Recognizing the importance of instant issuance in today’s financial marketplace, the Best in Biz Awards recently named CPI Card Group’s innovative Card@Once solution a 2018 silver winner in the Enterprise Product of the Year – All Others category.
The Best in Biz Awards is the only business awards program judged by an independent panel of prominent reporters and editors from top-tier business publications including the Associated Press, Businessweek, CNET, Fast Company, Financial Times, Inc., Forbes, Fortune, Reuters, USA Today, The Wall Street Journal, and Wired, among others. Past award winners have included household names like AT&T, Aflac, Microsoft, Sheraton, Eastman, Ernst & Young, and Hewlett-Packard.
The 8th annual Best in Biz Awards recognized CPI’s Card@Once as a secure, cloud-based instant issuance solution that is both quick to deploy and easy to use.
As a Software-as-a-Service (SaaS) solution, Card@Once allows issuers to instantly print magnetic stripe, EMV® and dual interface debit and credit cards in the branch without requiring expensive on-premises software or servers. CPI manages all IT support and updates, allowing the financial institution to focus solely on serving the needs of its cardholders with minimal upfront investment and no annual licensing fees. PCI-compliant1, Card@Once offers issuers a competitive differentiator that helps improve their cardholder experience.
The benefits of instant issuance are well-established. It allows financial institutions to serve their cardholders’ most urgent needs, while also reducing the substantial costs associated with mailing or shipping cards, with a savings of up to $1 per card. Instant issuance has also been shown to improve debit card activation rates by between 4 and 10 percent depending on branch and cardholder demographics, and to increase monthly debit purchase transactions by an average of 21 percent, depending on the mix of new and existing cardholders receiving the card.
Card@Once also allows issuers to respond effectively to instances of fraud and card compromise. In 2017, Indiana-based Farmers & Merchants Bank needed to rapidly reissue nearly 800 debit cards in response to cardholders effected by card data compromise. Thanks to the Card@Once instant issuance solution, the Bank was able to immediately meet this critical need, reissuing most cards within a 24-hour window, while simultaneously converting its cardholders to the EMV chip-enabled standard.
Interested in offering in-branch instant card issuance to your cardholders? CPI Card Group’s team of dedicated client services specialists are here to help. Learn more about instant issuance here or see more about Card@Once here.
1Certain PCI standards apply to the financial institution facility that are not within CPI Card Group's control.
Rob Dixon is the Product Manager for Instant Issuance at CPI Card Group.