How Issuers Of Any Size Can Seize The High Ground
Penetration, activation and usage remain the holy trinity of payment metrics. But as much as today’s digitally biased, socially charged environment has worked in issuers’ favor, it’s also proved a stumbling block. Competing cards with barely distinguishable features, often from the same bank, chase the same consumer. Media snacking habits defy detailed product explanations. Consumer opinions outweigh the promises of card marketers.
While smaller banks may think they’re outgunned in resources and scale by the major issuers, the fact is that banks of all sizes can find their competitive edge by partnering with a highly credentialed team – like RAZR – to navigate the landscape and uncover hidden opportunities.
Working with hundreds of FIs across the country, RAZR understands the dynamics of cardholder engagement: Capturing and sustaining consumer attention. Prompting cardholders to redeem, and realize the value of, their earned card benefits. Ushering consumers and banks into deeper, more profitable relationships. This is the work we do.
With robust analytics, highly configurable technology, and informed experience creation, RAZR helps banks who otherwise struggle to connect their rewards programs with diverse cardholder segments. And we understand the drivers of greater loyalty: In our client portfolio, we see active reward redeemers showing up to 10X the spend of non-redeemers.
Today’s over-saturated product arena, and the consumer demand for two-way relationships, now bring their own demands – for smart UX, nimble strategy and adaptable tech platforms.
And those dynamics – brought together in a unified engagement strategy – can help banks of any size sharpen their competitive edge. With incremental growth, stickier marketing moments, and enhanced profitability of their card portfolios.
Yes, the playing field among large and small FIs is more equal than ever. With sophisticated analytics, you can engage your cardholders more memorably, differentiate from the pack and accelerate both card usage and profitability.