TAMPA, Fla.—How big of an advantage these days is it for the credit union to offer instant issue?
CSCU is calling the service a “game changer,” noting that instant issue results in greater member satisfaction and increased card usage.
On its The Payments Review website, CSCU notes that Aite reports that instant issuance adds eight incremental transactions in the first month a member takes the new card, then an average five incremental transactions per month due to higher member satisfaction.
“This results in a possible incremental transaction volume list of $2,340 annually,” CSCU stated. “By receiving a working card immediately, a cardholder can start to use the new card as soon as they walk out of the branch, resulting in the initial eight to 10 transactions which would not have taken place while waiting the eight to 10 days to get the card in the mail.”
In addition, the positive experience resulting from the in-branch experience makes it more likely that the card moves to top of wallet, CSCU explained.
“And since the card number can immediately be entered into the many online accounts, mobile wallets such as Apple Pay, and digital wallets such as Visa Checkout, Amazon, PayPal and Venmo, that card will continue to see increased transactions throughout its lifecycle,” the company said.
FIs adopting instant issuance typically see 50% growth in purchase volumes, with a 34% boost in transactions, when measured against FIs that do not offer instant issuance, CSCU expained.