Instant-Issuance Payment Cards:
Fulfilling Consumer Expectations for Immediacy
Sponsored by:
October 2015
2
FORWARD
This study, sponsored by Entrust Datacard, explores the market for instant
issuance of debit cards in-branch from the perspective of issuers and consumers.
Revenue opportunities, and customer experience and satisfaction associated with
instant issuance were investigated. This study and whitepaper were independently
produced by JAVELIN.
JAVELIN maintains complete independence in its data collection, findings, and
analysis.
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Instant-Issuance Payment Cards:
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TABLE OF CONTENTS
EVERYTHING NOW: CONSUMER DEMANDS FOR IMMEDIACY ............................ 4
EXECUTIVE SUMMARY ......................................................................................... 5
Key Findings ........................................................................................... 5
Recommendations ................................................................................. 6
THE ECONOMICS OF INSTANT ISSUANCE............................................................. 7
Interchange ............................................................................................ 7
Activation and Fraud Risk ...................................................................... 8
Issuer Size Considerations ..................................................................... 9
INSTANT ISSUANCE AND CONSUMER PERCEPTION ........................................... 10
Full Engagement Faster With In-Branch Issuance ............................... 10
Satisfaction with the Issuance Experience ........................................... 12
The Instant-Issuance Halo Effect: Overall Satisfaction Is Higher With
Instant-Issuance Banks ........................................................................ 14
Instant Issuance Improves Customers’ Opinion of Many Areas of
Issuers’ Performance ........................................................................... 16
Word of Mouth is Key .......................................................................... 17
CONCLUSION ...................................................................................................... 18
METHODOLOGY ................................................................................................. 19
TABLE OF FIGURES
Figure 1: Mean Number of Days for Centrally Issued Card Delivery, by FI Size ... 7
Figure 2: Interchange Revenue, Instant Issuance vs. Central Issuance of Debit
Cards .................................................................................................................... 8
Figure 3: Instant- Issuance Cardholders, by FI Type ............................................. 9
Figure 4: Length of Time Account Owned and Reason for Receiving Card ........ 11
Figure 5: Perceptions of the Debit Card Issuance Experience, Instant Issuance
Debit Card vs. Central Issuance Debit Card ........................................................ 12
Figure 6: How Owners of Centrally Issued Cards View Instant Issuance ........... 13
Figure 7: Bank Satisfaction, Instantly Issued Debit Cardholders vs. Centrally
Issued Debit Cardholders .................................................................................. 14
Figure 8: Overall Satisfaction With the Issuing Bank After a Lost or Stolen Debit
Card Is Replaced by IIDC or Central Issuance ..................................................... 15
Figure 9: Bank Perception, Instant-Issuance Debit Card vs. Non-Instant-Issuance
Debit Card .......................................................................................................... 16
Figure 10: Percentage of Instant and Central Issuance Customers Having
Recommended Issuer, Past 12 Months ............................................................. 17
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EVERYTHING NOW:
CONSUMER DEMANDS FOR IMMEDIACY
One of the most apparent consumer trends today is the shift in expectations
around immediacy. As content such as movies, music, and games have become
digitized, on-demand access has become the norm. These expectations have
permeated other aspects of our lives: Online retail is shortening delivery windows
for physical goods from days to hours, and in the payments industry the transfer
and settlement of funds is being pushed toward a new, real-time paradigm.
This culture of raised expectations sets the stage for the instant issuance of
payment cards. As this paper demonstrates, shifting payment card distribution
from central issuance by mail to instant issuance in a branch has both financial
and, perhaps more important, reputational benefits for financial institutions.
Instant issuance meets consumer demands for immediacy, and wins favor for the
issuing FI.
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EXECUTIVE SUMMARY
Key Findings
Issuers benefit from $0.50 to $0.77 in incremental lift per card from
interchange in the first month after a card is issued. In the five days a
customer would have been waiting for a centrally issued card to arrive in the mail,
cardholders who received their card instantly in the branch will be transacting and
accruing interchange for the issuer.
Issuers can effectively use the 5–15 minutes it takes to print a card inbranch to deepen relationships. FI executives reported that employees in their
branches use this time effectively to get to know customers’ needs and take the
opportunity to cross-sell products and services.
