Financial institutions brace for chip shortage

IN THE CARDS: Navigant Credit Union offers “instant issue” banking cards to members at its branches, but Timothy J. Draper, senior vice president of marketing, says Navigant and other financial institutions have seen shipments of new cards from vendors slow because of a chip shortage. / PBN PHOTO/MICHAEL SALERNO
IN THE CARDS: Navigant Credit Union offers “instant issue” banking cards to members at its branches, but Timothy J. Draper, senior vice president of marketing, says Navigant and other financial institutions have seen shipments of new cards from vendors slow because of a chip shortage. / PBN PHOTO/MICHAEL SALERNO
Fewer choices at car dealerships and barren Best Buy shelves are the most obvious signs of the global semiconductor chip shortage – new motor vehicles and electronics rely heavily on the technology. But tucked away inside secure vaults within bank branches, the supply of credit cards, debit cards and ATM cards is also at risk…

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