Consumers demand speed in just about every aspect of their lives– and banking is no exception.

According to a survey by Fiserv, Inc., three in four households want real-timebalances on all of their accounts and 72% want instantposting of transactions. When it comes to millennials aged 25to 35, those numbers jump to 83% and 86%, respectively.

But for far too long, consumers have lacked visibility intofraudulent activity on their bank statements – often times onlybeing made aware of suspicious activity once it was already toolate. Advanced authentication methods, coupled with theavailability of instant issuance, are improving the consumerexperience by dishing out newly-activated payment cards faster thanever before.

Although it may no longer be considered novel technology,pairing instant issuance with mobile solutions enables creditunions to notify members of fraud in just seconds and deliver thespeed, security and service they crave.

Together, these solutions are helping credit unions deliver theswift and secure banking experience needed to keep pace withincreasing consumer demand.

The Purchasing Power Play

Losing a payment card is a terrible (and inconvenient)thing.

However, what's even worse is the immediate loss of purchasingpower when a plastic card either goes missing or is stolen.Considering how many people rely on payment cards during checkout,it's easy to imagine the pain points in having to shift back toother payment methods, or simply not be able to make a purchase atall, until a replacement card is provided.

Total System Services' 2016 U.S. Consumer Payment Study found40% of consumers prefer to use credit cards, 35% opt for debitcards and just 11% choose cash. Instant issuance has the potentialto transform the banking experience for those consumers whoregularly opt for plastic. By replacing consumer purchasing powerwithin a few minutes, instant issuance stands to increase customersatisfaction while also improving activation rates.

According to a Javelin study sponsored by Entrust Datacard, executives atfinancial institutions placed activation rates at 60% to 70% forcentrally issued cards while activation of instantly issued cardsin-branch can reach up to 100%. With instant issuance, creditunions can also drive new sales by presenting other products andservices as consumers receive their instantly issued cards.

Keeping Satisfaction and Security Top ofMind

Though the fight against fraud is nothing new, a steady rise inattacks has heightened consumer concerns – putting increasingpressure on all financial institutions to keep fraudsters at bay.Verisign's DDoS Trends Report for Q1 2017 revealed the averageDDoS attack size increased by 26% over the previous quarter, withnearly half of those companies being attacked multiple times. Inthe same way, ill-prepared businesses can fall victim tocybercrime, consumers who only check their online account or bankstatement once every few days are particularly vulnerable tofraudulent activity that can pop up any time of day or night.

It's not all bad news, though.

The emergence of more advanced authenticationmethods that also leverage instant issuance has made it easier thanever before for credit unions to protect member accounts. These newmethods not only keep accounts safe, but also provide a level ofcomfort and convenience members are looking for.

Credit unions already have a well-established reputation fordelivering unparalleled member service. From checking accounts tooverdraft services, credit unions are often known for offering moreconsumer-friendly terms to provide top-notch service. In fact, theAmerican Satisfaction Index has awarded credit unions a higher customer service rating than banks every year since 2008. By beefing up security throughdifferent authentication methods, credit unions can continue tooffer an increased level of convenience and security to members,while also maintaining their long-standing reputation ofservice.

One new authentication method already being used by creditunions is instant push notifications, which enable consumers toauthorize transactions directly from their mobile banking app. Ifthe consumer didn't make the purchase, he or she can quicklydecline the transaction and report the fraud directly to the creditunion. In the event that a consumer's account is breached or theysimply lose a card, financial instant issuance can be used todistribute a fully activated payment card in less time than ittakes to withdraw cash from an ATM.

An authentication solution that might soon find its way intocredit unions is iBeacon technology. By integrating into theirmobile apps, iBeacon technology can give credit unions theopportunity to identify members from the moment they walk throughthe front door. Rather than waiting to review a member's accountinformation until they arrive at the teller window, employees cansend a push notification to an accountholder's mobile phone, reviewtheir reason for coming in and prepare relevant cross-sellingopportunities. Perhaps even more importantly, fraudsters whorequest a replacement payment card through a stolen laptop and thenattempt to pick it up at a local branch will be stopped dead intheir tracks.

These authentication methods can go a long way toward increasingconsumer satisfaction. Cardholders are 22% more likely to be veryto extremely satisfied with their financial institution if they'vereceived an instantly issued card instead of a card sent by mail.Better yet, quick access to a new payment card also promises toboost visibility through top of wallet placement, leading togreater usage rates and loyalty later on.

An Instant Issuance Future

Industry experts on every side of the argument continue to weighin on what's in store for the future of branch banking.

From the idea that branch banking is inefficient and outdated toassertions a branch can serve as a unique selling proposition, it'sdifficult – if not impossible – to know which prediction will proveto be true.

Despite these conflicting opinions, however, one thing remainscrystal clear: The future of banking is consumer centric.

Spurred by the adoption of smartphones andother mobile technologies, financial institutions are focusing onconsumers much more than products. Although digital offeringssatisfy many of the needs consumers have today, don't underestimatethe importance of human interaction – especially when it comes toemergencies. To help fill that void, instant issuance is improvingthe banking experience by providing services that enable financialinstitutions to develop deeper relationships with consumers.

People want high quality goods and services – and they want themnow. With the demand for instant gratification continuing to impactmore aspects of our daily lives, it's no wonder consumers expectsimilar speed and convenience from financial institutions. To stayatop of an increasingly competitive industry, credit unions mustlook for ways to implement more meaningful solutions, like instantissuance. From higher card usage rates to increased membersatisfaction, instant issuance stands to benefit credit unions inmore ways than one.

Alyssa Arredondo is Director of Financial Vertical Marketingfor Entrust Datacard. She can be contacted at [email protected].