In the wake of widespread digital migration during the pandemic, financial marketers have been learning to reinvent their campaigns to support that continuing shift, as well as a renewed focus on personalized financial guidance and wellness tools, and spikes in consumer spending on ecommerce.
Most importantly, they have been challenged to improve the agility of their marketing production processes and to develop martech stacks that enable quicker access to data to enable real-time business decisions.
A New Type of Credit Card Customer Emerges
The pandemic caused consumers to rethink their relationship to credit card debt. As unemployment spiked, discretionary spending declined, and many consumers used stimulus checks to pay down credit cards. This significantly impacted the average consumer debt, with overall credit card balances down by 14% at the end of 2020 compared to 2019. This was the first time in over a decade that credit card companies had seen this type of decline.
When people did use their credit cards, the spending categories reflected more practical, more digital trends, such as greater reliance on Amazon and other ecommerce options for everyday goods. Card companies introduced new benefits and rewards to meet this change, including offering credits and accelerators on everyday purchases, digital subscriptions and delivery, and points to co-brand travel cardholders for non-travel-related purchases.