Finance Guidance

Because the credit card market is so competitive, the ability of associations and organizations to offer instant issuance credit cards can increase a company’s competitive edge. An institution’s bottom line in the marketplace can be boosted by increasing card sales, improving customer satisfaction, customer/member loyalty, and giving an impressive return on investment (ROI). With Smart Card software and PIN selection technology, financial institutions are now seeing increased overall revenue over traditional credit cards that have in the past been issued at a later date via mailing.

Through the use of new, advanced PIN software and plastic card embossing that are now available to many institutions, customers are now able to leave the facility with a card that is fully functional and can be used immediately as opposed to waiting for the card to arrive in their mailbox up to ten days later. The customer receives immediate satisfaction and the issuer saves time and money on card processing, handling, and mailing costs, as well as risks associated with mailing. The benefits to both parties are shown below.

Instant issuance gives financial institutions a competitive advantage by: increasing their profits, lowering costs associated with credit card issuance, including mailing costs, improving cross selling opportunities, increasing loyalty of customers based on more immediate satisfaction, increasing the number of card sales, activation, and usage, and improving service evaluations when compared to competing companies. (continue reading…)