Customers value the convenience of instant issuance, and its halo effect
extends to overall satisfaction with the bank. Cardholders are 22% more
likely to be very-to-extremely satisfied with their bank overall if they received an
instantly issued card instead of a centrally issued card. Instant-issuance customers
are also more likely to believe their bank is innovative (64% vs. 48%), is a great
finance partner (57% vs. 45%), and communicates effectively (65% vs. 53%).
The satisfaction gap between banks with and without instant issuance is
wider for customers replacing lost or stolen cards. Instant-issuance
customers were 30% more likely to be very-to-extremely satisfied with their bank
overall when replacing a lost or compromised card compared to those whose
cards were centrally issued. In today’s climate of frequent data breaches and
requisite card replacements, this could have significant value in winning customer
loyalty and appreciation.
Up to 40% of centrally issued debit cards are never activated, but
activation may reach 100% for instantly issued cards. FI executives placed
card activation rates at 60–70% for centrally issued cards, but activation of
instantly issued cards in-branch can mean rates could reach 100%. 1
1
Javelin interviews with industry executives, August 2015.
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Recommendations
Instant Issuance clearly resonates with cardholders, but the benefits are
not fully realized if this information isn’t articulated. If your institution
already uses instant issuance, make sure to advertise this feature to new and
existing customers who request cards online. Although asking a customer to make
a trip to the branch might introduce undue friction to the process some of the
time, other customers would rather have their card several days sooner. Offering
the option to pick up a card in-branch gives customers control and makes an
institution appear considerate and flexible.
When deciding to implement instant issuance, consider hardware for
printing EMV cards. Although these machines and cards may be more costly,
EMV will soon be ubiquitous and consumers will shift away from non-EMV cards.
Additional studies by Javelin have shown that EMV card awareness can also have a
significant benefit on the perception of an FI as secure and innovative. The crossselling opportunity at the point of instant issuance is a perfect time for articulating
the benefits of EMV to the customer.
Tighten Know-Your-Customer (KYC) protocol in the branch. Although
instant issuance will make a dent in mail fraud, training employees to recognize inperson fraud schemes will help to reduce new-account fraud and account
takeovers that take advantage of instant activation.
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THE ECONOMICS OF INSTANT ISSUANCE
Instant issuance offers long-term cost savings as well as additional revenue in the
first month after each card is issued. Over time, these financial benefits offset the
cost of initial investment in hardware:
 Interchange from five days of transactions when the card would have been
in transit
 Increased card-activation rates from in-branch activation
 Decreased fraud from intercepted mail and unauthorized activation and use
of cards
Interchange
A Javelin survey of U.S. cardholders conducted in June 2015 determined that a
centrally issued card takes an average of five days to reach the cardholder through
the U.S. Postal Service (Figure 1). For those five days of the first month, the issuing
bank cannot generate any revenue from interchange.
Large Regional and Community Banks’ Customers Lose the Most Time to
Central Issuance
Figure 1: Mean Number of Days for Centrally Issued Card Delivery, by FI Size
Credit union
4.8
Community
bank
5.5
Large regional
bank
5.3
Giant bank
4.6
0.0
1.0
2.0
3.0
4.0
Number of days for card to arrive
Q8. You stated that your new/replacement debit card
was mailed to you. How many business days did it
take for the card to arrive? Mean number of days
shown. Does not include next-day mail recipients.
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5.0
6.0
June 2015, n= 150
Base: Consumers who received non IIDC replacement
debit card in mail in past two years.
© 2015 GA Javelin
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The average U.S. consumer uses a debit card 13 to 20 times per month, so a bank
relying on central issuance loses interchange for 2.2 to 3.3 transactions, or
between $0.50 and $0.77 per card in the first month of issuance. With instant
issuance and no five-day wait time, the cards are free for use immediately, and
therefore the full interchange value of the card can be realized in the first month
(Figure 2).
