From inflation and conflict, to rising interest rates and the growth of neo banks, to synthetic identities and deepfakes – banks and credit union leaders are navigating tumultuous times. Yet, through it all, these same leaders recognize the immediate need to meet the demand for an enhanced customer experience to drive loyalty and increase revenue. And it all starts with a streamlined secure onboarding process – one that provides digital-first customer experiences with an accelerated time to value.

Ultimately, the quicker a financial institution can move a prospective customer from account opening to card issuance to making their first purchase, the more satisfied the consumer becomes and the faster the financial institution realizes value. And, if that can all happen in less time than it takes to brew a cup of coffee – all the better! Of course, it’s equally as important to be Know Your Customer (KYC) and Anti-Money Laundering (AML) compliant, as well as secure through each and every transaction. Fraud is a large and growing problem that can cost banks as much as $4MM per breach (IBM), not to mention the potential reputational damage and lost consumer trust that has the power to seriously damage future growth potential.

What follows is a roadmap to navigate this journey.

Enable digital customer onboarding.

We’ve heard from many customers that banks and credit unions alike only have a 90-second to 5-minute window of time that consumers are willing to spend verifying their identity and opening an account. Any longer than that and you risk application abandonment – that isn’t a lot of time to provide a great consumer experience that will lead to top-of-wallet status. That’s why it’s critical for banks to adopt technologies that allow them to offer remote customer onboarding enhanced with biometric identity verification; identity and device reputation authentication (also known as Electronic Know Your Customer, or eKYC); and digital contract signing.

Provide digital and physical payment card options.

Once a new customer account has been approved, it’s time to provide a method to make payments. Traditionally, a customer would need to wait for a physical card to be mailed to their home address after opening their bank account. While this process is still an important part of any bank’s card issuance program, it can be beneficial to offer other methods of card issuance that will help the bank realize time to value more quickly, and to exceed customer expectations.

For those customers that open an account remotely via their mobile device, doesn’t it make sense to instantly issue them a digital card to their newly installed banking app so they can start using it right away? Enhancing existing card programs with digital offerings with functionality like digital card issuance, NFC payment, tokenization, wallet push provisioning, and card controls allows banks to streamline processes, reduce cost of ownership, and provide a boost in customer satisfaction.

Many banks and credit unions also offer the option to instantly print a card in-branch. This method is a nice addition to any payment card issuance program because it gives branch employees the autonomy to surprise and delight customers by printing them a new replacement card, or a new card for those who choose to open an account in person.

The key to a successful card issuance program is to ensure that your bank can rise to the customer’s immediate challenge and provide the flexibility to open an account and receive their card via the method that works best for them, and as quickly as possible.

Secure the end-to-end experience.

Securing the end-to-end customer experience (from account opening to transacting), is vitally important to mitigate costs and reputational damage resulting from banking fraud or a breach. As mentioned in the consumer onboarding and account opening phase, it’s important to make sure to adhere to the latest eKYC and AML compliance requirements.

When it comes to protecting transactions once an account has been opened, banks and credit unions should look for solutions that provide risk-based authentication to proactively identify fraudulent patterns through fraud detection algorithms, device identity scans, and adaptive risk analysis. Applying those solutions across all e-commerce transactions, high-value transactions, and irregular locations will help identify and mitigate potential fraud.

Create a simpler, safer, and more valuable journey for your customers and members by working with a company you trust to augment your existing processes today with pre-packaged solutions and accelerate your institution’s digital transformation. Learn more about how Entrust can be that trusted partner here: