Each new year is the start of a new journey. For cardholders, their journey consists of five distinct stages. I recently sat down with Jennifer Davis, TMG’s vice president of SmartGrowth™, to discuss ideas issuers can use to elevate each stage of the cardholder journey in 2017.
Jennifer kicked off our discussion by providing a brief overview of issuers’ approaches to each stage in the cardholder journey:
- Product – Designing card programs to be enticing to target consumer segments
- Account Generation – Inspiring target consumers to take the desired action – applying for a credit card
- Activation and Usage – Ensuring once consumers have their cards, they enjoy the benefits
- Account Management – Maintaining a superior credit card product with a competitive credit line and rate
- Service – Coming through on promise to deliver stellar experiences
Looking ahead to 2017, Jennifer highlighted several ways issuers can maximize portfolio performance during each of the stages listed above. To design a great card product, Jennifer recommends issuers turn to business intelligence. Those insights can help an issuer understand what each cardholder segment looks for and what other financial institutions are exploring.continue reading »