Advancing Debit Card Program With Instant IssuanceSource: WYNIT Distribution, LLC
Liberty Bank Increases Customer Service Levels
The debit card has become a phenomenon in the payment market. According to the 2007 Federal Reserve Payment Study, debit card payments rose 17.5 percent per year to 25.3 billion transactions in 2006 compared to 15.6 billion in 2003. Debit’s strong growth likely indicates that debit transactions are replacing cash, check and even credit card transactions, according to KRC Research.
With this increase in debit card payments, it is important for financial institutions to implement a business model that differentiates them from the competition. Customer retention and satisfaction are top priorities driving all financial institutions to stay “cutting-edge” and continue to advance their portfolio of products and services.
Implementing instant issue technology at the branch-level allows customers to receive their debit card immediately without having to wait the average seven to 10 day period to receive cards through the mail – thus providing superior customer satisfaction and loyalty, and furthermore, enabling an increase in activation rate and interchange revenue.