Competitive Compass

Gen Z and Millennials are doing great.Gen Z and Millennials feel fantastic about their financial situation. Please re-read the previous sentence. It’s easy to get caught in the doom loop that surrounds all of us. Doom & gloom gets more clicks, and we all know this, yet we allow the negativity to cloud our judgment.This summer, I wrote The Mythbuster Memo, my worst-performing newsletter for the year. One can’t make this up. Probably it was too positive for readers?IF you believe in data, then please consider that Gen Z andMillennials are feeling much better about their financial health. This helps explain the growth across the board, including premium cards, across various experiences, and new products.Patrick has a fantastic presentation on 2026 Financial Services Marketing Predictions. I’m happy to schedule this forthe first two weeks of December or in the new year. He identifies three key themes for next year:1.      Control Amid ChaosContinued macroeconomic uncertainty, combined with adecreasing interest rate environment, will drive banking competitors to highlight budgeting tools and lenders to promote refinancing as a proactive form of reasserting control.2.      Old Money, New TricksA surge in financial confidence among the youngest segments of adults will reshape brand strategy, as financial services companies target Gen Z adults as intrafamily influencers who can steer their parents to new products and planning techniques.3.      Simpler Is SmarterPremium card relaunches are pushing the boundaries ofproduct complexity, causing competitors to use simplicity as a differentiator in marketing. As financial brands refocus on checking accounts and primary status, doing the basics better will be a recurring theme.

Targeting and Channel Strategy in Q3 2025. What the Data Tells us about Issuer Intent? Fulcrum Question: If discovery is shifting to GenAI andtrust is being built on the margins, where does competitive advantage come fromnext? I typically spend 4-6 hours putting this newsletter togethereach week. Sometimes, I take twice as much time (this happens quarterly).The reason is that these two reports I feature today capture so much incredible detail that I struggle to boil them down to the key takeaways. Pulling out just two or three takeaways is like trying to pick a favorite from a buffet where everything matters. That’s what makes this edition one of the toughest and most rewarding to write.1. Q3 2025 Credit Card Application Report2. Financial Profiles - Q3 2025I highly recommend reading both reports in full. But ifyou’re short on time, or just looking for a guided tour, here’s what you need to know. Below, I’ve laid out the key takeaways of how each issuer is playing the game.Bank of AmericaBofA hosted its investor day event this past week, markingnearly 15 years since its last one. You can view the full 300+ page deck here.My goal was to validate what I saw in Q3 activity with the broader vision, and there’s perfect alignment. BofA is focused on quality over quantity. Product cross-sell and relationship depth are key priorities.

Gen Z wants to borrow smarter, faster, and on their own terms.The opportunity? Build the tools that meet them where they are. Fulcrum Question: Does our product help a user make a smart choice right now, one they’ll feel good about tomorrow?I always smile when people say Gen Z doesn't like credit, as I know this is not true. Today, I have some statistics to back up that smile. Gen Z is reshaping credit, incorporating the best elements of debit as a component.Gen Z is not a generation of spenders or savers. It’s ageneration of choosers.They want tools that are simple, transparent, and seamlessly integrated into their existing shopping and payment processes. BNPL’s rise is about gaining control and confidence. The brands that appear at checkouts makeflexibility feel intuitive and win the current transaction, while also being front-runners in gaining long-term loyalty. BNPL’s Blueprint: Empowerment in Four TapsBNPL’s rise is not a fluke. What started as a short-term lending tool has evolved into a frictionless way for young consumers to gain greater control over their finances. And the numbers show it.The result: BNPL feels modern. It feels like it's been designedfor them.From Control to Confidence: Why This MattersDig beneath the behaviors, and a bigger motivation comes into view: control. And with it, something even more powerful: confidence. Gen Z doesn’t want to be told how to manage money. They want tools that work like the rest of their digital life: intuitive, transparent, and available instantly.That’s why the best BNPL providers are doubling down on clarity. Terms are easy to understand. Installments are visible at checkout. Alerts remind users what’s due and when. And if something slips? The UX doesn't punish, it guides.BNPL proves this: when you treat the user as capable and in control, they repay you with trust.The TakeawayThe future of credit isn’t about interest rates or APR calculators. It’s about trust at the moment of action.Whether your customer is buying sneakers or booking their dream vacation, they’re evaluating your product on one thing: Does this help me get what I want, without surprising me later?Get that right, and you don’t just win the transaction; you also win the customer.You earn the repeat. You earn the relationship. You earn the default position in their financial life.

The New Chemistry of GrowthMoney 20/20 this year was less about competition and more about connections/partnerships; everyone’s finding their element. Walking the expo floor at Money 20/20 in Las Vegas thisweek, it struck me that the word “alone” is fading from the payments vocabulary. Wallets are partnering with AI firms, banks are collaborating with crypto firms, fintechs are teaming up with banks and brands, and even credit unions are forming partnerships with one another.Fulcrum Question: If you’re in cards, retail banking, or payments, the question to be asking is, “Who will partner fastest and smartest?”Conclusion: The Chemistry LessonIf Money20/20 taught us anything this year, it’s thatgrowth is no longer a solo pursuit; it’s a shared reaction. The future of commerce won’t be written by isolated innovators but by the bonds they form.Every partnership, whether PayPal bonding with OpenAI, Amex linking with Coinbase, or Comperemedia fusing with Equifax, adds a new element to the ecosystem.The most potent compounds are those in which each elementamplifies the other.That’s the chemistry of 2025.That’s the new formula for growth.Find your element. Form your bond. Start your reaction.

Today’s edition covers two big moves in cards and banking.A deep dive with Citi’s Pam Habner on the launch of Strata Elite and the premium card renaissanceA fast read on the Q3 earnings momentum that is reshaping card marketing and product strategy Fulcrum Question: Are you building for the earn and burn of today, or the yearn and AI-driven journeys of tomorrow? Andrew interviewed Pam Habner, Head of US Branded Cards and Lending for Citi, and I’d recommend you skip reading my takeaways and watch the full video here. This conversation is a masterclass from one of the most influential voices shaping the future of cards today.1. The Premium Card Renaissance: Flexibility Over "Coupon Books" The definition of "premium" is shifting, demanding greater simplicity and user control. Affluent consumers, especially Millennials, will pay steep annual fees if the value is clear. Strata Elite proves that premium is aboutdelivering freedom, control, and experiences that matter.The "Earn, Burn, and Yearn" Hierarchy: Premium today is built on three layers. Earn is strong rewards. Burn is the ability to redeem. But it is the Yearn that now drives the category forward; exclusive access, hard-to-get reservations, and cultural experiences that resonate with younger cohorts. The future of premium lives in the Yearn.2. Strategic Partnerships as the Ultimate DifferentiatorCiti is leveraging its partnership assets to create a unique value proposition that is difficult for competitors to replicate.

Anti-Algorithm: Empowerment Over EfficiencyConsumers are pushing back against black-box systems. They don’t want to be told “the algorithm knows best.” They want personalization with transparency and control over their choices.In finance, this shift is stark. Algorithms drive credit decisions and product recommendations, but today’s consumer asks: are you empowering me, or just automating me? That’s the fulcrum every CMO faces.Flexibility is winning loyalty.Programs that let people pick their own rewards outperform one-size-fits-all offers. That’s why customizable rewards cards and subscription-style memberships like SoFi Plus, Robinhood Gold, or, like we discussed last week, Coinbase One resonate: they monetize loyalty while giving consumers agency.The future will go further. Imagine a banking app where you can tweak the algorithm yourself: setting the parameters for your robo-advisor or your budgeting tips. Mintel forecasts consumers will demand this level of explainability and co-creation.Strategic takeaway: Highlight empowerment. Make transparency, choice, and explainability visible features.The brands that invite customers into the process will feel like partners. The ones that don’t risk feeling manipulative.Will your customers sense a guiding hand, or invisiblestrings?The New Young: The Ageless ConsumerLife stages are blurring. Longevity is rising, milestones are shifting, and consumers are redefining what it means to be “young.” The old playbook: designing products by age bracket, no longer holds.A retiree might open a robo-advisor account for the first time. A millennial might delay homeownership into their 40s. A 65-year-old could be starting a business. The message is clear: design for life needs, not life stages.This shift shows up in credit cards. Premium cards are simplifying, not complicating. Citi Strata Elite and Capital One Venture X succeed with clarity. Simplicity resonates across generations, whether you’re 25 or 55.Another example is intergenerational money flow. Cash App thrives by making value exchange seamless across ages, from splitting dinner with friends to sending money to family. Consumers want brands that work across their entire lives, not just one chapter.Strategic takeaway: Retire the retirement talk. Position products around mindsets and moments, not birth years. Build offerings that flex as customers evolve.Are your products built for life stages that no longer exist?The Affection Deficit: Craving Connection in a Digital WorldIn a world optimized for speed and automation, consumers are lonely. Mintel calls it an affection deficit. Efficiency has stripped away human touch, leaving people craving warmth and recognition, even in financial services.Banking is no exception. Seamless digital apps are wonderful, but they risk invisibility.When a fraud scare hits or a savings milestone is reached, people don’t just want efficiency; they want reassurance, empathy, and acknowledgment.Even digital-first players recognize this. Robinhood added 24/7 live support after realizing chatbots couldn’t calm customers in moments of panic. American Express leans on its “membership” ethos to cultivate belonging. These examplesremind us that trust is emotional currency.Design for affection. A proactive note congratulating a retiree. A celebratory message when a savings goal is reached. A human advisor call at key stress points. These aren’t extras: they’re signals that your brand sees the person, not just the account number.Strategic takeaway:Reintroduce humanity into digital services. Blend tech and touch.Can empathy become a part of your KPIs?

