The widespread adoption of bank cards today, combined with the power of card personalization, means a unique opportunity for card issuers to stand out, gain customers and preference in today’s competitive financial services market.
According to the “Personalization Pulse Check” study by consulting firm Accenture, which consisted of a survey of 1,500 consumers between the ages of 18 and 60 in the United States and the United Kingdom, more than 70% of those over the age of 18 have at least one financial card today. In fact, most of those consumers have an average of 3.7 credit and debit cards, which makes card personalization increasingly important to win customers among the new generations of bank users: Generation X, Millennials and Generation Z.
Especially for millennials, who are currently between 20 and 42 years old, a key to their loyalty with brands is to offer personalization and tailored experiences, according to the study conducted by Accenture.
Benefits of bank card personalization
Beyond customer loyalty, which is one of the great benefits of card personalization, there are other advantages that a financial card issuer can achieve with this strategy:
Improved Customer Experience: By allowing customers to choose designs that reflect their tastes and preferences, issuers can make bank cards feel more personal, special and close to the user. In addition, cards with contactless technology and EMV chips offer a faster and more secure payment experience, improving the customer’s perception of the service received. Therefore, offering personalized cards can achieve a 6% increase in card activation and usage, according to figures from global bank card manufacturer Entrust.
Increased security: security can be greatly enhanced with personalization elements such as security holograms and special inks that are only visible under certain conditions and are very difficult to imitate and allow issuers and merchants to verify the authenticity of the card visually, preventing the use of counterfeit cards. In addition, EMV chips make the cards much more difficult to clone than magnetic stripe cards, as each transaction with an EMV chip generates a unique code, which cannot be reused, reducing the risk of fraud.
Brand differentiation and loyalty: Offering cards with unique designs, premium materials and additional security features positions a card issuer as innovative and unique, appealing to a market segment that values differentiation. In fact, 41% of U.S. customers of all ages said they are loyal to brands that allow them to customize products, according to consulting firm Accenture.
Trends in financial card personalization
Knowing all the benefits that personalization of bank cards can bring, it is appropriate to be aware of the current trends in this area so that you can implement them in your financial institution and gain recognition and loyalty in the market.
Flat or unembossed cards: stand out as a feature that goes beyond a simple design trend, as it signifies an evolution and sophistication of bank cards, with better durability, security, with EMV chip, customer satisfaction and has already been adopted by most card issuers.
Metallic cards: this trend makes it possible to go beyond flat cards and increase customization options with the inclusion of specialized substrates to give cards a metallic look. The combination of flat card technology with metallic cards creates a distinctive and sophisticated financial card.
Digital cards: are an alternative to expand the offer of bank cards in a financial institution and offer a great user experience, as they are portable from a cell phone, allow digital and “contactless” transactions and have enhanced security thanks to tokenization.
Undoubtedly, the personalization of bank cards brings advantages not only for the design of the cards, but also for the growth of the business of financial institutions, which must rely on a recognized supplier of technology for card issuance such as Intexus. Learn more about our innovative and secure card issuance solutions here .