Customers of Chase will be able to get debit cards on the spot in 2,000 branches, but only in select regions in the U.S. They’ll start with a focus on New York City, then move on to Chicago and Los Angeles by the year’s end.
Customers will be able to get their personalized Chase debit card immediately when they open a new checking account. Customers who lose or damage their existing card can also eliminate the irritation of waiting days to receive a replacement card through the mail. All they have to do is swing by a branch.
36kr has previously written about the significance of instant-issue debit cards — both psychologically (from the consumer’s perspective), and strategically (from the financial institution’s perspective). In the article, “Instant Issue Debit/Credit Cards: A Branch-Only Convenience,” 36kr wrote:
“No one wants to wait 5-10 business days for anything anymore. The world is now measured in milliseconds… A debit card is a symbol of purchasing power. It is the consumer’s most frequent point of interaction with their bank account. Handing someone their card in person has a tremendous positive psychological impact. For all the benefits online and mobile banking solutions offer, instant issue cards is one convenience available only at physical branch locations.”
Instant-issue debit cards will remain a competitive advantage until digital wallets become a widespread reality.
Chase will install instant-issue technology in 800 additional branches across the United States during 2013. The bank also plans to offer the same convenience for customers with Chase-branded credit cards and the Chase Liquid reloadable card.
“Instant-issue is a real time-saver for our customers,” said Brad Nolan, Chase Bank’s Head of Design for Branch Innovation. “Customers can enter their local branch, select a debit card of their choice, select a PIN, and begin using their card immediately. And if a customer’s card is lost or damaged, they can get a new one right there.”
Chase worked closely with to develop and install the instant-issue technology featured in the branches.
The new instant-issue debit cards are the latest step in Chase’s overall efforts to simplify banking. Among the bank’s other initiatives to make banking easier, Chase…
- …is the first large bank to adopt a simple disclosure form for its checking accounts based on Pew Health Group’s recommendations;
- …reduced and eliminated several checking account fees;
- …launched its first customer service Twitter handle
- …continues to pilot new branch technologies, including self-service banking kiosks
Chase is the U.S. consumer and commercial banking arm of JPMorgan Chase, a global financial services firm with assets of $2.3 trillion. Chase serves more than 50 million U.S. consumers and small businesses through more than 5,500 bank branches.