Fifteen seconds change everything.Once you feel instant access, you expect it everywhere. After that speed, you don't want to go back to the old way.Last week, I tried something that left me genuinely amazed. I applied for the Coinbase Card, expecting the usual processof filling out details, approvals, and delays. Instead, what I got was a journey that lasted all of fifteen seconds. A few screens later, I had a brand-new credit card ready in my Apple Wallet; no waiting for plastic (or metal, in this case) to arrive in the mail. BTW, the card is beautifully designed, and I could spend a newsletter on just the story behind it and itsdesign. Fulcrum Question: When instant becomes normal, what becomes the moment only you can own? Behind the curtain, this experience is crafted by Cardless, Coinbase, and Amex, and it is how financial services should feel. It’s quick, it’s seamless, and it makes you wonder whyall cards aren’t issued this way already.Yes, I know “tech” is expensive, and we move with caution. However, here’s the deal: Amex’s Agile Partnership Platform, Cardless, Coinbase, and, don’t forget, First Electronic Bank all had to come together to create this seamless experience.

For decades, marketers believed story came first. Today, a new generation has flipped the script: the product speaks first, the brand follows.What drives brand love today? For younger consumers, the answer starts with product. Gen Z is reshaping the credit card market, expecting their card to be more thanjust a means of payment.They want simplicity, design that doubles as self-expression, and a digital experience that feels like second nature.Cashback is the starting point, but what they are really after is a product that helps them build their financial identity, safely, transparently, and with a touch of personalization.That’s where we see the contrast: Millennials have mastered the rewards game, moving seamlessly between points, perks, and partnerships. Gen Z is just entering the arena, but with very different instincts. Winning with them means rethinking how the product shows up in their daily lives before the brand narrative takes hold.Fulcrum Question: How do you build a brand that feels premium when your youngest customers believe the product itself is the brand?“Brand Follows Product” is a bold statement, and for the readers of this newsletter, who are mainly marketing executives, perhaps even a controversial one. Yet theevidence is mounting. The next generation of consumers is not waiting to be told what a brand stands for: they are deciding for themselves based on how the product shows up in their daily lives.This is not a generational quirk. It is the early signal of astructural shift in how loyalty is earned and how brands are built.The key points are clear. First, loyalty is being built less through storytelling and more through utility. Second, design and digital experience have become extensions of personal identity. Third, premium is no longer just a price pointbut a signal of purpose and belonging.If the product itself is the brand, then the real challenge is not crafting the narrative after launch but engineering the product so that it tells the story from the start.This is both a shift in mindset and a call to action. Ask yourself: is your brand still leading with story, or is your product ready to speak for itself?

We are in a moment where the Top 10% continue to remain strong, and the Bottom 10% have seen the most significant increase in their wages. I like to think of this as a moment where the edges are defining the next leg of the credit cardjourney. I touched on this idea in “Strength at the Edges,” and today we build on it.The Amex Platinum Refresh is setting the tone. That said, the center, prime and mainstream cashback are helping set the pace. And finally, the other edge, subprime, reveals where the next wave of product design may emerge.My goal is to identify the signals that matter so you can connect them to your reality. Fulcrum Question: If status is the spark and cashback is the engine, what keeps customers with you?

Fulcrum Question: How do we pivot from being SEO-obsessed to AIO-obsessed? Andrew and I were invited to a Fireside Chat at Meta’sFinancial Services Summit, and as a result, social media has been top of mind for me. It’s fascinating to see the progress Meta has made on the regulatory and policy front, which confirms to me that social media will be responsiblefor a significantly larger share of acquisitions in the future. I recently wrote about this trend in "Strength at the Edges," before my time at Meta, based on our data.Add in the progress made on AI, and RayBan’s, and I thinkMeta is unstoppable.Social + AI is now the new performance engine.What has blown my mind are these stats from Amr’s much-awaited upcoming consumer research report:62%of GenZs are using AI-powered tools (e.g., ChatGPT) to get a recommendation for which Credit Card to applyThis number is 60% for Millennials and 33% for the GeneralPopulation.Curious about what consumers are seeing, I tested three major AI platforms: Chat GPT 5.0, Gemini 2.5 Flash, and Perplexity Pro, with a variety of common financial questions. The results are eye-opening.The Tipping Point Is Already HereFor the last twenty years, the game has been Search Engine Optimization (SEO). We’ve all worked tirelessly to climb Google's rankings. However, a seismic shift in consumer behavior is currently underway, driven by AI.With a third to two-thirds of consumers using AIrecommendations, please identify how few products are being served up to the consumer.This isn't just a new channel; it's a new paradigm. WithSEO, the goal was to appear on a list of options for a user to research. With AI Optimization (AIO), the goal is to be the single best answer the AI provides. If your product doesn't appear, you will be completely invisible to this massive and growing audience. [I am considering Answer Engine Optimization (AEO) as part of your larger AIO strategy] Why AIO Is the Great EqualizerThe immediate reaction to this might be panic, but thereality is that AIO presents a monumental opportunity for every financial institution. Unlike SEO, which often favors incumbents with decades of domain authority, AIO levels the playing field.The time to act is now. We must shift our focus from the oldrules of SEO to the new, dynamic world of AIO. Start by asking these simple questions on today's AI platforms and see if you appear. If you don't, you've found your most crucial project for the rest of the year. ChatGPT is now a verb.By the time Google became a verb, consumer habits hadalready undergone significant changes. We knew Google had achieved escape velocity, and as one would expect, the trend continued to grow exponentially.We “photoshop” pictures, “Instagram” them, and “WhatsApp” folks.I feel we’re on the cusp of ChatGPT becoming a verb, if it hasn’t already. At the very least, ChatGPT now occupies that space in daily conversations. I use this as a proxy to reiterate why this trend is not optional. I recently saw an excellent podcast titled “AI or DIE.” There’s more truth in that title than not.

