I was recently discussing the picture card product with a friend of mine. I am heavily into digital wallets and eliminating steps to fuel my own efficiency, so as I was describing the product to her, I also explained why I thought it may not be very lucrative.
For those that aren’t familiar, picture card is a software that financial institutions can purchase to allow their members to upload photos and place them on their debit or credit cards. As I elaborated more on this product, I was shocked to hear that she felt the exact opposite of me. She mentioned she isn’t into digital wallets at all and that she would happily go the extra step to customize her card—every card in her wallet, if given the opportunity.
I found this quite interesting and dove further into the topic to understand her thought process. She said that when looking at a financial institution, something like this could be a major factor in her decision and believes that financial institutions should market this more to alert their members if it’s offered.
Knowing this, I had to do more research. Here are some of the interesting facts I uncovered during my deep dive:
- Nearly 70% of consumers say non‑reward features—such as personalization options, flexibility, configurable card settings—are their primary reason for choosing their main card. [federalreserve.gov]
- Gen Z: 48% would use their primary card more often if they could personalize aspects of the card (payment options, configurability, etc.). [federalreserve.gov]
- 46% of consumers with 3+ cards use their chosen primary card multiple times per week, compared to 35% for those who only have one card. [federalreserve.gov]
- Primary cards also generate significantly more revenue, with average monthly balances of $1,903, compared to $1,202 and $929 for secondary and tertiary cards. [federalreserve.gov]
Higher usage frequency equals more interchange revenue, more opportunities for interest accrual (for credit cards), and higher transaction volume overall.
Fostering top-of-wallet behavior is clearly the priority, and picture card solutions are designed to deliver just that. So, what’s the real challenge? Institutions that already have a picture card program may not really be encouraging members to effectively engage with it. What marketing campaign did you run for it? Which channels was this broadcast on? How long and often do you run this campaign?
Every membership engagement journey is different—you may find that some products need longer marketing efforts or more targeted audience segmentation. Success depends upon how actively and effectively you market your offerings. Forgetting to push a service that can be a tipping factor won’t help potential members know or remember that it exists.
Whether you’re looking to up-level your picture card product offering or strengthen how it’s marketed to your members, United Solutions Company (USC) is here to help. USC can help your financial institution create a Top of Wallet strategy that you and your members will be raving about.
