Instant digital issuance (IDI) creates a pre-activated digital version of a new or reissued card before physical card delivery. These digital cards, available for immediate use in a digital wallet for online shopping, are highly popular with consumers, especially younger, tech-savvy cardholders.
According to fiserv, IDI elevates customer satisfaction and engagement, with 70% of digitally issued cards used within five days. These cardholders can spend sooner, more often and more securely (since card-not-present transactions are blocked).
IDI is also good for issuers:
- Establishing the brand as a leader in “the evolving digital landscape”
- Increasing revenue
- Reducing costs
- Driving – and defending! – top-of-wallet position
- Preventing interruptions to card loyalty
So what’s the best way for FIs to tap into and maximize these benefits? Media Logic’s card marketing experts have assembled an overview with definitions, best practices and in-market examples from Chase, SoFi, Venmo, Affirm, Bank of America and Chime.
Due to the convenience and urgency often present with IDI, a high-quality first impression is essential. In the SlideShare above, our team outlines the following best practices issuers should utilize to shape messaging around that critical first touch:
- Manage and control the cardholder experience starting with an immediate “You are approved” (or “Your replacement card is ready to use”) email.
- Make sure the call-to-action (CTA) is strong and repetitive.
- Focus the CTA on the primary desired mission: “Add your new/replacement card to top-of-wallet position immediately and use.”
- Consider offering an incentive.
- Reference the mechanics (i.e. the how-to), like “through the mobile app.”
- Add a few additional key messages, like “plastic on way” and “Use card now,” along with reinforcement of security features.
- Reinforce the card’s rewards value prop, if relevant.
- Include a disclosure about access only to a portion of the cardholder’s approved credit line.