To stay competitive in today’s market, financial institutions need to focus on the customer experience where their offered product portfolio and services are key in achieving differentiation from competitors. Consumers expect everything instantly and in this multichannel 24/7 world, being unable to meet and surpass customer expectations is to effectively hand your competitors both your current and potential business. Instant Issuance is one such service that not only offers an enhanced experience for the customer but also offers reduced risk and costs for the issuer, helping them gain greater market agility whilst ensuring a return on their technology investment.
Instant Issuance is an innovative solution from Compass Plus, which enables financial institutions to issue EMV and magstripe cards in-branch in a matter of minutes. On-the-spot issuance is a win-win situation allowing the issuer to offer an array of advantages to the customer which, in turn, have beneficial knock-on effects to themselves:
No more waiting. The customer no longer has to wait for their card and PIN to be sent separately in the mail and the issuer no longer has to incur the cost of postage, cards lost in the mail or replacing stolen cards, with the further advantage of a reduced risk of card fraud.
Instant loyalty. Once the customer has received the card in-branch, they can activate it straight away and make their first purchase within minutes. Issuers can reduce the amount of inactive card accounts, increase transaction volumes and interchange revenue whilst securing loyal customers before they have left the building.
Value-added experience. Not only has the customer been offered a service that is convenient and time-saving, the issuer can now offer the customer other value-added services tailored to their needs. This opportunity to cross-sell to the customer face-to-face is invaluable in terms of building a better relationship and extending their product portfolio.
Advantages for the issuer:
For financial institutions issuing cards in remote locations, Compass Plus offers decentralized issuance, allowing the penetration of markets where card delivery by mail is impossible. In this situation, rather than personalizing cards at the location where the secure data preparation is carried out, the issuer can transport the cards to different locations. This still reduces the costs and risks of transporting personalized cards, reduces the time the customer has to wait for their card and provides the customer exceptional service, regardless of location.
Instant Issuance Technology:
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