CHICAGO (February 14, 2011) – According to a newly-released report, payment card issuers stand to gain tremendously by moving card production and fulfillment to a digital on-demand platform. The report, issued by Arroweye Solutions, details the technology advances in card issuance and the savings and efficiencies realized with digital on-demand.
“From our perspective, the payment card industry is at a critical juncture. Between a recovering economy and evolving regulations, issuers need to innovate or watch as their competitors surge ahead,” said Arroweye Solutions CEO Render Dahiya. “Traditional models are very limiting, and in order to maximize value and profit, a more flexible and customized approach is needed.”
Digital on-demand technology represents a dramatic departure from traditional methods, performing all aspects of card production only when the card is ready to be fulfilled. This “just-in-time” method is the difference between four-eight weeks lead time with pre-purchased stock to a fully customized product in as soon as 24-48 hours. The zero inventory model and design flexibility gives companies the tools to develop a highly customized product to better target market segments.
“Digital on-demand is a recent innovation, and we spoke with industry professionals, business partners and reviewed industry data in order to produce an accurate assessment of how on-demand technology can impact card issuance,” added Dahiya.
The report also projects the cost savings associated with a digital on-demand model, and details the types of payment card customization that on-demand supports and enhances.
“At the core of any card program, is the desire to build the kind of relationship with the customer that leads to increased activations, overall card usage and cardholder retention,” said Dahiya. “What we learned developing this report is that digital on-demand enables that type of relationship-building in a more efficient, cost-effective manner.”
The report can be downloaded here. Additionally, more information on the report as well as a video interview with Dahiya can be found on the Arroweye blog, The Straight & Arrow.
About Arroweye Solutions, Inc.
Arroweye is a card marketing and production partner that provides just-in-time, highly customized plastic gift, incentive and payment cards and carriers. With a unique combination of web-based design tools and on-demand manufacturing and personalization capabilities, Arroweye is the first fully-digital manufacturer of plastic within the open-loop and closed-loop payments industries. The company also provides gifting solutions, including customized greeting cards, branded card communications programs and a suite of stored value gift card solutions. Arroweye was founded in 2000 and is based in Chicago, IL. For more information, visit www.arroweye.com