It’s no secret that consumers today are interested in digital-first experiences that provide convenience and flexibility. This preference definitely rings true within the banking industry. In fact, in a recent study conducted by Entrust, respondents indicated they prefer to do their banking online in some form or another (88%). Further, nearly two-thirds of respondents said they prefer to open a bank account digitally. And in 2020, contactless mobile wallet point of sale transactions rose to 63%.
Throughout this increased interest in digital transactions, we’ve learned that digital cards bring activation and usage to the next level by:
- increasing the probability of being top of wallet
- increasing customer acquisition by 10-15%
- reducing fraud
- reducing customer service costs, and
- increasing transaction volume
- increasing client satisfaction
While the way consumers make payments is changing, there will undoubtedly be a place for physical card offerings. A 2021 report from Worldpay by FIS predicts that 50% of point-of-sale transactions value will still be conducted via a physical card by 2024. To that point, banks should continue to invest in in-branch instant card issuance programs to provide a true omnichannel experience. This would give more traditional banks the opportunity to accelerate relationships with their customers and drive differentiation with physical and digital issuance, that isn’t available to all challenger banks.
Enhance your card strategy through digital
Here, one thing is clear – consumers want options. Banks looking to rise above the competition need to elevate their physical instant issuance card program by incorporating digital card capabilities in a way that brings the best of both worlds to the end-user in one simplified solution. Enhancing 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.
Entrust Digital Card Solution offers a software development kit (SKD) that serves as a single, comprehensive solution that reinvents physical and digital card issuance.
Current Entrust instant financial issuance customers are already ready for digital card issuance. The solution reuses their existing backend connection for easy implementation, so banks can quickly begin providing instantly activated digital cards.
The offering provides an elevated end-user experience, simplified integrations, accelerated time to market, best-in-class security, and lower overall total cost of ownership.
To learn more about how Entrust can help enhance your physical card program with a digital offering, visit us at: https://go.entrust.com/unified-card-issuance.
Register for our webinar to learn how Entrust is enabling current instant financial issuance customers the ability to now instantly issue both physical and digital cards with one single comprehensive solution. https://www.brighttalk.com/webcast/17380/541918