Fulcrum Question: How do you justify a premium price to an aspirational market that just wants to "shop like a billionaire?" Breaking News: The Amex Platinum Refresh is set to launch on September 18.This week, the financial world is buzzing with news of the upcoming American Express Platinum card refresh,rumored to launch on Thursday, September 18, with a potential new annual fee of $895. In an economy where consumers are supposedly tightening their belts, aprice hike of this magnitude seems counterintuitive. But it’s not. It’s a calculated, strategic bet based on a fundamental rewiring of what "luxury" means to the modern consumer.To understand why Amex is making this move, we need to look beyond the fee and into the converging worlds oftravel, consumer psychology, and the universal desire to live an elevated life. A Historic Move on a Historic DayIt’s no coincidence that the refresh is slated for September 18th. That date marks the 67th anniversary of the "Fresno Drop," the day in 1958 when Bank of America mailed 60,000unsolicited BankAmericards to residents of Fresno, CA.This event created the first mass-market credit card and ignited the consumer credit revolution. The BankAmericard eventually became Visa, and September 18th is, in essence, the birthday of the modern financial landscape.By choosing this date, Amex, which launched its own charge card just weeks later on October 1, 1958, is making a powerful statement.This isn't just an update; it's a reinvention, a milestone intended to redefine the role of a premium card for a new generation.Disclaimer: This remains speculative, but after hours of scouring the depths of Reddit, I have gained enough confidence to make this bold claim. Why Amex is Doubling Down on the New Luxury DreamAmex Platinum isn't just a card; it's a statement. It represents a shift in consumer behavior that's perfectly captured by Temu's viral tagline, "shop like a billionaire."While many people might scoff at the mention of Temu, dismissing it as just another fast-fashion app, itsmarketing team has created one of the smartest taglines of this current moment. The phrase speaks directly to the modern consumer's desire for luxury and exclusivity, but at a more accessible price point.While operating at the opposite end of the price spectrum, Temu’s tagline taps into the core desire animating the entire luxury market: everyone wants a taste of the good life. Amex Platinum provides access to a world of elevated experiences, making premium perks feel within reach. The card's appeal lies in its ability to deliver an aspirational lifestyle. It grants consumers the kind of access and benefitsthat were once reserved for a select few, offering a taste of luxury without needing a billionaire's bank account.This is where the “coupon book” may initially receive adverse reactions, but I have consumer data to support my claim that showing value is the most innovative way to sell luxury.The move to an $895 annual fee isn't a sign of being out of touch. It's an incredibly astute reading of the new luxury landscape. Amex is betting that on the anniversary of thetool that democratized spending, it can successfully redefine the tool that curates aspiration. By offering demonstrable value, Amex is positioning the Platinum card not as an expense, but as an essential investment for anyonewho wants to "live like a billionaire," even if only for a weekend.

Week at a Glance:   Financial ProfilesApplication Behavior ReportUpgrade's New Card Chief on Blending Discipline with FlexibilityFulcrum Question: What offer at the edges earns the nextwave of applications. Or does a simplified middle offer win because the field is clear. I was at the US Open this week, watching Djokovic vs Fritz. The match delivered. The other contest was American Express vs. Chase. The two blues owned the grounds. Youmet one of them at every turn. Each moment offered a small welcome. A place to sit. A nudge to spend with a perk that felt timely. Staff pointed to the benefits before you asked.The lesson is simple. Share of mind becomes share of wallet when presence meets service in the flow of the day. I’m constantly asked how Amex has such a high in-person card acquisition rate.Their presence at these events is the easiest way to offset the lack of branches. Amex staff were diligently scanning “leads.”This is a playbook. Treat an event as discovery, activation, and retention in one venue. Surprise at the moment of intent. Carry the same cadence into everyday channels with clear value and fast follow-through.

Week at a Glance: The Evolution of CobrandCo-branded Card 2025 Competitive Intelligence TrendsCo-branded Card Predictions for 2025All That Glitters Is Not Gold: Sometimes It’s SapphireFulcrum Question: Who owns the future of co-brand: issuers, brands, or ecosystems?Bonjour, I am back after a two-week break and re-energized, raring to go. Time away always sharpens perspective, and this week’s edition is all about co-brand. It was hard for me to miss the “usual” ads that I saw at JFK, and interestingly, CDG and NCE were no different; a reminder that cobrand messaging truly travels across borders.One story that caught my eye during the break was Imprint’srecent Rakuten co-brand. Reportedly, Imprint beat out a number of traditional banks to land this partnership. Not bad for a five-year-old credit card startup that is now valued at $900 million. For context, consider Cardless, another fintech challenger that already has major co-brands in its portfolio. The fact that merchants are entrusting these partnerships to young entrants rather than legacy issuers shows just how much the ground is shifting.Speaking of shifting ground, Alaska and Hawaiian are nowmoving closer together, and with Bank of America’s launch of the Atmos Rewards cards, the combined airline is doubling down on loyalty alignment. This is not just a merger of fleets but a merger of ecosystems, with co-brand as a central pillar.

The Micro‑Entrepreneur MandateThe American small business is no longer the corner shop or the family franchise.The new face is the micro‑entrepreneur.The delivery driver. The online seller. The creative freelancer. This is not a side hustle economy. This is the engine of modern entrepreneurship. Almost half of consumers now consider gig work necessary to support themselves. For struggling households, it rises to six in ten. This is no niche. This is the new mainstream of small business.Fulcrum Question: Do you see the gig worker at the margins, or at the center?

Trust has shifted. Millennials and Gen Z treat peer voices as the highest form of credibility.Their priorities place experiences ahead of ownership. Their financial stack now includes digital assets. Their journey with financial services begins earlier than any prior generation. These shifts define the next era of marketing.Fulcrum Question: Are you listening to the narratives your next customers are creating, or do the assumptions of the last generation still guide you?The Trust Transfer Has OccurredWe know that for Millennials and Gen Z, credibility no longer flows downward from established experts but radiates outward from peers.More than half of all Millennials agree with the statement, "I trust my peers more than experts". This isn't just a preference; it's a fundamental rewiring of how they filter information in a saturated digital world.This shift explains the paradox of the highly educated Millennial who feels overwhelmed by information yet is more likely to trust peer-driven narratives. They aren't rejecting expertise outright; they are outsourcing the cognitive load of validation to trusted curators within their social and digital circles.Strategic Implication: The "expert" voice in our marketing is now less effective than the "peer" voice. The challenge is that consumers are highly attuned to inauthenticity. Two-thirds of social media users report feeling "tricked" or "misled" by undisclosed sponsored content. The path forward requires a two-pronged approach:Systematic User-Generated Content (UGC):Actively solicit and amplify authentic customer stories. This creates a scalable engine for peer validation that feels genuine because it is.We see numerous examples in business card marketing, but I am surprised that we barely see this in consumer marketing yet. Chime and a few fintechs have led the pack on this front thus far. It is high time we all embraced customer stories to be the core of our marketing strategy. Don’t trust me, trust the data.Ethical Influencer Partnerships: Move beyond transactional relationships. Identify and build long-term partnerships with niche creators who have earnedgenuine trust with your target audience. Transparency is non-negotiable.

We operate in an industry of narratives.There is the story we tell consumers: one of value, access, and aspiration.Then there is the story the ledger tells us: one of cost, liability, and margin.The legend of a reward point is its perceived value on afirst-class flight; its reality is a line item on a balance sheet, meticulously managed and strategically deployed. The gap between the ledger and the legend is where strategy lives. The most successful leaders don't just read the headlines; they understand the economics that write them. They see the signal through the noise.Fulcrum Question: Are you analyzing the headline, or the economics that write it?

Why Every Launch and Refresh Strengthens the MarketWe're witnessing an extraordinary moment in premium credit cards, a moment defined not by competition, but by precision, innovation, and strategic clarity. Each refresh and launch not only enhances the issuer's proposition but also elevates our entire industry.Let's unpack the strategic moves reshaping our landscape. Citi Strata Elite: Precision with PurposeCiti’s Strata Elite exemplifies strategic precision. By securing exclusive 1:1 transfer capabilities with American Airlines AAdvantage, Citi has designed a laser-focused proposition for high-value travelers and affluent Citigold clients. Every feature, from Admirals Club access to Citigold integration,reinforces Citi’s commitment to specificity over scale. This targeted re-entry does not just fill a niche; it creates one.Strata Elite marks Citi’s return to the premium travel arena with a differentiated playbook. Instead of chasing breadth through multiple airline and hotel partners, Citi is doubling down on exclusivity and loyalty stickiness. The AAdvantage tie-up positions Strata Elite as the only true premium bridge to American Airlines, appealing directly to the frequent flyer segment that values certainty over optionality. Layering this with Citigold banking integration elevates the card from a travel perk vehicle to a holistic wealth-and-travel platform.The choice of Mastercard Legend as the network reinforces Citi’s premium intent. Legend adds a layer of elite services, concierge access, and travel protections to the offering.The early response suggests that Strata Elite’s strength lies not in trying to serve everyone, but in speaking directly to the needs of the frequent traveler who is already deeply invested in Citi and American Airlines. For this consumer,Strata Elite is the logical next step. In many ways, Strata Elite is Citi’s statement that precision can be as powerful as breadth. By anchoring the card to a clearly defined consumer and delivering depth of value rather than sheer variety, Citi has set the stage for Strata Elite to become a durable success story within its premium portfolio. Amex and Chase: Ecosystem ArchitectsAmerican Express Platinum and Chase Sapphire Reserve continue to define premium through expansive lifestyle ecosystems:Amex Platinum remains synonymous with status andbreadth, expertly balancing aspirational value with exclusive access. Its ongoing refreshes maintain prestige while methodically expanding into dailylifestyle integration.Chase Sapphire Reserve builds an all-encompassing ecosystem where travel, dining, entertainment, and daily habits merge seamlessly. Chase has transformed its card into a curated life subscription, making customer loyalty both immersive and frictionless.Each ecosystem approach represents intentional strategic depth designed to captivate distinct customer segments. Capital One: The Simplicity StrategyCapital One’s Venture X reflects a profound understanding of modern premium preferences, simplicity, and clarity. By offering straightforward, instantly justifiable value, itaddresses the cognitive load consumers increasingly seek to minimize. Its continued evolution will likely reinforce simplicity, enhancing clear and immediate value without sacrificing prestige. BofA: Relationship ReinforcementBofA’s Premium Rewards Elite capitalizes on asset-linked loyalty, uniquely positioned to reward existing high-net-worth relationships. The model is strategic and deliberate: it enhances returns precisely in line with client value. ExpectBofA to deepen this strategy further, fortifying its "relationship moat."

