Financial institutions, such as banks and credit unions, are constantly looking to provide more relevant and efficient financial services to better service their customers anytime, anywhere. Often, that means providing online and remote offerings to serve the bulk of their customers’ needs 24-7, and more importantly, bringing these services to where their customers spend their time – on their mobile device.
With the COVID-19 pandemic, we have seen an acceleration of technologies emerge to serve these market needs. However, while there is strong demand for these digital banking solutions, financial institutions can’t lose sight of their physical card programs as an important part of the payments ecosystem. A recent FIS/Worldpay report found that credit and debit cards remain the preferred way to pay, with 67.2% of transactions at point-of-sale are completed with a physical payment card.
Self-service instant issuance brings banking experiences to a whole new level
While there are many new generations of technologies becoming a part of the customer’s financial journey, self-service instant issuance solution is one of the fastest growing, as well as the first beneficiary of accelerated digital branch transformation during and post pandemic.
Self-service instant issuance provides the financial institution a good mixture of full self-service capabilities for day-to-day simple transactions, guided operations for the mid- and highly complex transaction, or the same service for non-tech-savvy customers. According to a report by Markets and Markets, the bank kiosk market, including ATMaaS and ITM, was valued at $744 million in 2021 and is expected to reach $1.3 billion by 2026; with a CAGR of 12.0%.
With all the benefits self-service instant issuance can provide to banking customers, it can be difficult to find the right partner to collaborate with on your self-service instant issuance projects. As more players come into the market with different promises, you will need to have a real insight into who has a physical and digital foundation with the right balance to suite your business needs.
Entrust provides financial institutions the capability to issue payment cards to their customers to finish the last step of the account opening process. The account opening process will be considered completed only when the payment card is dispensed to the customer, fully activated and ready to use. In addition to that, all of our physical products are seamlessly connected to our digital products, such as Digital Card Solution, to provide you a top-of-notch self-service experience all around.
To learn why Entrust is the right technology partner for you – and your cardholders – attend our webinar, or read our most recent self-service case study with Banco del Pacifico here.