Win-win for CUs & members
In-person interactions still matter to members of all generations, and when credit unions can put activated cards in their members’ hands immediately, it’s a step towards bridging a surprisingly large gap between the number of cards in circulation and those that have actually been activated.
The U.S. market’s active debit card rate has held steady between 65% and 68% for the past several years, according to multiple industry analysts.
Fiserv research underscores the gap between when people receive their cards and when they activate them. Sixty-three percent of respondents activated their debit card the day it arrived, 22%activated it within a week, and 9% took a month or longer.
Of those who took longer than a week, 79% said they either waited until they needed the card or forgot to activate it.
Instant issue is a win-win situation for credit unions and their members—not only does personal service enable a credit union to reap the benefits and evolve their branches, it also provides members with the fast, convenient, and secure experience they have come to expect.
Human contact is invaluable to cross-selling other products and services tailored to a member’s specific needs, or to have the opportunity to give an in-person walkthrough of how to use new EMV chip cards, for example.
Even in this digitally enabled world, the physical branch is not going away. Rather, the role of the branch is changing to embrace the "anytime, anywhere, I want it now" mentality of a technology-driven world.
Instant card issuance is a service that members will increasingly come to expect, and with activated cards put in their hands it will encourage immediate use while building satisfaction and revenue for the institution.
Add in wireless technology that allows a teller with a tablet to meet the cardholder in the lobby to provide a personal experience and the branch is transformed.
SHARON PAZLAR is director, output solutions, for Fiserv.