The brands winning today are sharper, not louder. They listen with intent, decode signals quickly, and act with precision. Every click, pause, and swipe from your customers is a message. It is direction. The challenge is the discipline to interpret the insight before the moment passes.Relevance does not wait. It belongs to those who read the market in motion and move with purpose.Fulcrum Question: Are you reading your customers closely enough to stay meaningful?Gen Z Banking Begins Before the First PaycheckAndrew’s recent interview with the CEO of Step reveals a shift that deserves every CMO’s attention. The conversation outlines a model built around early engagement, not traditional timelines. Step is building credit history before teens can earn income. It is embedding financial behaviors at the point of curiosity, not just capability.Gen Z does not separate financial activity from digital life. Step understands this and builds accordingly.The distribution model prioritizes creator partnerships and platforms like Snapchat. Marketing leaders should treat this as both a case study and a call to action. The next generation is not waiting for onboarding. They are already operating with intention. The question is whether we are willing to participate in those early moments or observe them from a distance.

Week at a Glance:Marketing Momentum Is RealCredit Card Debt, ReconsideredInstitutional Crypto Quietly Goes MainstreamLast week, I made the case for an explosion in marketing in 2H 2025.The response? Strong opinions on all sides.Many asked, “In this macro environment?” Fair question.But here’s something to consider: there has neverbeen a moment in time that wasn’t clouded by uncertainty.And when caution becomes consensus, sometimes the best position is to lean forward.This week, I invite you to examine three common narratives with fresh eyes. Not because I want to win a debate, but because the data tells a different story.Three exhibits. One request: please read with curiosity, then make a decision.Fulcrum Question: What if the bearish sentiment is already priced in, and the real contrarian move now is optimism?

Marketing as Signal | H1 2025 Spend Sets the Stage:First-half 2025 data shows financial marketers ramping up spend (overall +11% YoY) even as credit card promo budgets took a brief breather. Now, a wave of product refreshes and record budgets from the likes of Chase and Amex signal that the second half of 2025 will be a marketing blitz of historic scale, one aimed at brand identity as much as customer acquisition.SoFi’s CMO for Lending on Storytelling | Inspiration as Strategy:Andrew’s interview with SoFi’s marketing chief for Lending, Meera Iyer, offers an energizing reminder: great marketing in financial services isn’t just aboutproducts, it’s about purpose. From building trust through education to turning data into compelling member stories, her playbook challenges every CMO to lead with mission and imagination. Fulcrum Thought: The next era of marketing won’t be measured by accounts acquired, but by identities inspired. Is your brand inspiring one?

The definition of value is undergoing a fundamental shift, driven by a new generation of consumers and transformative technology.For leaders in the financial sector, this represents a tremendous opportunity. Understanding how consumers perceive value, from the demand for authentic marketing to the redefinition of premium rewards and the very assets people can own, is the key to building brands that resonate and lead in this new era.Fulcrum Thought: Your customers are already living in the future of value. Is your brand building it with them?Another way to test this thought is: If your brand disappeared tomorrow, what value would your customers truly lose?Marketing to Gen Z: Authenticity is Your Brand's MirrorGen Z navigates a world of financial stress with a demand for radical transparency and genuine connection. They are wary of traditional advertising. To win with this generation, our marketing must be a mirror, reflecting their world with empathy and authenticity. We must create content and experiences that feel personal, valuable, and, above all, real.The "So What": To connect with this generation, your brand's message must be authentic and genuinely reflect their values and anxieties. Move beyond generic campaigns to create content and experiences that feel personal and prove you understand their world.

Why ‘Boring’ Is The New BoldPNC’s Counter-Play: How a "Brilliantly Boring" card is chasing relationships, not rewardsPaid Search in the Age of AI: Shifting from broad keywords to deep conversationsWealth Management's Two Fronts: The battle betweenchallenger hype and legacy reassuranceThe CURB Advantage: Why local focus is delivering national-level resultsHow Black Swan Data is helping your competitors?The strategies emerging in 2025 show the market isn't just expanding; it's bifurcating. On one side is the loud, expensive race for mass acquisition. On the other is a quiet, deliberate pursuit of deep relevance. From PNC’s focus on relationships to the shift toward conversational search, the signal is clear: the loudest voice doesn't always win. The most resonant one does.The question is how you're choosing to grow. Are you building a brand that shouts, or one that's worth listening to?

The New Math of Exclusivity: Why We Pay for PrestigeThis section breaks down the consumer psychology and market trends that make a $795 annual fee not only palatable but also desirable. It’s less about the math and more about the meaning.●     Credit Cards as Veblen Goods: The core principle is that for certain goods, demand increases as the price rises. The high annual fee isn't a bug; it's a feature. It signals exclusivity,quality, and status. The price tag itself becomes part of the product's value proposition.●     The Psychology of the "Coupon Book": Consumers arewilling to pay high fees if they believe they can "beat the system." The complex web of credits ($300 for travel, $189 for CLEAR, etc.) transforms the fee into a challenge. For many, the satisfaction of optimizing perks to offset the cost provides a psychological win that transcends the actual dollar value.●     The Rise of the Experience Economy: Younger, affluentconsumers, particularly Millennials and Gen Z, increasingly prioritize spending on experiences over material goods. Card issuers have become brilliant aggregators of these experiences, bundling travel access, dining perks, andwellness benefits into a single, aspirational product.●     Identity as a Benefit: In a world where every perk can be copied, the brand itself becomes the key differentiator. Owning a Sapphire Reserve or Amex Platinum isn't just about travel; it's about signaling a certain lifestyle and identity. The card is a membership card to a club of savvy, affluent individuals. The Titans of T&E: A Luxury Brand PlaybookThe strategies employed by Chase, Amex, and now Capital One are directly lifted from the playbooks of the world's most successful luxury houses. Understanding these analogies reveals their long-term game. ●     Chase as LVMH: Chase is the master of the brand portfolio. Just as LVMH owns everything from Tiffany & Co. to Louis Vuitton, Chase has a card for every consumer (Freedom, Slate, Ink). Their strategy is to acquire customers at all levels and systematically move them up the value chain, with the Sapphire Reserve as their flagship, aspirational product.●     American Express as Hermès: Amex is the heritage brand. Like Hermès with its iconic Birkin bag, Amex cultivates an aura of extreme exclusivity with its Centurion (Black) Card. This creates a powerful halo effect, making their more accessible products (like the Platinum and Gold cards) highly desirable symbols of taste and status.●     Capital One as Apple: Capital One is the design and tech-driven disruptor. Like Apple, which fundamentally redefined personal electronics through an obsessive focus on a seamless user experience, Capital One is leveraging its tech DNA to challenge the legacy players. Their move into the premium space with the Venture X is less about old-world prestige and more about intuitive design and a brilliantly simple interface. They are capturing the "hidden affluent" who value smart, elegant functionality over traditional statussymbols.How Black Swan Data Can Help?That’s why we’re expanding what Comperemedia can offer. Through our acquisition of Black Swan Data, we can now help you decode not just what your audience is doing, but what they’re about to do. Whether you're targeting high-net-worth individuals, Gen Z creators, small business owners, or mass affluent families, we can help predict the next desire curve before it forms.What’s emerging, what’s accelerating, what’s about to tip?We can help you anticipate it and tailor your proposition accordingly.If you're curious about what this could mean for your audience, reach out and let’s explore it together.

