MassMutual Federal Credit Union is an U.S. financial cooperative based in Springfield, Massachusetts. Created in 1962, the bank is a not-for-profit Credit Union.
With 35 employees, MassMutual Federal Credit Union reached 12,000 members, 8,500 active cards on field and more than 5,000 shared branches in the U.S.
As MassMutual Federal Credit Union (MMFCU) faced a high number of Credit Union's competitors in the U.S., they wanted to differentiate their brand by offering added value in their bank branch, by creating a real user experience and the "wow" effect needed for their customers.
As one of the early adopters of Instant Issuance with on premise solution, MassMutual Federal Credit Union needed therefore to develop their offer and be at the cutting edge of innovation in order to not lose customers to competitors.
The challenge was to support MassMutual Federal Credit Union into their migration to the EMV chip so they can propose a more robust, cost effective and flexible solution.
"With the advent of EMV technology in the United States, MassMutual Federal Credit Union was looking for a more cost effective way to continue instantly issuing cards, something we had been doing since 2006. We could both spend thousands and thousands of dollars and continue to run our own program or find a better solution." Chris Brown, Chief Operating Officer, MassMutual Federal Credit Union
A new cloud-based card issuing service
Thanks to its EMV SaaS (Software as a Service) solution, Gemalto enables the issuance of the chip card in the moment.
From new customers to those who lost or had their card stolen, all can now have their card instantly issue or replaced in branch.
The customers can walk in to branch and authenticate themselves.
In less than a few minutes they will have their new smart card printed and ready to use, removing the disruption to their everyday life.
"Gemalto/Shoreline was the answer. Their cloud-based solution helped us continue our instant issue program without heavily investing in new technology. I think our members would have mutinied if we sunsetted our instant issue program. It has become a benefit they cannot live without." Chris Brown, Chief Operating Officer, MassMutual Federal Credit Union
Cost savings and increased member's satisfaction
MassMutual Federal Credit Union have seen benefits both internally and externally.
To begin with, MMFCU have seen
incremental revenue impact thanks to $1.61 in branch cost savings, as well as migrating to a SaaS solution made a cost savings of $50.000.
They also have seen an instrumental raise in retention due to instant issuance as members are more happy and loyal.
Since 65% of all smart cards are now issued in branch, it leads to more added value by delivering
differentiation and increasing
Gemalto's Instant Issuance is a fully end to end SaaS solution, this enables Financial Institutions to be faster to market with less investment and fewer IT hurdles.
This unique service is reliable due to our easy to use web interface that allows the bank clerk to quickly and easily use and print cards in branch.
Centralized real time updates removes any need for onsite support while being future proof and flexible means we can support magstripe, EMV chip and contactless EMV (dual-interface), as well as Dynamic Code Verification (DCV) cards.
Most important our solution offers built-in support for industry wide equipment from key vendors of desktop issuance printers including direct to card, retransfer and embossing machines.
We have already succeeded in supplying a 4,000-strong branch network production more than 3 million EMV cards a year.
Now, MassMutual Federal Credit Union's employees can be focussed on being even more members-centric, which means:
- Frictionless user experience
- Improved customer engagement
- Increased upselling opportunities
- Raise in retention
- Increase marketing options with card personalization
I live by my debit card; being without it is really an inconvenient option. Getting one right away when my card information was compromised was the best thing ever! I didn't have to be without a card for even an hour!
Jillian, Member, MassMutual Federal Credit Union
I love that I can hand a card to a member immediately when they join the credit union. Even though getting a card right away has become somewhat the norm, they are still 'wowed' that we can do it.
Kathy, Branch Employee, MassMutual Federal Credit Union
Learn more about Instant Issuance
About Shoreline, a Gemalto company for our US offers