Research conducted by Aite Group in mid-2020 indicated that by 2023, more than half of all financial institutions around the world will be providing financial instant issuance (FII) services. This is greatly being influenced by the dynamic change in ways to improve security and solve some of the challenges affecting the financial industry. Apart from the irresistible benefits that are brought about by FII, many other factors are driving customers to embrace this new way of banking.
Financial institutions not only need to make a profit but also have a lot to provide for their customers, this includes providing fast, reliable, and highly personalized services to their customers. It is in this view that the financial industry is fast adopting FII to make their services better and simpler to provide.
In this article, we are going to take you through a series of reasons why you should adapt financial instant issuance as your payment and banking solution.
Factors to consider financial instant issuance
Financial instant issuance undoubtedly provides many benefits, however, there are some factors that you ought to consider before choosing FII services.
Which supplier provides the best work service?
Apart from the price, there is more to look for in a supplier. A supplier must give an affordable price for their financial instant issuance, the capability to generate revenue from a reputable service provider. You need to dig deep and get all information you need to know what it is like to work with potential suppliers.
Another important thing to note is whether your potential suppliers can customize some of your products to your specific needs. A good FII supplier is one with more personalized options.
Go through the regular compliance
Regulations are part of our daily lives. Every aspect of life is guided by rules and regulations; financial institutions are not left behind. The main thing to consider here is whether the supplier can safeguard the customer’s personal identification information under tight security and ensure the FII programming is on the right protocol.
The supplier must meet the standards set by The Payment Cards Industry Data Security Standards which gives regulations on how sensitive information should be secured. The general data protection regulation (GDPR) should also be considered before choosing a good supplier.
How does the provider handle maintenance?
It is true to say that maintenance issues always arise in payment card solutions such as financial instant issuance. It is therefore very important to know how your potential supplier resolves such maintenance issues. Although some problems such as hardware issues require a technician to manually resolve, many can be handled remotely.
Your service provider should have a procedure on how to handle more complex problems such as service failure and other complex system issues.
While there are many things to consider before jumping into FII, the above are the most common and important things to consider. So, what are some of the benefits that you are likely to get from FII? This is a question asked by many, below we have discussed some merits of FII both to the cardholder and banks.
Is it SaaS or SFP?
Apart from the above considerations, an FFI program can either be SaaS or SFP, and it’s essential to know before deciding. Be sure to know who takes the server’s ownership that stored data and your program card’s information. The two most vital considerations are one-solution software for purchase, which implements power in the financial institutions’ hands. In contrast, the other software as a service works by shifting responsibilities to the cloud base. If you choose the latter, the data server is turned to the issuance supplier instantly.
Best of all, when making informed decisions for your business, certain factors need considerations, such as the cost of EMW and more. Usually, when chosen by big banks, SFP implements higher costs while, on the other hand, SaaS offers a payments card, which can be any number in fractional paying options. Moreover, when it comes to different decisions about production keys, they can be handled by either your SFP or the SaaS-supplier.
More importantly, since EMV production keys are susceptible, choosing an instance issuance company with a good reputation ensures you’re up to the challenge, especially if you decide to take an SFP option.
Merits of Financial instant issuance to banks.
- It helps cut on the cost of mailing, this is because both debit and credit cards will no longer require mailing.
- The fact that cards can be activated in bank branches gives them instant purchase power.
- It enables banks to get more potential revenues because of instant allocation.
- It helps in boosting customer loyalty and esteem.
- The high rate of inactive cards had cursed a major problem to the banking sector, this has helped reduce the number of inactive cards by a large margin.
- Fast-paced Efficiency. Since instant issuance is an effortless and straightforward process that satisfies customers, banks benefit by improving their efficiency. In today’s rapid-paced lifestyle, convenience is the glue that binds success in every venture. Through Instant issuance, there is a seamless, convenient, quick, and efficient banking experience.
Advantages of FII to cardholders
- FII has come in handy in helping customers get their debit and credit cards fast. Unlike in the past, this shortens the long waiting time.
- The rate of mail fraud has greatly reduced all thanks to instant issuance.
- Financial instant issuance cards are activated on collection, therefore, making it easier for both the bank and the cardholder to get an instant response to their queries.
- Earlier, cardholders had to wait for a speculated amount of time to start using the FII has changed that and cardholders can use their cards instantly.
- There are also fast replacement services once the card is lost or stolen.
Panini financial instant card issuance provides the best solutions for your financial needs. Their products are designed to improve the experience of customers planning to use personalize cards in real-time at the branch level. The tools are aligned with regulatory compliance and document authenticity, which are both critical in banking.