Week at a Glance:Entry is Easy – But Winning is NotEntry is Easy – But Retention is the GameEntry Is Easy – But Bundles Bind Fulcrum Thought: The next great credit card won’t just bechosen. It will be joined. Is yours worth joining?Entry is Easy — But Winning is NotThe Chase Sapphire Reserve refresh just raised the stakes.New cards are launching weekly. The barrier to entry has dropped. But the bar for differentiation has never been higher.If you're leading card strategy, product, or marketing, you need to be thinking bigger than just your next perk.That’s why Andrew Davidson’s upcoming session, “CreditCard Premiumization: Projecting the Future of Affluent-Driven Innovation,” is a must-see.In a market where everyone’s upgrading, this session is your edge.

Fulcrum Thought: Parallel growth isn’t a shift in direction,it’s a widening of the field. Are you in it? We often default to covering the arms race in rewards.But this week’s marketing data and product moves reveal a much broader playbook in action.Issuers are executing a calculated expansion, not just in premium or proprietary rewards, but across non-rewards cards, secured offerings, and personal loans. These categories are being given real investment, smart segmentation, and increasingly creative marketing.The momentum here is not a shift away from rewards, it'sa parallel growth strategy. One that’s less about flash, more about coverage, and absolutely critical to long-term relevance.Let’s break down what’s happening.Personal Loan Marketing in 2025Non-Reward and Secured Card Trends & PredictionsCapital One’s acquisition of DiscoverThe Cobrand Crown Chase is OnParting Thought:Growth isn’t just about chasing the shiny object. It’s about building resilience across the portfolio. As every corner of the card and lending space gets funded, tested, and optimized, we need to ask:Are we allocating attention where the market is allocatingcapital?Rewards may dominate headlines, but in the margins of non-rewards, secured, and lending, the next category leaders are being quietly built.As ever - Anuj

Fulcrum Thought: When every product can be copied, every perk matched, and every channel saturated, what remains uniquely yours?Lens of Insight: 3/5What Dupe Culture Can Teach BankingDupe culture may have started in beauty, but it holds a mirror up to every industry, including banking. It’s not about cheap imitations; it’s about smart value signaling.Consumers, especially Gen Z, aren’t turning away from premium products; they’re reinterpreting them. Today, 77% of Gen Z beauty buyers actively seek out dupes, but many still aspire to own the original.This is not a rejection of brand. It’s a redefinition of worth.For banking: In a world of near-identical rewards cards and checking accounts, perceived value becomes the battlefield.My takeaway: Value doesn’t mean lowering rates or cuttingperks. It means meeting consumers where they are: digitally, culturally, and emotionally. In a world full of options, if you're not part of the remix, you're not even on the playlist.Multicultural Vacationing: Identity is the ItineraryAs domestic travel rebounds, multicultural consumers are planning differently, more urban, connected, and experience-first. For Black travelers, city travel and culture-rich getaways top the list. Hispanic consumers are splurging more on milestone trips and blended family travel.My Takeaway: Your traveler is no longer generic. Inclusive storytelling, community-specific partnerships, and emotionally relevant perks aren’t just nice to have, they’re the ticket to growth.Holiday Shopping: Less Stuff, More StoryYes, tariffs and inflation are in the headlines, but holidaymagic hasn’t dimmed. Shoppers are looking to give meaningfully, not just spend lavishly. The focus is on value, discovery, and efficiency. Tools like AI-powered deal discovery and personalized shopping nudges will shape the season.My Takeaway: Make every touchpoint a decision-simplifier. And make the shopper feel like a genius, not a consumer.Online Customer Service: Don’t Automate the Soul OutChatbots are now table stakes, but human connection is still the gold standard. Nearly 7 in 10 consumers say they don't want AI to replace human agents fully. The brands winning in service are those who balance automation with empathy and treat support as an extension of brand storytelling.My Takeaway: Customer service is no longer back-office. It’s the front line of emotional loyalty, and too often, the only voice a customer hears from your brand.In a landscape where every bank has access to the same tech, the same playbook, and the same ROI logic, we must ask:Is the next real frontier innovation or intimacy? Or both?Consumers don’t just want products that perform.They want brands that understand, reflect, and resonate.Winning market share may grow your revenue.But winning share of heart?That’s how brands earn relevance, build belonging, and outlast cycles, trends, and even technologies.For the week ahead, ask yourself:- What part of our experience is so emotionally resonant, that no dupe could replace it?- Are we designing for metrics or meaning?- Are we showing up in our customers’ lives as a brand or as a companion?As ever - Anuj

Fulcrum Thought: Are we building a set of products,or an ecosystem that customers can live inside?Chase’s Investor DayI listened and read through Chase’s Investor Day slides and it feels like a Business Tale for the Boardroom.Once upon a fiscal year, there was a very large bank named Chase. It was already the biggest and busiest in the land, with over 84 million loyal customers and many gold stars on its financial report card. But one day, Chase looked around and thought, “Is this all there is to banking?” And so, it began to dream a bigger dream; not just to be a bank, but to become something more.It started small, as all big things do. Chase built a travel company (right inside the bank!), and soon, it became the third biggest in the country (24% CAGR). Then it launched a media business, Chase Media Solutions (29% CAGR), where merchants could whisper special offers into customers’ apps. People loved it. They used their cards more. They traveled more. They stayed longer. They came back. And with each turn of the flywheel, the bank grew smarter, stickier, stronger. Everyone, from first-time cardholders to seasoned Sapphire Reserve travelers, found something just right for them.  Now, the other banks in the land watched carefully. They saw Chase wasn’t just adding features; it was building a new kind of ecosystem.One that rewarded loyalty, monetized attention, and personalized everything. And while Chase’s moat got deeper, so did the opportunity for others to learn. Because when one bank grows the category, everyone else gets the chance to play a smarter, better game. And that, dear reader, is how a bank stopped acting like a bank and started building the future. Because in a world where one bank builds a flywheel, the others can build engines too.And the next chapter? That’s still unwritten—by anyone bold enough to imagine beyond the balance sheet.

The Switching Surge and Open BankingJoint Ventures Are Brand Glue, not just Brand BoostsBrain Grenade: The Tribe/Lifestyle CardFulcrum Thought: What partnerships could we forge that make switching feel less like changing a service and more like losing a part of your identity?The Switching Surge and Open BankingPatrick has made his most recent presentation available for you to consume in a report format. The report is excellent (but add Patrick’s color commentary in a live session and that is very powerful) and for me the “money slide” is this one that highlights that checking accounts may not be offering the “stickiness” most of us take for granted.Two takeaways for me, which are extremely critical:1.    Switching isn’t sporadic – it’s structural nowAcquisition funnels must now assume churn is happening at the core relationship level. It’s not just about stealing spend, it’s about owning intent.2.    Three Switcher Personas:a.    Change Navigators (Young, <$50K income): React to life events, trust word-of-mouth, and want frictionless, life-aligned solutionsb.    Value Vigilants ($100K-$250K assets): Track macro conditions and switch for better economic value, fast! App flaws or fees can break loyalty. c. Elite Explorers (Young, affluent): Switch for novelty, personalization, and prestige. They're primed for innovation and are willing to pay for it.

Visa Just Redefined the Playing FieldSummer Will Be Travel’s First Tariff TestFinancial Profiles Q1 2025Credit Card Application Behavior ReportFulcrum Thought: If AI is choosing what gets bought, are your products built to be picked or ignored? Visa Just Redefined the Playing FieldVisa’s 2025 Product Drop wasn’t an update; it was a full-blown platform shift. In a single move, Visa reimagined its role from processor to intelligent infrastructure; powering everything from AI shopping agents to stablecoin-linkedcards, with Visa Intelligent Commerce as the crown jewel.This new platform allows AI agents to search, buy, and payon behalf of consumers; securely, autonomously, and at scale. Think of it as making your card not just mobile-wallet ready, but machine-wallet ready (is this a word, yet).What this means for issuers, and marketers:We’re no longer marketing to just people. We’remarketing to algorithms.Our credit card isn’t just competing on points and perksanymore. It’s fighting to be selected by a consumer’s AI assistant. It’s racing to be defaulted into digital agents that shop across chat, apps, voice, and virtual space. In this world, adaptability, interoperability, and embedded utility aren’t nice-to-haves. They’re table stakes.We’ve talked about this before, but let’s be clear: AI agents making purchase decisions isn’t the future; it’s already happening.If your product, your brand, and your data architecture aren't ready to play in this ecosystem, you're not just behind, you’re invisible.I use Visa's product drop as an excuse to raise some alarmbells again. Mastercard is doing almost the same things, too. And with Discover reborn under Capital One, don’t underestimate the competitive heat that’s coming. Summer Will Be Travel’s First Tariff TestAs summer travel is front and center for most marketers, Mike’s piece on impact of tariff’s on travel is very timely. Also, as with most of Mike’s reports, this one is excellent too. Early signs suggest tariffs won’t clip the wings of U.S. travelers, at least not yet. Bookings remain solid, pricing hasn't spiked dramatically, and most consumers are still in go-mode for summer vacations. For now, travel appears insulated from the ripple effects hitting other consumer sectors.But second-order effects of tariffs may hit the consumer by late summer. As higher costs work their way through supply chains, think airfare, rental cars, and imported travel gear, the pressure on price-sensitive consumers could grow. Brandscounting on a carefree summer season should be watching for subtle shifts in booking windows, trip lengths, and spend per trip. It could be the first real yield test of travel’s post-pandemic momentum.

