UK credit card usage is substantial — around 60 percent of adults own one — and it’s growing year on year. With over 5 million credit customers, our client is a major player in this industry. However, the client recognised that digital innovation was key to maintaining this market-leading position.
This search for increased revenue and market share led the client to consider creating a pioneering digital credit card. This would effectively be a digital version of its “cobrand” credit cards, which high-street chains wrap in their own branding for use as store cards, retail-branded credit cards, and reward cards. As well as the usual credit card functionality, these cards offer benefits such as shopping discounts and loyalty points.
Overall, the client’s business goals with this digital credit card were:
- to grow their near-prime business by approving more customers for credit
- to gain greater returns from their existing investment in cobrand credit products
Expanding their cobrand credit cards into a digital format was a fast way to further these goals, as it would help them tap into the online shopping market. However, the client lacked the in-house expertise to make this dream a reality.