Instant issuance can help banks be there during the coronavirus pandemic
Instant Issuance has always been a critical component to enable a better banking experience for consumers. By removing a seven-to-10-day waiting period to receive a debit card, financial institutions can empower customers with instant gratification and equip them with a new payment card immediately, providing a high level of service to cardholders.
Now that coronavirus is introducing parameters on how we interact with each other, instant issuance is more important than ever.
Many states are currently on stay-at-home orders, and although financial institutions are considered an essential service, many are looking at how they can innovatively interact with customers and keep business operations open while keeping safety and preventative measures top-of-mind during this pandemic.
This may include the ability to stay open but reduce hours, as well as temporarily closing branches. Many of the locations that are open are also ensuring that they have the right safety measures in place (i.e. plexiglass in between the tellers and its customers) and/or the financial institution has a drive-through window open for customers and members to access services.
In a time where card usage and online transactions are higher than ever (and also deemed more critical than ever to make purchases) it is extremely important for financial institutions to continue to allow consumers to open new banking accounts and get debit cards, replace lost or stolen payment cards, and receive a reissued card if they need one. One way to continue to do this is through instant issuance of payment cards at drive-through financial services.
Instant issuance at drive-through locations allow banks and credit unions to continue issuing payment cards on the spot (without the need for the branch to be open to walk-ins), preserving the high levels of service that cardholders have come to expect, while also aligning with the social distancing and preventive measures to keep our communities safe.
Instant issuance solutions, including financial hardware and software, can also be configured so there's no need for custoemrs to visit the branch to change and/or input their PIN at the time of issuance. Cardholders can simply receive their card at the drive-through, use it immediately, and update their PIN at a later time through a voice response system with the network processor.
There are several reasons instant issuance should be part of your service offerings today:
Keep customers and employees safe. With many unknowns about COVID-19, uncertainty and fear are top-of-mind for many people. Instantly issuing debit cards through drive-through services protects employees and cardholders, as well as builds trust and confidence in brands and services.
Provide excellent customer service. Attract and retain customers by providing cardholders with modern services they expect, while also ensuring their safety. Service levels for consumers do not have to suffer at this time if financial institutions have instant issuance in place.
Stay top-of-wallet: As more and more people are shopping online for household essentials; it is important that the payment card you provide is top-of-wallet, the default card used most often. By instantly issuing debit cards, your customers do not have to wait for their card to show up in the mail, and they can start making purchases immediately.
Look toward the future: When this pandemic comes to an end (which we are all hopeful will be soon), banking services will no doubt return to normal, and customers will continue to want banking services that makes their life easier. Instantly issuing payment cards through your drive-through access can become a new service that elevates your brand and becomes a competitive differentiator.
It is highly important to help navigate through this challenging time with consumers to ensure that we are all doing our part to keep our communities safe, while continuing to meet the service levels that consumers have come to expect. Be there for your customers and members, and offer a service that continues to meet their expectations. Instant issuance can do just that.