Proof Over Promises, Results Over RhetoricFulcrum Thought: If your next move had to prove results, notjust promise them, what would you stop testing and start scaling?A Grateful MilestoneToday marks something truly special: the 250th edition of this newsletter. Five years ago, it began as a simple idea shared with just 500 readers. Today, it's a thriving community of over 13,000 minds, and every single step of that journey has been fueled by you.To my amazing listeners: thank you. Your encouragement,feedback, and thoughtful suggestions have been the heartbeat of this newsletter. You've not only helped it grow, you've helped it evolve. Whether it's your emails, DMs, or insightful critiques, every message you’ve sent has shaped this into what it is today: a space for bold ideas, relevant insights, and meaningful conversation.This milestone belongs to all of us. Here's to the next 250; smarter, sharper, and stronger, together. Cracking the Credit CodeTrends, tactics, and takeaways that mattered most this quarter.In this fast-paced session, I bring together the credit card stories that sparked the most engagement in Competitive Compass, decode what leading issuers revealed in their Q1 earnings calls, and answer the key question: Who are issuers really targeting, and what’s actually working?This isn’t just a download. It’s a strategic pulse checkcustomized for your team:·  For premium card teams: Expect a sharp focus on travel trends, luxury loyalty, and affluent consumer shifts.·  For mass-market teams: We'll dig into cashback dynamics, everyday spend strategies, and promotional plays.And my favorite: “Brain Grenades” a set of provocative ideas and innovation prompts designed to spark fresh thinking and challenge conventional assumptions. These are the big “what ifs” your competitors haven’t asked yet.Whether you’re shaping product, marketing, or strategy, this quarterly session is your shortcut to smarter decisions and bolder moves.Let me know if you would like me to join your next team meeting or off-site.(Sorry – I am limiting this to consumer credit cards only, my true (read: only) area of expertise)

· Switching Surge and Open Banking· Private Student Loan Predictions· Private Student Loan CI Trends. Full Stack Loyalty ProgramConsumer loyalty is no longer a passive promise. It’s an active, dynamic relationship that must be continually earned. The surge in switching behavior we’re witnessing isn’t just a blip; it signals a lasting shift in how consumers evaluate their financial partners. In this environment, the old playbook of rewards points and sticky products is no longer enough. The brands that will win are the ones that engage with intention, positioning their products not as commodities, but as life enablers. That’s what makes the vision of a Full Stack Loyalty Program so powerful.The new rules of engagement demand that loyalty is not assumed; it is earned daily through relevance, flexibility, and integration. In this new era of choice, brands that meet consumers where they are and reward them in the moments that matter will reduce churn and redefine what it means to be a primary relationship.The question isn’t whether consumers will switch.It’s whether you’ve given them a reason to stay. As ever - Anuj

Fulcrum Thought: Is this a pause to recalibrate, or an excuse to pull back?Q1 2025 EarningsMarkets feel jittery, but the data tells a more balanced story:• Consumer spending was up YoY—without any seasonal boost from Leap Year or Easter• Marketing spend rose ~10% on average across major banks• Only one issuer pulled back on marketing spend• As Brian Moynihan said: “Consumers are still solidly in the game.”This is the first real “pause” since the pandemic-era rebound, but it’s just that: a pause, not a pivot. The train is still moving!Marketing teams have a choice: respond to noise or align with signal.Uncertainty Is Real, But So Is the ConsumerMarketing in a Moment of RecalibrationWhile macro uncertainty lingers, most banks didn’t blink. They increased marketing investment to stay top-of-mind, reinforce product value, and stay competitive in credit acquisition. Consumers are still swiping, clicking, booking, and expectations haven’t slowed.

Week at a Glance:1.    Marketing on Offense2.    Campaign of the Quarter3.       Banking Experience Fulcrum Thought: Are we spending to win, or just spending to keep up? Marketing on OffenseWhen is the path ever truly free of hurdles? In our world, certainty is always a moving target. While many may argue that this time is different, I’d challenge you to consider: what if this uncertainty is also presenting opportunities; ones that are more within our control than we might assume?Q1 2025 brought clarity, recalibration, and competition. While market uncertainty lingers, major FIs doubled down on consumer acquisition, digital brand building, and owning key intent moments.I’ll cover earnings next week and focus on marketing spend today.Top Themes from Q1 2025:1.   Spenders are gaining share: The Big 3 (American Express, Capital One, and Chase) continue to lead the pack. I’m reporting primarily on consumer-only marketing, but throw in B2B marketing and the lead these 3 have is exaggerated even further. 2.   Credit Cards lead the offense: Marketing spend on credit cards stays ahead of prior years. With spring break coming to an end and consumers thinking of summer travel next, I do not expect any significant slowing in Q2 2025 either.a.   While I will cover bank earnings next week, I can’t not share that Delta noted in their earnings that Amex paid them $2B in Q1 (up 13% YoY). Cobranded acquisition, especially travel-related is not slowing down. 3.   National TV is staying alive: While 2025 is the year, many projections suggest that Connected TV will overtake National TV, for now in Q1 we continue to see National TV alive and well. As we know from Direct Mail, too, marketing tends to be more additive than most other functions. It’s more of a Yes, And….

Week at a Glance:1.    Self, comprehensive financial empowerment2.   New Offers: Cross-Sell, Win Back, and Loyalty3. Financial Services in 2025Fulcrum Thought: How do you thriveamidst continuous financial transformation?Rapid technological advancements, evolving consumer expectations, and an increasingly competitive landscape mean agility is essential. With fintech disruptors constantly raising the bar, FIs must reassess and reinvent strategies to stay dominant.The threads running through this week’s stories are unmistakable: consumers are changing faster than many FIs are equipped to handle. Whether it’s Self’s commitment to financial inclusion, the need to design smarter offers in a high-churn environment, or the macro-level shifts in spending and planning, there’s no room for inertia. The question is: Are we moving at the speed of our customers? Because in a landscape defined by agility, personalization, and purpose, there is no Too Big To Fail to worry about only Too Slow To Evolve.

-      Fulcrum Thought-      Innovative Financial Services Email Marketing—2025-      Chase United Credit Card changes-      New Partnerships Redefining the BNPL Sector-      The Future of Flexibility Fulcrum Thought: In a DoorDash and Instacart world, why are we still only offering "dine-in" or "take-out" when the consumer now expects everything delivered straight to their door?Robinhood’s latest announcement just blew my mind. InHindsight, it’s so obvious. Of course, the consumer would prefer their cash at their doorstep while we (the banking industry, all Fintechs included) expected the legacy setup of consumers withdrawing their own cash (at branches or other physical locations) would remain as-is.Robinhood outinnovated the world yet again. I look at an entity that managed to take trading fees (from a consumer perspective) down to zero, have no issues executing on cash delivered to home.My only question for you is, which part of the journey do you find yourself (or your institution in):First they ignore you,then they laugh at you,then they fight you,then you win.As you can tell, I strongly believe, Robinhood has won. This is the same entity that has consistently disrupted financial norms—from pioneering zero-fee stock trading, prompting industry-wide elimination of trading commissions, to introducing fractional equity investing, making market access widely affordable. Now, their push for nearly round-the-clock trading has major exchanges considering 24/5 operations, underscores Robinhood’s lasting impact as a trendsetter reshaping the very foundations of the financial services industry.Robinhood is more than just another fintech competitor—it's redefining banking convenience and customer expectations. Leveraging a Gen Z-focused strategy, Robinhood’s entry into checking accounts comes with groundbreaking features: an unprecedented 4% APY savings rate, seamless banking-investment integration, and literal cash delivery to customers' doorsteps. It's not just convenience—it's the Amazon Prime experience of financial services.This transformative approach highlights critical blind spots traditional banks and fintechs might overlook, placing immense pressure on the entire industry to rethink our customer engagement models.

