The age of waiting for cards – credit and debit, that is – may seem as quaint as, well, mail. And the fact debit cards are used globally by people who are making payments globally means that waiting by the mailbox is a non-starter.
In a case study issued by Entrust Datacard, enabling ease of payments, through ease of actually getting cards in the first place, the Navy Federal Credit Union presented a crystalline version of how and why speed and efficiency both matter. As the world’s largest credit union, with $76 billion in assets, roughly 6 million members, and many members in far-flung locations (not to mention 13,000 employees and 287 branches), it’s not far-fetched to think that traditional card issuance for new or replacement cards has its limitations. The credit union’s purview extends beyond the Navy and embraces all Defense Department branches to include contractors and even family members of those contractors.
To meet the needs of this extended network, Navy Federal adopted an instant card issuance platform, via Entrust Datacard, first appearing as a pilot platform two years ago, with an initial rollout at nine branch locations. Then, with an eye on the remaining branches – nearly 280 of them – the program expanded to include 60 to 70 locations monthly across branches, with an ultimate goal to be extended through all branches by the end of that year.
The benefits have crossed a two-way street: The union members do not have to wait five to 10 days to receive cards –a period where they may indeed be in need of making payments – and the EMV compliance of the chip enabled cards has allowed for added security. In addition, Navy Federal has reaped the benefits of being able to shrink operating and mailing expenses that would be tied to creating and mailing the cards. The ease of obtaining the cards themselves has led to increased card use, and, not surprisingly, transaction volume has grown as well.