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Instant Issuance Holds the Key to Successful Branch Transformation By Rob Dixon, product manager, Instant Issuance

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s consumers have embraced online and mobile channels, bankers are evaluating the branch’s role moving forward. While digital account solutions provide new levels of convenience and flexibility, the branch still serves as perhaps the most important channel as it supports more meaningful, face-to-face interactions with customers. Instant issuance is establishing itself as a proven program to attract more customers to the branch by enabling financial institutions to print credit and debit cards on demand and make them available for immediate use. Customer preferences shape their experiences, and within the branch, shorter lines and compressed wait times will always resonate, but banks that take the additional step in providing permanent payment cards on the spot realize a much stronger ROI in terms of customer acquisition, satisfaction and loyalty. This is especially true for millennials, who are more open to exploring their options when selecting a financial institution. In its white paper, “What Small- To Mid-Sized Financial Institutions Can Learn From Millennials,” CPI Card Group cites an Accenture survey from 2015 that finds large regional and national banks lost 16 percent of their millennial customer base within 12 months, while local community banks witnessed a five-percent increase among that population. Perhaps surprisingly, cash remains a large draw for millennials. A 2016 GoBanking Rates survey found 60 percent of

millennials still prefer to be paid in cash, meaning millennials’ preference for debit cards over credit cards is likely to continue, presenting a natural opportunity to actively engage millennials more effectively in branches. Instant issuance also provides a chance for banks to lead the conversation around EMV® integration and security, providing a convenient method for facilitating in-person opportunities to educate customers on changes to the transaction process, the security benefits of EMV and how to use their new card immediately. Responding to the need for issuers to implement a scalable, cost effective solution, CPI Card Group developed Card@Once®, a Software-as-a-Service (SaaS) instant issuance solution, available to financial institutions of any size to provide customers with ready-to-use, EMV-enabled payment cards. Today, bank customers seem to be subject to card data breaches with alarming regularity and protecting customer data is paramount to the success of any financial institution initiative. Aligning with these initiatives, Card@Once ® is Payment Card Industry Data Security Standards (PCI DSS) compliant to ensure that the printer, printing process and card composition all meet or exceed required certifications. A well-designed instant issuance program can serve as a key component of a bank’s customer service and fraud response strategy. It can also eliminate the risk and expense of distributing replacement cards via the postal service as issuers can personally hand deliver a customer’s new card and answer any questions they may have. Instant issuance is a secure and affordable way to help financial institutions extend the value of their branches by attracting customers and getting credit and debit cards to market quicker – keeping their card top-of-wallet and increasing interchange revenue. Customers, in turn, benefit from immediate purchasing power and increased satisfaction with their bank. Bankers that leverage instant issuance as a strategic differentiator and recognize its role in driving customer activity within their branches will be better positioned to exceed customer expectations. EMV® is a registered trademark or trademark of EMVCo LLC in the United States and other countries CPI Card Group 10368 West Centennial Rd. Littleton, CO 80127 303-973-9311 www.cpicardgroup.com

December 2016/January 2017

BANKING EXCHANGE

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December 2016 January 2017 Banking Exchange  
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