In our last report, we looked at the changing consumer needs in response to the COVID-19 crisis.

At iQuanti, we have been constantly monitoring the fluctuations in search demand to understand consumer priorities and help our clients adapt and win in this new normal. Here is an in-depth analysis of the rapid changes we have seen in the search trends for Credit Cards over the past 6-8 weeks, and our recommended course-of-action for financial marketers to effectively respond to the ‘new normal’.

THINK PIECE: Evolving Credit Card Search Trends


At a Glance:

This report is a part of iQuanti’s research series: “Responding to COVID-19: Tactics for Financial Marketers”.?This report focuses on the credit card industry in the US and provides:

  • Insights on shifting customer behavior trends
  • Recommendations for acquisition marketing tactics that can be implemented to ensure marketing effectiveness during these uncertain times.

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Some of our key findings from the report:?

 

  • Search demand for various credit card products has dropped through the COVID-19 crisis. However, we are seeing early signals of a marginal uptick in April.
  • Search trends by categories vary. Travel and rewards cards have seen a significant slowdown, whereas the Balance Transfer category has not been affected as much.
  • Credit card demand and usage is showing signs of slowing down as consumers’ saving/spending mix changes, similar to what we saw in 2008.
  • iQuanti recommends credit card issuers must:
    • Evaluate if their product positioning and value proposition remains relevant, through a better understanding of the changing user needs.
    • Tighten targeting levers, and identify key categories (transactors/revolvers) that you want to focus on.
    • Focus on existing bank customers to gain incremental creditworthy customers through analytics led qualification.

This report reflects our perspective as of late April 2020.

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