponding PIN to their customers. This process would take from 5 days to 2 weeks and in some cases up to 4 weeks.

Over the last years consumers are increasingly expecting flexibility, product variety and delivery speed from their financial services providers. They are expecting immediate and in many cases instant response to their enquiries.  Financial institutions in order to stay competitive in today’s market need to focus on their customer expectations and develop services, process and work flows for achieving differentiation from competitors.

Improving card issuance process by including financial instant issuance technology is one such service that not only meets customer expectations but also offers an enhanced customer experience while on the same time issuers reduce risk and costs, helping FIs gain greater market agility and ensuring a return on their technology investment.

Financial Card Instant Issuance enables financial institutions to deliver to account holders payment cards that are ready to be used providing superior service that increases customer experience, satisfaction and loyalty. The traditional delay associated with delivery the card by mail is eliminated. Instantly issuing payments cards in branch allow account holders to use the card immediately, reducing costs, further increasing card usage and revenues.

Financial Card Instant Issuance Key Benefits:
Instant issue and delivery of the card.
Offering better quality of service.
Improved customer experience.
Customer training at the point of issuance.
Increase customer card acceptance and card usage.

Faster time-to-market for new card products.
Differentiation from other retail banks.
Upgrade the «image» of the bank by demonstrating a higher level of branch automation.
Do business efficiently, reliably and cost effectively.
Be ready for new business opportunities before competition.

Take advantage of the latest state-of-the-art technology.
Rationalize central embossing machine upgrade.
Short Return of Investment due to significant cost savings.
Minimization of operating cost by avoiding:
Post expenses for sending the card and/or the PIN.
Central card personalization system operating cost.
Smooth and fast EMV migration

In 2014, approximately 14,000 bank branches deployed instant issuance systems, with this number expected to grow to over 37,000 by 2018 (Source: Aite Group).

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