FIs Generate An Extra $0.50 to $0.77 in Interchange on Instantly Issued
Cards
Figure 2: Interchange Revenue, Instant Issuance vs. Central Issuance of Debit Cards
Method
Number of
Purchases
Per Month
Average
Interchange
Fee Per
Transaction
Number of
Days
Delayed
Central
Issuance
13-20
$0.23
5
Instant
Issuance
13-20
$0.23
0
Average
Incremental
Lift
$0.50 - $0.77
© 2015 GA Javelin
Activation and Fraud Risk
Further advantages accrue to banks that activate instantly issued cards while the
customer is in the branch. Financial institution executives place the rate of
activation for centrally issued cards at 60% to 70%, whereas 100% of instantly
issued cards were activated on the spot.2 This method also entails fewer risks
because identity verification in-branch is more robust than over the phone, and a
direct handoff from teller to customer ensures that the card is not intercepted en
route.
2
Javelin interview with industry executives, August 2015.
3
Ibid.
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Issuer Size Considerations
Despite the costs of implementation, large FIs do not appear to hold a
demonstrable advantage over smaller institutions in offering instant issuance. In
fact, cardholders stating they had received an instant-issuance debit card in the
past 24 months were more likely to come from a credit union than a larger
financial institution (Figure 3).
Smaller Issuers Lead the Shift to Instant Issuance
Figure 3: Instant- Issuance Cardholders, by FI Type
Card was centrally issued
Card was instantly issued
44%
Credit union
56%
49%
Community
bank
51%
Large
regional
bank
46%
54%
54%
Giant bank
46%
0%
10%
Instant Issuance Status by Bank Size
20%
30%
40%
Percentage of consumers
50%
60%
June 2015, n= 150, 150
Base: Consumers who received instantly issued cards in past 2 years,
consumers who received centrally issued cards in past two years.
© 2015 GA Javelin
Smaller institutions such as community banks and credit unions have expressed clear
benefits from the instant-issuance model:
“There’s a change in consumer behavior and expectations. And yes, you can make the
monetary [argument] that says if you get the card earlier they are more likely to use the
card, but we asked consumers how important [it is] that [they’re] able to get the debit card
in-branch and…millennials said, ‘Yeah, I would pick my bank on that issue.’”
- Community bank executive4
4
Javelin interview with industry executives, August 2015.
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INSTANT ISSUANCE AND CONSUMER PERCEPTION
Although the economic justification for instant issuance over central issuance is
solid, instant issuance should not be measured purely by the potential lift in
interchange revenue and card activation. In today’s consumer payment landscape,
expectations have been significantly raised in terms of speed and convenience for
delivery of goods and services, and financial institutions are not immune to
heightened consumer demands. As this section of the paper demonstrates,
providing instant-issuance capabilities has a significant upside in improving the
perception of a financial institution across a wide variety of attributes and also
provides an opportunity for cross-selling and increasing consumer engagement.
Full Engagement Faster With In-Branch Issuance
Meeting customer expectations is the primary reason for implementing instant
issuance among all FI executives interviewed. However, several also noted the
cross-selling opportunity in having the extra few minutes in-branch with the
customer.6 Taking the extra time to promote customer engagement is especially
important when onboarding new customers, who make up a larger proportion of
instant-issuance recipients than do those requesting replacement cards.
5
Javelin interview with industry executives, August 2015.
6
Ibid.
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In fact, instant-issuance cardholders were more than twice as likely to say that
they received it while opening a new account, while those receiving centrally
issued cards were more likely to be renewing expired cards (see figure 4). This
finding is supported by statements of FI executives who indicate that their
institutions may still use central issuance for reissues in order to avoid the friction
of asking their customers to come into the branch. However, 10% of instantissuance recipients requested the card online or over the phone and had it mailed
to them next-day from the branch, and 31% picked up the card in-branch after
requesting it remotely, indicating that this friction might not be such a barrier for
customers as expected.
Instantly Issued Cards Are More Likely to Have Been Issued for New
Accounts Than Reissues
Figure 4: Length of Time Account Owned and Reason for Receiving Card
IIDC
Percentage of consumers
100%
87%
90%
Non-IIDC
I opened a new checking
account and got a new debit
card
13%
33%
80%
68%
70%
50%
My debit card was expiring and
I got it replaced
28%
60%
My debit card number was
compromised or had fraud and I
replaced it with a new debit card
50%
40%
20%
12%
I lost my debit card and
replaced it
30%
20%
19%
17%
10%
4%
I had my debit card replaced for
some other reason
0%
Less than One to less Two years
one year
than two
or more
years
Q4C. How long have you had your bank account with [the issuing bank]?
