by Alptekin Topal
Card personalization, or card issuance, is the process of adding unique features and customer information to the chip of credit, debit, or prepaid card products. When it’s done with the right card personalization systems, it allows banks to deliver more meaningful and secure experiences to cardholders, guaranteeing customer satisfaction and portfolio growth.
Through this blog post, we will explain why card personalization is a needed service for banks and then delve into the benefits of creating personalized card products with PayCore’s instant & mass issuing solutions.
Benefits of Card Personalization Services
Today’s banks and financial institutions are operating in a rapidly evolving landscape affected by digitalization, changing customer habits, and increased competition.
As there are many card programs and products available on the market, it is almost impossible to ensure customer retention and expand the number of cardholders without offering immediate and customer-centric payment card products and services.
This is why implementing agile card personalization and instant card issuing solutions are key for banks and financial institutions to keep up with the transformation and step up of their offerings. In fact, for the last couple of years, 63% of the top banks and credit unions have adopted these technologies to position top-of-wallet card products and services.
Still, the benefits of card issuance and personalization services are not limited to enabling banks to provide personalized offerings. Let’s take a closer look at all the cost efficiency, security, and retention improvements these services generate for banks.
Improving data security and integrity is one of the key benefits of card personalization. As the process consists of writing sensitive cardholder data on card chips and securing them with cryptographic methods, it ensures that only authorized cardholders can use the card, which reduces the risk of card skimming or fraudsters.
In addition, credit and debit card personalization requires following EMV rules and should be compatible with PCI and PA standards. This way, debit and credit card personalization allows secure and confidential data transmission between all parties involved.
Increased Customer Loyalty
With innovative and flexible mass and instant issuance solutions, banks can offer customized card products designed with cardholders’ photos, biometric information, or email addresses, which is a great way to create a deeper connection with customers, making them feel valued and appreciated.
Also, in some countries, point, catalog, or discount-based loyalty card programs can be combined with personalized EMV cards to improve the customer experience even more and guarantee increased customer loyalty, retention, card usage, and spending.
Increased Operational Efficiency
To handle mass and instant card personalization, banks need to carry out a variety of software developments and upgrades in real-time and consider all the components, like printing devices, local or international schemes, regulations, and PIN transfers.
By eliminating all these costly processes and hassles, holistic card issuing solutions allow banks to print personalized credit and debit cards instantly, expand operational efficiency, and hold competitive power to generate more valuable offerings for cardholders.
Still, payment card personalization is a long, complex process, including building a brand-based EMV profile, creating the right chips for cards, and running certification tests. Therefore, to get the best out of your personalized card products, you need a reliable and experienced payment service provider on board.
Put Your Card Products on the Map with PayCore Instant & Mass Issuing Solutions
We know that EMV requires unique know-how. With our vision and 20+ years of experience in payment technologies, we provide a complete instant & mass issuing platform and customizable EMV card printing services for our partners to help them create secure, valuable, and efficient debit, credit, and prepaid card products.
Here is an in-depth look at our holistic instant & mass issuing solution.
Supporting International & Local Schemes
Our personalization platform and issuing solutions support the personalization of Visa, MasterCard, American Express, Discover, and UPI cards, as well as local schemes. They also support all card types, including credit, debit, prepaid, and multi-application cards.
Complete Security & PCI DSS Compliant
PayCore’s mass & instant issuing solutions and platform ensure that sensitive cardholder data is kept secure at all stages and not revealed, saved, handled, or transmitted in a malicious way. Also, these solutions provide complete security and encryption from the back end to the card printing machine and chip.
One Stop Shop For Personalization
Supporting various printing machines, card products, and chip vendors, our instant & mass issuing platform provides holistic card personalization solutions as well as card stock management, payment card applications, printer devices, hardware security module, cryptographic firmware, plastic cards, and quality assurance tools.
Providing personalized card products in only three minutes is possible with the PayCore Card Personalization platform! Let’s join forces to help you commence new payment programs and card products quickly and easily.