-     The Evolution of Optimism-     First & Second Generation Americans-     Global Citizens and Banking in the US-     Business Travel: MICE-     FS Weekly Digest-     Lightbulb Moments Today’s customer is optimistic yet selective, diverse in background, and mobile in habits. To capture their loyalty, FIs must become architects of a new, sustainable optimism – one that empowers individuals and communities to thrive despite uncertainty​.In practical terms, that means segmenting your audience and tailoring products, crafting inclusive and authentic brand messages, smoothing every onboarding friction, bundlingproducts into convenient solutions, delivering experiences that make banking feel engaging, and designing loyalty programs that flex to customers’ needs.It’s a tall order, but the reward is a banking brand that doesn’t just manage money, but enriches lives.Many are almost there, but nobody is fully there yet. The one taking a very unique angle at achieving this mission is Block (Square/Cash App), which now has a stated goal to become THE bank for HHs under $150K in HHI.A few questions that I can help you get a bit deeper understanding on today:·        Is our bank ready to speak to the first-time customer in their own language?·        Are we present in our communities in a real way?·        Are we balancing high-tech with high-touch to make every customer feel valued?Each “yes” to these questions is a step toward not only meeting the expectations of 2025, but exceeding them.The narrative arc is clear – from rebuilding optimism and trust, to fostering inclusion, to delivering tangible value and experiences.FIs that weave these threads into their strategy will write thenext chapter of growth. The message for 2025 is loud and clear: bank on community, bank on inclusivity, bank on flexibility… and customers will bank on you.

Today at a Glance:-  US Deposits Competitive Intelligence Trends for 2025-  US Deposits Predictions for 2025-  Welcoming & Onboarding for Financial Services in 2025-  Financial Profiles: Q4 2024-  Financial Services Weekly Digest I’m noticing an interesting bifurcation in our marketing strategies. Credit Card marketing is almost exclusively premium credit cards, or extremely rich cash cards targeted to the SuperPrime consumer. As FIs have become notably cautious about extending credit to the broader consumer base, instead steering marketing efforts towards stable, low-risk deposit products.This market bifurcation underscores a strategic truth forfinancial executives: Success in the coming year requires laser-focused product positioning. Premium credit offerings must clearly convey exclusivity, rewards, and aspirational lifestyles to the super prime segment, while deposit products should emphasize transparency, education, and simplicity to build trust with the mass market. Rather than trying to bridge these distinct consumer bases through generic messaging, institutions should deliberately cultivatedifferentiated marketing strategies, tailored precisely to the unique economic realities and consumer expectations within each segment.

- Credit Marketing Outlook 2025- Travel Card CI Trends for 2025- 2025 US Travel Card Predictions: Bespoke Travel- Financial Services Weekly Digest- Lightbulb Moments- AI Summary of notable news announcements- 2025 Retail Trends Travel card issuers are embracing democratization in 2025, transforming formerly exclusive experiences into mainstream perks. As consumer travel demand continues to soar, issuers are lowering barriers through entry-level products, emphasizing broadly accessible benefits such as lounge access, simplified rewards, and flexible redemptionoptions.However, this widespread accessibility has created challenges: once-premium perks, like airport lounges,risk losing their exclusivity due to overcrowding. In response, card issuers are taking a two-tier approach — making lounges a secondary benefit in lower-tier cards, while simultaneously elevating exclusivity and luxury for premium offerings through tighter access restrictions and enhanced amenities.This shift toward democratization isn't limited to travel alone; brands are poised to replicate this successful strategy in other high-value areas, including entertainment, wellness, and retail, highlighting the industry's increasing focus on blending luxury with broader consumer appeal through personalization, exclusivity, and accessibility​.

Today at a Glance:How could you deliver your core offering in 10 minutes?Inside the Consumer’s MindThe Future of Flexibility: Exploring New Avenues for Cards to Bring ValueUS Mortgage CI Trends for 2025US Mortgage Predictions in 2025Financial Services Weekly DigestLightbulb Moments: Spark Your Strategy (Vol. 29)CashApp Tortoise Shell CardAs I wrap up two weeks in India, one thought keeps circling my mind: the gap between patience and progress has never been wider. The Taj Mahal, one of the greatest symbols of craftsmanship and devotion, took 22 years to complete. Today, in that same country, millions expect groceries, meals, and medicines to arrive in under 10 minutes. This shift isn’t just about speed—it’s about how consumer expectations are being reprogrammed in real time. Much like Amazon conditioned us to expect 2-day delivery, apps like Blinkit and Zepto are reshaping how people think about service, convenience, and immediacy. This is more than just a logistics breakthrough—it’s a mindset shift.Imagine applying this mindset to Marketing or Retail Banking.What would it look like if you could deliver your core offering in 10 minutes?What sacred cows would you need to challenge?Which outdated processes would need to be dismantled?How would your customer expectations evolve if 10-minute fulfillment became the norm?The 10-Minute Mindset in MarketingReal-Time Campaign Adjustments: Imagine campaigns that adapt dynamically in real-time based on customer engagement metrics, ensuring maximum impact.Instant Feedback Loops: Using social listening tools to gather and analyze customer feedback instantly, allowing brands to pivot their messaging or strategy on the fly.Immediate Personalization: Harnessing AI to deliver hyper-personalized content, offers, and experiences to customers within minutes of them interacting with your brand.The 10-Minute Mindset in Retail Banking10-Minute Mortgage Approvals: Imagine complex loan products like Mortgages approved in 10 minutes.Real-time Financial Advice: Banks could offer personalized financial advice in real time, based on a customer’s spending patterns, investments, and goals.10-Minute Issue Resolution: Chatbots and virtual assistants powered by advanced NLP could resolve customer issues almost instantly, eliminating the frustration of long hold times.

🚀Polycultural Consumers. Streaming Trends. Travel as a Financial Priority.Financial services are shifting—fast. Anew generation of consumers is redefininghow they spend, travel, and engage with brands.This week’s podcastblends insights from three major reports to rethink:✅Are we speaking the language of polycultural consumers?✅Is our loyalty strategy built for a streaming-first world?✅Are we positioning travel financing as an essential financial tool?More importantly—does synthesizing multiple reports create sharper insights or risk diluting impact?#FinancialServices #CMO #PolyculturalMarketing #StreamingTrends #TravelFinancing #AI #CustomerEngagement

As consumer confidencesoars, so doescredit card demand—but it’s not just about more applications. It’s aboutwho is applying and why.📊Here’s what’s happening in the market:✅More credit card applications: Strong economic optimism is pushing more consumers toward credit.✅Gen Z is leaning into credit: 40% would rely on credit if they had to tighten their budgets.✅Spending isn’t slowing down: Travel, home improvements, and big-ticket purchases remain top priorities.💡Why it matters:Card issuers are doubling down ontargeted rewards, AI-driven marketing, and digital-first engagement to capture this demand. As consumer spending habits evolve, brands mustalign their acquisition strategies with real behavioral insights to stay ahead.

-       A New Era of Homeownership -       Shop Smarter, Pay Simpler -       Financial Services Weekly Digest -       Smart and Steady

Expanding Marketing, Unwavering Controls Do It For Me Economy  Lightbulb Moments FS Weekly Digest Edge Innovation   Expanding Marketing, Unwavering Controls Amex, Cap One, and a few others announced their earnings last week and I want to round out my 2024 Marketing Spend table. American Express spent over $6 Billion in marketing in 2024 and achieved 13 Million new card acquisitions for the year. We discussed last week, Chase spent ~$5 Billion and Cap One came in at $4.5 Billion for 2024. Chase also intends to go up by another $0.5 to $0.7 Billion in 2025, so $6 Billion from Amex, while a first, was expected and continues to deliver results.   Our FICO clients can view the “quality” of the accounts targeted and despite the mammoth spend on marketing the quality standards have not loosened and that confirms for me that we are not seeking “acquisition at any cost”. We continue to sweeten the pot (as our Offer Index shows) for the most creditworthy customer and try to win them in an extremely competitive marketplace.   Nick (Antonelli)’s point about not every issuer having the budget of Amex, Chase, or Cap One, rings true in my ears. While the larger issuers have the luxury of large marketing budgets, Bread has been (as well as many others) having success with much smaller marketing budgets as Digital Advertising has democratized an issuer’s ability to stretch a marketing dollar significantly. If anything, the larger budgets have to work overtime to still deliver on the ROI. (If you haven’t seen Andrew’s full interview with Nick, it’s a must-watch)   After Q1 2024 earnings in Trim the Fat, Not the Muscle I had done a back of the envelope calculation (massively flawed), showing roughly $435 per card acquisition for Amex and $455 for BofA. If I use the same massively flawed assumptions, Amex’s 13 million new card accounts at $6.04 Billion come in at $464 per card acquisition. What impresses me is that this $400-$450 per new card acquired has stayed consistent for almost a decade.

