Recently I read an industry digital payments news article which included a comic strip to reinforce the lesson the solution you’re promoting should solve for your customers’ business problem. In the comic strip [below], one manager comments their customer service motto could be “ if you are unhappy for any reason, we will feel really bad”.
At Panini, our financial institution clients are doing everything they can to meet their customer/member service needs, despite being in a unique service environment as we emerge from our stay-at-home orders.
I’ve been selling payment solutions in the banking industry for several years. Financial institutions I’ve worked with prior to Covid-19 with launching instant issuance elected to launch only with EMV (not contactless). I also agreed with the financial institution set-up decision, but now as we come out of the stay-at-home mandates, the rules are changed with customer/member service.
Today it’s important for financial institutions to partner with an instant issuance provider that has an integrated platform and flexible launch options of either contactless or EMV. Panini’s Instant Issuing solutions provide a streamlined user platform with both payment technology capabilities. Contactless payments are much faster than dipping a card and just as secure. According to Visa, 48% of its in-person transactions (excluding the U.S.) are contactless [source].
Contactless payments acceptance will accelerate in the U.S. post Covid-19. Financial institutions must evaluate their payment programs, especially at new account opening, and their ability to provide contactless payments. An industry payments news article from Matica titled “Instant Issuance Helps Financial Institutions Pandemic”, does a good job recapping why instant issuance is critical with customer service especially at new account opening. I’ve recapped below the value to financial institutions providing instant issuing with Debit Cards or Credit Cards at new account opening and with replacement cards.
- Keep customers/members & employees safe: instant issuing via drive through protects FTEs and cardholders (especially for new cardholders or replacement cards)
- Meet cardholder service needs: especially for new accounts and with replacement cards
- Increased savings to the financial institution: no longer are new or replacement cards mailed via USPS
- Increased interchange fee income: cardholders can begin using plastic 8-10 days earlier vs. waiting for card to arrive in the mail
- Look toward the future: when the pandemic ends, instant issuing through your drive through channel will differentiate your financial institution from nearby competitors that are not instant issuing.
I’m very excited to be part of the Panini team as a branch instant issuing solutions representative. I’m looking forward to working with our clients and channel partners.
All the best to you my hope is you’re healthy as we come out of stay at home orders. Keep being positive and believe in yourself!
Product Sales Specialist, Instant Issuance, Panini