In today’s fast-evolving financial landscape where customer expectations and technological advancements are constantly shifting, financial institutions must stay ahead of the curve to remain competitive. One crucial step in this pursuit is a comprehensive review of your current technology setup while exploring what’s currently available in the market.

The Importance of Reviewing Your Technology Setup

For financial institutions using inferior instant issuance solutions, as highlighted in the new Juniper Research report, Global Modern Card Issuing Platforms Market 2024-2029, card issuers are predicted to face rising competition to remain top-of-wallet with customers and members. This emphasizes the need to reevaluate your financial institution technology setup, particularly concerning instant issuance.

Why Instant Issuance Matters

Among the advancements to consider is your instant issuance portfolio, which empowers you to provide your customers with immediate access to banking services by issuing cards directly at your branches or other locations. Let’s explore why it’s critical to reevaluate your technology setup, especially with regard to instant issuance.

For Financial Institutions Not Yet Using Instant Issuance

In the February 2024 PaymentsJournal podcast episode, “Adopting Instant Issuance Programs Give FIs a Competitive Edge,” Brian Riley, Director of Credit and Co-Head of Payments at Javelin Strategy & Research, pointed out how instant financial card issuance helps build customer relationships.

“That card really reinforces the brand,” Riley said. “Getting into instant issuance is important because you’re really at the height of the relationship.”

If your financial institution hasn’t implemented instant issuance yet, you’re missing a significant opportunity to elevate your offerings. Here’s what you’re leaving on the table:

• Enhanced Customer Satisfaction and Loyalty: With instant issuance, customers receive fully functional, ready-to-use cards in minutes, drastically reducing their waiting time and immediately addressing their banking needs.
• Competitive Differentiation: Offering instant issuance helps differentiate your institution from competitors, providing an innovative, value-added service that attracts new customers and retains existing ones.
• Operational Efficiency: Issuing cards instantly simplifies workflows, reduces operational costs, and increases productivity across branches.

Challenges With Substandard Instant Issuance Solutions

If you’re already leveraging instant issuance but rely on a solution that leaves your team struggling with substandard machines, disappointing card quality, or lackluster customer service, it’s time to reconsider your options.

What to Look for in a New Solution and How Entrust Can Help

A proactive approach to reviewing your current financial institution technology setup and exploring new market options can support your institution’s long-term success. Consider the following key factors to ensure you choose a technology that enhances your operations and customer experience. Here’s how Entrust meets these criteria:

• Advanced Reliability and Efficiency: Look for solutions that offer unparalleled reliability, minimizing downtime and maximizing productivity. Entrust’s instant issuance solutions are designed for exceptional reliability, ensuring your institution operates smoothly without interruption.
• Superior Card Quality: High-quality cards lead to satisfied customers. Entrust ensures every card meets top-notch quality standards for durability and security.
• Exceptional Service Experience: Choose providers committed to proactive support, prompt resolution, and comprehensive resources to ensure your institution delivers the best possible customer experience. Entrust excels in this area, delivering exceptional service with proactive support and efficient problem resolution, backed by a wealth of resources to ensure smooth operations.

Entrust’s Instant Issuance solutions are designed to seamlessly integrate into your existing infrastructure while elevating the overall customer experience. By choosing Entrust, you are not only addressing the current challenges but also preparing for future advancements in digital security and customer service.

Don’t let substandard technology hold you back or miss the advantages of taking your instant issuance services to the next level. Learn more about Entrust’s Instant Financial Issuance solutions and how they can support your institution’s long-term success.

The post Financial Institutions Must Reexamine Their Technology Setup appeared first on Entrust Blog.

*** This is a Security Bloggers Network syndicated blog from Entrust Blog authored by Nak Koh. Read the original post at: https://entrustblog.wpengine.com/2024/06/financial-institutions-must-reexamine-their-technology-setup/