There was a time when on-demand (also referred to as "instant issue") cards were one of those "nice to have" benefits for members. They were fast, convenient, and efficient—but they weren't necessarily a "must have" feature like mobile banking.
Fast forward to today, and on-demand cards have become a legitimate focus for many members. Thousands of financial institutions across the country have already adopted this feature. If your credit union hasn't yet, now is the time to offer another way to build and maintain better member relationships.
The Power of On-Demand Cards
Key Benefits
- Fast: Members get their cards immediately.
- Efficient: No waiting period.
- Highly Personal: Enhances member experience.
Most members visit a credit union for an experience that is fast, efficient, and highly personal. On-demand cards check all these boxes.
Avoid Negative Experiences
Members might be willing to wait for their new cards in the mail, but that doesn't mean they'll be happy about it. Longer wait times can lead to negative experiences, which are easily avoidable with on-demand cards.
Additionally, your credit union may lose money every time members use a different payment method while waiting for their new card. Offering on-demand cards allows members to access their card and benefits immediately, creating a positive first interaction and setting the foundation for a long-lasting relationship.
Building Better Relationships
Boost Branch Traffic
Credit union branch traffic has declined, but on-demand cards can help reverse that trend. Members will likely choose to make a quick drive to the branch to pick up their card the same day rather than waiting 8-10 business days for it to arrive in the mail.
Enhance Member Engagement
While at the branch, members can discuss their financial situation with an expert and receive tailored recommendations. This face-to-face interaction allows credit unions to demonstrate how services can be customized to meet members' needs, encouraging them to return in the future and differentiating the credit union from competitors through the quality of the experience.
FLEX's Solution
At FLEX, we empower credit unions to create on-demand cards right in the branch. This convenience benefits members in all the ways outlined above and helps credit unions deepen relationships and unlock new revenue streams.
Find out how you can provide instant issue cards to your members by reading our free eGuide.
