There was a time when on-demand (also referred to as "instant issue") cards were one of those "nice to have" benefits for credit union 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 in the eyes of many credit union members. Thousands of financial institutions all across the country have already jumped on the bandwagon. If your credit union hasn't, now is the time to offer yet another way to help build and maintain better member relationships than ever by doing the exact same thing.
The Power of On-Demand Cards: Breaking Things Down
Most members visit a credit union in person for an experience that is A) fast, B) efficient, and C) highly personal. On-demand cards check all of these boxes in one fell swoop.
Members are willing to wait an extended period of time to receive their new cards in the mail - but that doesn't mean they'll be particularly happy about it. The longer they have to wait, the more likely they are to consider the experience negative - something that is fortunately easily avoidable.
Not only that but don't forget that a credit union ultimately loses money every time they make a transaction using a different payment method while waiting for their card in the mail. Just because their new card hasn't arrived yet doesn't mean someone will stop spending money, after all.
By offering on-demand cards, members can get access to both the card and its related benefits right away. If you can create an exceptional customer experience during someone's first interaction with your credit union, you have acquired one of the major building blocks needed for a beneficial, long-lasting relationship with that person.
Building Better Relationships With Members, One Card at a Time
Likewise, consider the fact that credit union branch traffic has likely declined. On-demand cards are a great way to not only get more people to come into a branch but to maximize that face time with people as well. If someone is given the option between waiting eight to 10 business days to receive their card in the mail or making a quick drive to the credit union to pick it up the same day, they're probably going to choose the latter. While they are present, they can discuss their financial situation in more detail with an expert and get recommendations on related products and services that make sense.
They don't have to simply be told that services can be customized to meet their needs - they can be shown by a friendly face. This is a great way to both encourage them to return to the branch in the future and to further separate a credit union from its competitors via the quality of the experience they are able to offer. Especially in an era of increased competition, this is arguably the most important benefit for credit unions when it comes to these types of instant cards.
At FLEX, we enable credit unions everywhere with the power to create cards on-demand, right there in the branch. Not only is it convenient for members in all the ways outlined above, but it also helps create deeper relationships and unlock new revenue streams for the credit unions themselves as well. Find out how you can provide instant issue cards to your members by reading our free eGuide.