Our Financial Services Marketing Team evaluates marketing materials American Express used in marketing two distinct products – a checking account and a credit card – as a bundle. We make note of the strategies and tactics that work and identify a few details that still need to be ironed out.
The time is right for FS brands to focus on digital wallets. American consumers are willing to try new payment methods, and digital wallets lead as the crowd favorite. In fact, forecasts indicate that the digital wallet market will grow 18.9% year-over-year through 2028.
Considering the expectations of consumers and the business impact of digital engagement, banks and credit unions don’t have an option to sit this one out. Media Logic lists the industry trends that are making strong digital channels necessities for FIs.
A new checking product from Amex meets the demands of Millennials – digital-first, rewards, ease of application and use, transparency, account integration and no need to step into a branch -- and points to emerging marketing best practices other FIs can borrow.
With a purchasing power of more than $143 billion and counting, Gen Z customers should be top of mind for financial institutions. Check out our recommendations for meeting the financial needs of this frugal and socially conscious generation.
Pressure on financial institutions to match the customer experience of tech-based companies isn’t new. For years now, the convenience of on-demand services from wildly popular brands like Apple, Amazon and Uber has been changing the way consumers interact with companies. See why our team thinks there are now solid opportunities for FIs to reach the higher bar and retain customers.
Some COVID-related marketing adaptations are here to stay. How can merchants and card issuers adapt? Media Logic shares how consumer preferences for digital-first products and services may impact card issuers’ acquisition, retention and usage efforts.