Q5:. Have you done any of the following in the past 2 years?
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13%
15%
9%
5%
7%
0% 10% 20% 30% 40% 50% 60%
June 2015, n= 150, 150
Base: IIDC recipients, Non-IIDC recipients.
© 2015 GA Javelin
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Satisfaction with the Issuance Experience
Customer perceptions of the issuance process reveal a strong preference for (and
expectation of) instant issuance (Figure 6). Instant issuance customers are more
likely to agree with an array of positive statements about the issuance process, by
a margin of up to 15 percentage points. Although roughly half of central issuance
cardholders did not report strong positive impressions of the issuance process,
however, fewer also reported that they would have been majorly inconvenienced
by having to wait longer. That customers who received their cards within one day
were more likely to feel it would have been inconvenient to wait longer indicates
that once a customer has experienced this level of convenience, he or she quickly
comes to expect it.
Instant Issuance Cardholders Report More Positive Impressions of the
Issuance Experience
Figure 5: Perceptions of the Debit Card Issuance Experience, Instant Issuance Debit Card vs.
Central Issuance Debit Card
Card was centrally issued
Card was instantly issued
55%
The card requesting and receiving experience
was very satisfactory
69%
52%
I was happy to be able to use the card so
soon
67%
55%
The card requesting and receiving process
was very convenient
65%
44%
The card issuing process improved my overall
impression of the bank
58%
43%
The card issuing process improved my
impression of the bank’s security
57%
45%
It would have been a major inconvenience to
have to wait longer for my card
57%
37%
35%
How quickly I received the card did not make
any difference to me
0%
Q10a. To what extent do you agree or disagree with the
following statements about your experience receiving your new
debit card from (...)? Top 2, strongly agree shown.
7
20%
40%
60%
Percentage of consumers
80%
June 2015, n= 150, 150.
Base: Consumers who received IIDC in past two years,
consumers who received non-IIDC in past 2 years.
© 2015 GA Javelin
Javelin interview with industry executives, August 2015.
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Another important test of the desirability of instant issuance is how the process
would be viewed by those who have yet to experience in-branch card delivery.
Fifty-five percent of cardholders whose cards were centrally issued stated that
they would find instant issuance to be extremely convenient. Another 43% stated
that the feature would improve their overall impression of the bank, and 42%
stated that they would be more likely to recommend this bank to others because
of instant issuance (Figure 7). This last statement is also substantiated with reports
of actual behavior (see figure 10).
Central Issuance Cardholders Say it Would Be “Convenient” and “A
Relief” To Use Card Sooner
Figure 6: How Owners of Centrally Issued Cards View Instant Issuance
I would find this to be extremely
convenient
55%
It would be a relief to be able to
use my debit card so soon
51%
This feature would improve my
overall impression of the bank
43%
I would be more likely to
recommend this bank to others
because of this feature
42%
This feature would improve my
impression of my bank’s security
42%
Waiting for the new card by mail is
a major incovenience
31%
It does not matter to me to have to
wait a few days to receive my debit
card
30%
0%
10%
20%
30%
40%
Percentage of consumers
Q10b. If your bank issued such instant debit
cards, how would you feel about that? Top 2,
strongly agree shown.
8
50%
60%
June 2015, n= 150.
Base: Consumers who received non-IIDC in past 2 years.
© 2015 GA Javelin
Javelin interview with industry executives, August 2015.
