The future of credit cards

Entering the Age of Hyper Personalization with Gen Z

The oldest Millennials turn 38 this year, any company still working on its “Millennial Digital” strategy has already missed that boat.

The oldest Gen Z is 22 in 2019, building strategies for this emerging segment is the critical task facing companies today. Gen Z consumers expect relevant, engaging and personalized content, offers and communications from brands they engage with, and for the most part they get it. But rarely, if ever from their banks and other financial institutions.

Under threat from emerging challenger FinTech brands in every part of their business, banks and the wider traditional payment industry are investing a lot of time and effort in trying to engage digital consumers. But their most powerful engagement asset, payment cards, remain underused and increasingly commoditized by offering a limited number of generic, static card value propositions, which miss the needs of these new consumers:

• Cash back for everyday spend (gas and groceries)
• Travel points/miles for frequent travelers (hotels and dining)
• Entry level card
• Debit card

To maintain relevance and engagement for Gen Z consumers and those that come after…