Independent Banker - June 2021 - 26
PORTFOLIO
ā—ˇFOCUS PAYMENTS
Digital issuance:
The other kind of
faster payment
Instant issue cards are becoming more common at financial institutions,
as they can maximize card usage and even attract customers. But another
option, digital issuance, combines that speed with increasingly popular
digital services. By Colleen Morrison
n the world of payments,
convenience and speed drive
adoption. Look no further than digital
card issuance for proof.
Digital issuance allows a
community bank to deliver payment
card credentials directly to a
customer's account. That means
I
they can push their new card to
their mobile wallet immediately
via their bank's mobile app, rather
than waiting for the physical card
to arrive.
Seventy percent of cards
pushed to digital wallets are used
within five days, according to
Ondot, Fiserv's digital experience
platform. This instant gratification
satisfies the expectations of
today's customers.
" Seventy-five percent of our app
users are Apple customers, and
within 15 minutes [of receiving a
digitally issued card], they push
their card to Apple Pay and start
using it, " says Todd Wood, assistant
vice president, digital banking at
$2 billion-asset Avidia Bank in
Hudson, Mass. " They can open an
account, fund an account, order
a card, push it to their Apple Pay
and go to Dunkin' Donuts and
buy coffee. "
What it takes to get started
In most cases, getting started
with digital issuance is a simple
process for community banks.
Many solutions integrate with
existing bank applications,
making enrollment and activation
straightforward. Implementation
26 Q ICBA Independent Banker Q June 2021
Independent Banker - June 2021
Table of Contents for the Digital Edition of Independent Banker - June 2021
Table of Contents
Independent Banker - June 2021 - Intro
Independent Banker - June 2021 - Cover1
Independent Banker - June 2021 - Cover2
Independent Banker - June 2021 - Table of Contents
Independent Banker - June 2021 - 2
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Independent Banker - June 2021 - Cover3
Independent Banker - June 2021 - Cover4
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