Credit cards evolve toward all-purpose financial services accounts
Major credit card issuers are transforming their product from one that allows simply for making purchases in the same old way into one that offers a variety of functionality (think personal loans and buy now, pay later). Their mobile apps and websites are providing customers with more self-service options for shopping, tightening security and disputing charges. Keynova found these trends and more in its latest study. It also evaluated cards from the 10 largest issuers to determine which one offers the most value in terms of rewards to customers, and JPMorgan Chase has the one that came out on top.
Credit cards are undergoing a transformation. The cards — whether actual plastic or an account residing in a digital wallet — increasingly offer a range of payment and credit possibilities, according to research by Keynova Group.
In tandem with this, the nature of cardholders’ digital user experience, from shopping around for new cards to managing card account security and privacy, is changing.
Self-service channels have improved, thanks to the increasing utility of mobile devices and the growing sophistication of banking websites. Users are in direct control more than ever before and have options like video chat for when they get stuck.
Credit card issuers that don’t keep up with leaders on these trends could see interest in their offerings flag.
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