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The Instant-Issuance Halo Effect: Overall Satisfaction Is Higher With
Instant-Issuance Banks
The satisfaction-gap between instant and central issuance cardholders does not
end with the experience of requesting and receiving the cards. In fact, consumers
who received their card through instant issuance are 22% more likely to say they
are very-to-extremely satisfied with the issuing institution overall (see figure 8
below), and are also more likely to hold an array of positive beliefs about the
institution (See figure 5)
Seventy-one percent of instant-issuance debit card recipients rated their
satisfaction with the issuing institution as a 9 or 10 out of 10, compared with just
58% of cardholders whose cards were centrally issued. On the opposite end of the
spectrum, cardholders expressing dissatisfaction in their issuing bank (scoring 4 or
below) were twice as likely to have received centrally issued cards. Although the
greater satisfaction from recipients of instantly issued debit cards cannot be
entirely attributed to instant issuance, higher satisfaction with the issuance
process itself suggests that the process does indeed improve cardholder
satisfaction (see figure 3).
Instant Issuance Customers Are 22% More Likely to be Highly Satisfied
with Their Issuer
Figure 7: Bank Satisfaction, Instantly Issued Debit Cardholders vs.
Centrally Issued Debit Cardholders
Extremely satisfied
9
8
7
6
5
4
3
2
Not at all satisfied
1%
Card was
centrally issued
35%
23%
19%
13%
1%
4% 3% 2%
1% 1%
Card was
instantly issued
51%
0%
20%
20%
40%
60%
Percentage of consumers
Q9a. On a scale of 1 to 10, where 1 means 'Not at all satisfied'
and 10 means 'Extremely satisfied', how satisfied are you with
your issuing bank?
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19%
80%
5%2% 1%
100%
June 2015, n= 150, 150
Base: Consumers who received IIDC in past two years,
consumers who received non IIDC in past two years
© 2015 GA Javelin
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An overall satisfaction score is useful in determining the value of instant-issuance
debit cards over alternatives, but a more nuanced view of how perception is
improved provides clarity on just what attributes of the bank experience are
enhanced through offering instant issuance.
The gap in overall satisfaction for instant vs. central issuance is further widened in
cases of reissuance when the original card befell a misfortune such as being lost or
compromised. When consumers are already inconvenienced by such an event,
they react even more strongly to the delay in receiving their card: Those saying
they were extremely satisfied with their bank overall fell from 35% to 26% (see
figures 7 and 8). Thus, the institution’s ability to quickly remedy the situation
when the customer loses access to his or her card is reflected in the customer’s
perception of the institution as a whole.
Customers Receiving Centrally Issued Replacements for Lost/Stolen Cards
Are Much Less Satisfied
Figure 8: Overall Satisfaction With the Issuing Bank After a Lost or Stolen Debit Card Is
Replaced by IIDC or Central Issuance
10 - Extremely satisfied
Lost or
stolen card
centrally
issued
9
8
26%
7
30%
6
5
4
3
15%
2
1- not at all satisfied
19%
4%
2% 0%
2%
Lost or
compromis
ed card
instantly
issued
51%
0%
10%
20%
30%
22%
40%
50%
60%
Percentage of consumers
Q9a. On a scale of 1 to 10, where 1 means 'Not at all
satisfied' and 10 means 'Extremely satisfied', how satisfied
are you with your issuing bank?
9
18%
70%
80%
2%2%
90%
100%
June 2015, n= 49, 47.
Base: Consumers with lost/compromised debit cards issued instantly,
consumers with lost/compromised debit cards issued centrally.
© 2015 GA Javelin
Javelin interview with industry executives, August 2015.
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Instant Issuance Improves Customers’ Opinion of Many Areas of
Issuers’ Performance
Compared to those whose cards were centrally issued, instant-issuance debit
cardholders had a higher opinion of their primary FI than non-instant issuance
debit cardholders in such categories as customer friendliness, trustworthiness,
reliability, innovation, and being technologically advanced. Particularly notable is
that, by a margin of 12 percentage points, instant-issuance debit cardholders
viewed their primary FI as a “great finance partner” (Figure 5).
Instant Issuance Cardholders Hold a Higher Opinion of the Issuing Bank
Figure 9: Bank Perception, Instant-Issuance Debit Card vs. Non-Instant-Issuance Debit Card
Card was centrally issued
Card was instantly issued
63%
Is customer friendly
69%
60%
Is trustworthy
67%
59%
Is flexible and serves my needs
67%
59%
Is reliable
66%
65%
65%
Is safe and secure to bank with
53%
Communicates effectively
65%
48%
Is innovative
64%
57%
61%
Is technologically advanced
45%
Is a great finance partner
57%
0%
10%
Q9b. Using a scale of 1 to 10 where 1 means 'Strongly
Disagree' and 10 means 'Strongly Agree', please rate
how well each of the following statements describes
your issuing bank. Top 2, strongly agree shown.
