One of the largest banks in Mongolia, Trade and Development Bank (TDB), has launched the country's first instant card issuance project with support from Compass Plus, an international provider of retail banking and electronic payments software to payment processors and financial institutions.
TDB wanted to make the process of obtaining a bank card easier for its customers by reducing the number of branch visits required. By utilising TranzAxis Instant Issuance from Compass Plus, the bank is able to issue a card on the customer’s first branch visit, providing a fast and seamless banking experience, which is essential for TDB to stay ahead in a highly competitive market.
Instant card issuance is currently carried out by TDB branch tellers. In the future, the bank aims to roll out self-service kiosks where bank customers will be able to issue a card without any assistance. This innovation will accelerate the customer experience, while drastically reducing the bank's operating costs.
Compass Plus and TDB have been partners for nearly 20 years, implementing several projects efficiently together. In that time, the bank has become a major player in the Mongolian financial sector.
“We decided to introduce instant card issuance to not only drive customer loyalty, but decrease the cost of internal processes – something that has always been crucial for the bank,” said Khatanbaatar.L, Head of Unit / Processing Unit at TDB. “When we set about choosing a partner for the project, we had no doubts that Compass Plus was the right fit, as it has proved professional while meeting challenges of any complexity time and time again.”