In the fast-paced world of technology, credit cards have emerged as the new front door to the world of financial offerings for consumers. Marqeta’s newly released 2023 State of Credit Report reveals that credit providers are now offering additional financial services to their cardholders, who are taking them up on their offers.
Over 50% of surveyed U.S. consumers reported using multiple financial products from their credit card provider. This is a golden opportunity for big tech brands to take the lead in consumer wallets.
With 69% of consumers surveyed indicating that they had multiple products with their credit card provider, or that they started with a credit card and then added additional financial products over time, there has been a clear shift in consumers' appetite. Big brands can seize this opportunity by offering more personalized and integrated credit experiences inside their offerings, apps, or customer-facing tools.
The report also revealed that 50% of U.S. consumers surveyed own a credit card affiliated with a brand. Additionally, 62% of these consumers consider themselves a customer of the brand or store instead of the bank. This trend indicates that consumers want their credit solutions embedded into the offerings of their preferred brands. Tech brands that integrate personalized credit experiences into their offerings can revolutionize the consumer's banking experience.
Younger consumers, age 18-24, reported being the least satisfied with their current credit card and the most open to applying for a new card in the next year. They are most likely to consider themselves a customer of the brand, instead of the bank, showing their desire for more customized, integrated credit experiences inside the brands they love. This presents a significant opportunity for big tech companies to fulfill the demands for unique and tailored financial services.
It’s clear there’s a massive opportunity for brands to embed credit solutions into their offerings and provide highly personalized and tailored experiences. By doing so, these big tech brands can capture and retain a consumer's attention, leading to higher satisfaction levels.
To learn more, download the State of Credit report here. Or learn how you can get started with Marqeta’s credit card guide.
