Navigating the cards business in the new normal
An overview of key disruptions and response playbook for issuers
As leaders continue to pivot in response to the impacts of COVID-19 and secular trends in the industry, they will need to make critical decisions to ensure their business's resilience and position themselves to thrive in the new normal.
Consumers have dramatically changed their behaviour due to COVID-19, which has not only accelerated payment trends but increased pressure on card profit pools.
The competition is also increasing, from new payment entrants and emerging business models to long-term competition such as open banking, broader access to payments infrastructure, and new rails.
Card issuers focus will need to shift towards making necessary strategic adjustments and investments to thrive in the long run.
In this report, we address the disruptive elements and outline near-term steps for issuers to navigate the cards business through the crisis and succeed in the evolving landscape.