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20%
30%
40%
50%
Percentage of consumers
60%
70%
80%
June 2015, n= 150, 150.
Base: Consumers who received IIDC in past two years,
consumers who received non-IIDC in past 2 years.
© 2015 GA Javelin
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Word of Mouth is Key
Perhaps the most important implication of a good reputation is the business it
generates by word of mouth. Customers who received their cards via instant
issuance are 37% more likely to have recommended the issuing institution to a
friend or family member in the past 12 months compared to those who received
the card via central issuance (see figure xx below). Although the rate at which the
advice was taken is unknown, nearly three out of five instant issuance customers
referred new acquisitions to the institution that issued their debit card, potentially
expanding the institution’s customer base significantly.
Three in Five Instant Issuance Cardholders Have Recommended Their
Issuer to a Friend
Figure 10: Percentage of Instant and Central Issuance Customers Having Recommended
Issuer, Past 12 Months
Card was instantly issued
59%
Card was centrally issued
43%
0%
Q18. In the past year, have you referred other
customers to your bank? Yes shown.
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20%
40%
60%
Percent of consumers
80%
June 2015, n= varies; 28 - 272.
Base: Consumers who received replacement debit card in
past 2 years, by segment.
© 2015 GA Javelin
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CONCLUSION
The case for instant issuance of cards has traditionally focused purely in the
monetary increase in interchange revenue from the user being in possession of
the card a few days longer in the first month. Although this is still a core reason for
providing instant issuance to cardholders, both FI executives and cardholders tout
the equally-significant benefits of improved customer satisfaction, retention, and
word-of-mouth recommendation.
Today’s consumers expect real-time delivery of goods and services, and instant
issuance meets these demands and can provide significant and measurable
improvement in brand reputation compared to financial institutions that are not
delivering this capability. Cardholders who received their debit cards through
instant issuance have a quantifiably more favorable impression of their primary
financial institution than cardholders who received centrally issued cards several
days later in the mail.
10
Javelin interview with industry executives, August 2015.
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METHODOLOGY
The consumer data in this report is based on information collected from a Javelin
survey that targeted populations representative of the overall U.S. population in
proportions of gender, age, and income in June 2015:
 150 cardholders who had received an instant issuance debit card within the
past 24 months.
 150 cardholders who had received a central issuance debit card within the
past 24 months.
Further research was conducted through in-depth phone interviews with financial
institutions, card networks, and financial technology vendors.
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ABOUT JAVELIN
JAVELIN, a Greenwich Associates LLC company, provides strategic insights into
customer transactions, increasing sustainable profits and creating efficiencies for
financial institutions, government agencies, payments companies, merchants, and
other technology providers. JAVELIN’s independent insights result from a uniquely
rigorous three-dimensional research process that assesses customers, providers,
and the transactions ecosystem.
Authors: Nick Holland, Head of Mobile
Sarah Miller, Senior Analyst – Custom Research & Operations
ABOUT ENTRUST DATACARD
Consumers, citizens and employees increasingly expect anywhere-anytime
experiences — whether they are making purchases, crossing borders, accessing egov services or logging onto corporate networks. Entrust Datacard offers the
trusted identity and secure transaction technologies that make those experiences
reliable and secure. Solutions range from the physical world of financial cards,
passports and ID cards to the digital realm of authentication, certificates and
secure communications. With more than 2,000 Entrust Datacard colleagues
around the world, and a network of strong global partners, the company serves
customers in 150 countries worldwide. For more information, visit
www.entrustdatacard.com.
© 2015 GA Javelin LLC is a Greenwich Associates LLC company. All rights reserved. No portion of these
materials may be copied, reproduced, distributed or transmitted, electronically or otherwise, to external
parties or publicly without the permission of Greenwich Associates, LLC. GA Javelin may also have rights in
certain other marks used in these materials.
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