Robust earnings reflect strategic foresight Consumer Attitudes Towards Fintech PYMNTS Beyond Points and Perks Headlines on My Mind    Robust earnings reflect strategic foresight “Given how strong our results are, I almost feel we should just go home.” While no FI CEO said these words in Q4 2024, listening to many of the earnings calls gives me the feeling, this is exactly the sentiment. (BTW: Alex Karp, CEO of Palantir, opened his Q3 2024 earnings with this quote)  On a more serious note, the 2024 earnings season has kicked off with a roar, and the first wave of bank reports is indicating, we’re in for a streak of record-breaking results. JPM, BAC, C, WFC have set the tone, posting impressive growth fueled by strong consumer activity, strategic investments, and disciplined execution.   But beyond the numbers, a clear narrative is emerging—2025 will be defined by more marketing, digital dominance, and relentless efficiency. Banks are doubling down on: ·   customer acquisition ·   expanding AI-driven digital ecosystems, and ·   optimizing operations to sustain profitability.

Today at a Glance: 2024 Marketing Spend | Q4 is the highest quarter post-pandemic Lightbult Moments Financial Services Weekly Digest 2024 is officially in the books, and the scorecard begins to roll in tomorrow with major earnings reports. As we reflect on last year’s milestones, let’s set the stage with a marketing spend update. Q4 2024 didn’t just meet expectations—it smashed them. It surpassed even the record-breaking Q4 of 2022, marking the highest post-pandemic marketing spend quarter. The momentum heading into 2025 is palpable, with FIs embracing a "risk-on" mode fueled by all-time high valuations. Historically, strong performance correlates with greater risk tolerance, and we’re seeing that in action through bold marketing moves and product innovation.

From “Brand Behind the Brand” to “Brand Beside the Brand” From Likes to Loyalty US Bank Smartly Card Financial Services Weekly Digest A Card as Clear as Your Ambitions Happy New Year! I hope your holidays were both refreshing and inspiring.As we dive into 2025—the "Year of Possibility";—the pace is already picking up. Our team is back in action, and the momentum is palpable. With a wealth of incredible content in the pipeline, this space promises to keep you engaged (and possibly a little busier than usual). Trust me, it’s worth it.

2025 Omnichannel Marketing Trends Q4 2024: New Product Innovations Financial Services Weekly Digest Lightbulb Moments: BofA Alaska Premium Credit Card As I send my last newsletter for 2024, I saved one of my favorite reports for this edition: Nicole Bond and Kaitlin Ceckowski's 2025 Omnichannel Marketing Trends If you would like to have Nicole and Kaitlin join your first 2025 off-site or team meeting, please let me know, and we can work to get something on the calendar. The report is amazing, but the presentation is a must-see. 1. “It’s a Fem-nomenon” — Tapping into Female-Led Influence Insight: The female-driven zeitgeist, influenced by cultural movements, fandoms, and economic power, is reshaping modern consumer behavior. 45% of US women expect their financial situation to improve. This reflects growing confidence and economic influence. Emerging fandoms like #BookTok (38.6M+ posts) create massive community-driven purchasing power. My Takeaway: For financial institutions, there’s an opportunity to align with female-centric cultural conversations, particularly in areas like: Empowerment Messaging: Financial tools to grow wealth, educational content on savings, or investing for female consumers. Strategic Partnerships: Collaboration with women-led initiatives or influencers to build trust authentically. 2. “Why So Serious?” — Consumer Fatigue Demands Lighthearted Marketing Insight: Consumers are burnt out by “The Great Exhaustion” and crave marketing that is less formal, more playful, and entertaining. 71% of US adults report feeling the day-to-day impact of inflation​. 64% do not prefer “informative” digital ads anymore — instead, they seek curiosity-driven, entertaining content​. My Takeaway: Banks often use overly formal, serious messaging. Breakthrough strategies include: Human-Centric Content: Lighthearted campaigns that focus on easing financial stress or “fun” relatable savings challenges. Unconventional Engagement: Absurdist or unexpected content (like Duolingo’s playful tone) resonates strongly across digital platforms​. 3. Personalization Renaissance — From Data to Real-Time Personalization Insight: Consumers demand tailored, real-time experiences. Advances in AI and first-party data unlock new opportunities for relevance. 62% of adults are loyal to brands providing personalized offerings. 94% of business leaders feel they’re not maximizing their data’s potential. My Takeaway: Banking-Specific Personalization: Offer hyper-relevant financial products (credit cards, loans, savings plans) at the right moment using AI-driven tools. Data-Driven Loyalty: Use insights from customer behavior (spending patterns, life milestones) to deliver offers that feel “heard and understood.” 4. Entertaining Content is Critical Across Digital Channels Insight: Digital advertising fatigue demands creativity to stand out. 74% of consumers feel they see the same digital ads repeatedly. My Takeaway: A big bank’s CMO should rethink ad strategies: Lean into short-form video or memes to communicate complex products (like mortgage offers) in a more engaging way. Build content that feels native to platforms like TikTok and YouTube.

Content Consumption Post-election: offer unity and stability amidst change What is the going incentive to get a consumer to install your shopping app? Banksgiving and more... #SpotifyWrapped Content Consumption Social media is more than a platform — it’s the primary stage where consumers live, work, and play. With 90% of users engaging on social channels and younger demographics increasingly substituting traditional media for social platforms, the stakes have never been higher for brands. Video dominates this shift, with formats like TikTok and YouTube capturing attention in ways that static content simply cannot. For FIs, the challenge isn’t just being present on these platforms but crafting narratives that resonate in a world where scrolling is constant, and attention spans are fleeting. Mobile devices are the primary gateway to content, particularly for younger and multicultural audiences. As over half of consumers consider smartphones their main screen, this shift amplifies the importance of agility in campaign delivery and personalization. At the same time, the rise of multitasking means brands must navigate a fragmented landscape, ensuring their messaging cuts through while consumers juggle activities like eating, commuting, and watching TV. The key question isn’t just how to reach them, but how to remain relevant amidst their divided focus. Trust, however, is in short supply. Younger consumers turn to social platforms for news, even as misinformation proliferates, while older demographics cling to TV but question its objectivity. For brands, this raises fundamental questions about credibility. Can partnerships with trusted influencers or alignment with localized storytelling bridge this trust gap? As audiences grow more fragmented, marketers face the delicate task of finding the right balance between engagement and authenticity in a landscape rife with skepticism.

AI is everywhere—hailed as the cure-all for modern business woes. But when it comes to digital advertising and social media trends, one truth stands out loud and clear: personalization is no longer a luxury—it’s a necessity. Two new consumer research reports reveal that in 2025, the key to impactful advertising lies in moving from "spammy" to "spot-on," and AI is the engine to make it happen. It simplifies the complex, delivering relevance at scale. Brands that fail to embrace this shift risk not just falling behind—they risk becoming obsolete. Today at a Glance: Listen to today's newsletter! Apple | Spotify Digital Advertising Social Media Trends Lightbulb Moments

Happy Thanksgiving and Happy Holidays! This season, I’m reminded that true wealth lies in accomplishments and the connections we build—family, friends, and the community of readers like you who make this newsletter meaningful. Just as I reflected on resilience and growth during the Philadelphia Marathon this Sunday, I’m grateful for the support and inspiration from all of you. From my family to yours, wishing you a joyful holiday season filled with health, happiness, and success. Today at a Glance: Listen to today's newsletter! Apple | Spotify Trust and tailored services are the pillars of high-net-worth engagement Precision targeting is the new battleground for credit card issuers Pulse of the Week Private banking and wealth management have taken center stage for banks, with high-net-worth clients driving growth and innovation. At the same time, credit card issuers are increasingly focused on the super-prime segment, with a surge in products tailored to affluent consumers compared to pre-pandemic levels. This shift underscores a clear trend: banks are doubling down on the wealthiest segments, recognizing the outsized opportunity they present in a competitive market.