In an age of instant satisfaction, members seeking a new debit or credit card don’t want to wait a week for the physical card to arrive in the mail.
But with instant issuance, credit unions can make the wait disappear by getting fully personalized payment cards into member hands during a branch visit.
“They’re not waiting seven to ten days to get their card in the mail,” says Rob Dixon, Card@Once® product manager at CPI Card Group. “They’re actually out there using that card more often, in the first 30 days and also longer term across the life of the card.
“Essentially,” Dixon continues, “you get them to come in, they’re able to use their funds immediately, and you get a better shot at becoming the top-of-wallet position.”
When reviewing the member experience, credit unions want to give members the products and services they seek without the long wait times. Instant issuance – a credit union’s ability to print a fully capable EMV or magnetic stripe, personalized credit, debit, or ATM card in the branch – does just that.
“The member isn’t the only one who benefits from instant issuance,” Dixon says.
The credit union also realizes benefits from operational costs because they don’t have to pay for postage to mail the cards and there’s an increase in interchange because the cards are placed into the marketplace sooner. Providing instant issuance also brings members into the branch which gives the credit union an opportunity to educate cardholders about their new card or to alleviate their concerns when a security breach occurs.
“The level of immediacy is really an expectation across our lives, and people count on that in their financial dealings as well,” Dixon says. “The major thing right now, in addition to activation and usage, is being able to respond in real time to your member’s needs.”
In this episode of the CUNA News Podcast, sponsored by CPI, Dixon discusses instant issuance, the benefits it gives credit unions and members, and the services CPI Card Group offers credit unions who are interested in implementing instant issuance.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
