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How Loyalty Perks Unlock Hotel Co-Brand Card Potential

(New York, NY) Co-branded hotel credit cards earn consumers exclusive benefits and rewards tailored to brands they love. They function similarly to proprietary rewards cards, but there are several unique factors that inspire hotel card acquisition, usage, and loyalty. Auriemma Group’s latest issue of Cardbeat US delves into co-brand credit cards and loyalty programs, uncovering that experience-based perks and brand affinity are key to a hotel co-brand’s success.

60% of credit cardholders say experience-based benefits would make them more interested in applying for a hotel card. Room upgrades have the largest impact, followed by complimentary food and beverage, the occasional free hotel stay, early check in/check out options, and free Wi-Fi. In total, the desirability of these experience-based benefits outweighs that of spend-based rewards, which 49% of credit cardholders cite as driving factors for hotel card application.

“To cultivate guest loyalty, hotel card issuers must emphasize the unique experience their cards provide,” says Jonathan O’Connor, Senior Manager at Auriemma. “Issuers should not underestimate the value of a tangible perk, which is often more accessible to cardholders than calculating points. While rewards remain an important piece of the puzzle, experiential benefits are stronger drivers of pre-acquisition interest in hotel co-brands.”

Loyalty status also factors into hotel card acquisition and usage. Though ongoing rewards and attractive sign-up offers drive hotel co-brand applications, 31% of hotel co-brand credit cardholders say improving loyalty status also plays an important role. This is particularly pronounced for Marriott cardholders, 39% of whom say they applied to improve their loyalty status with Marriott.

Loyalty perks also have an incredible impact on off-brand spending. 83% of hotel co-brand cardholders say enhanced loyalty status upgrades motivate them to use their card for off-brand spend. Access to VIP experiences also motivates 51% of these cardholders.

“Envisioning an upgraded room, amenity, or enhanced service because of card spend is a significant motivator,” says O’Connor. “Knowing that greater card engagement can lead to an elevated hotel stay gives cardholders a north star to build towards.”

The distinguishing factor between hotel cards (and co-brand cards in general) and their proprietary rewards counterparts lies in the loyalty perks they offer. The ability to highlight experiences and a clear path to perks is what separates hotel cards from programs that have their cardholders doing the math.

“The key to unlocking a hotel card program’s full potential is the benefits that standard credit cards cannot provide,” says O’Connor. “Hotel co-brand issuers that look beyond the table stakes of a viable credit card program and emphasize experience-based perks and brand affinity will win over those that strictly focus on monetary rewards.”

Survey Methodology

Cardbeat US

This Auriemma Group study was conducted online within the US by an independent field service provider on behalf of Auriemma Group (Auriemma) in June 2023 among 1600 adult credit cardholders. The number of interviews completed for both is sufficient to allow for statistical significance testing among sub-groups at the 95% confidence level ±5%, unless otherwise noted. The purpose of the research was not disclosed, nor did respondents know the criteria for qualifying.

About Auriemma Group

For more than 35 years, Auriemma’s mission has been to empower clients with authoritative data and actionable insights. Our team comprises recognized experts in four primary areas: operational effectiveness, consumer research, co-brand partnerships, and corporate finance. Our business intelligence and advisory services give clients access to the data, expertise and tools they need to navigate an increasingly complex environment and maximize their performance. Auriemma serves the consumer financial services ecosystem from our offices in New York City and London. For more information, call Jonathan O’Connor at (+1) 1-646-437-6116.

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Comfortability with AI Solutions Signals New Era in Financial Advice

(New York, NY) Artificial intelligence (AI) continues to expand, with recent advancements in the technology being offered directly to consumers. The capabilities of AI chatbots, like ChatGPT, raise questions about the future of AI, and its integration into banking and payment experiences. Auriemma Group’s latest issue of The Payments Report reveals current usage levels of AI chatbots, comfortability with AI solutions being utilized by banks and retailers, and how likely consumers are to turn to AI chatbots for financial advice.

ChatGPT is still in its infancy, but 15% of debit cardholders have used it. Importantly, this represents a 68% take-rate among those familiar with the service. Other providers, such as Google’s Bard, DiabloGPT, and YouChat all boast similar take rates, according to Auriemma’s research.

While the casual ChatGPT user may prompt the service to help write an email or provide information on a topic, the AI language model can also provide financial support. This would be welcomed by 40% of cardholders who reported that they are likely to use an AI chatbot for financial advice, up 6-percentage points compared to Q4-2022. And this figure rises for Gen Z and Millennial cardholders, 60% of whom would be comfortable.

“Cardholders are broadly aware that AI is imbued in some of their bank’s automated offerings,” says Jonathan O’Connor, Senior Manager at Auriemma. “But the question is how banks can use AI to further support their offerings in smart ways. Some applications of the technology would be more welcome than others.”

Unsurprisingly, exposure to AI integration within certain tools appears to increase comfortability. According to Auriemma’s research, 62% of debit cardholders would be comfortable with an AI solution offered by their primary bank aimed at identifying potential fraud. Slightly fewer say the same about using AI to provide customer service (52%), assess credit worthiness (47%), or predict stock prices (45%).

Over half of consumers would also welcome AI solutions offered by retailers they shop with frequently. Cardholders are most comfortable with retailers using AI for fraud leads (64%), followed by price comparison tools (64%), customer service (53%), and personalized shopping recommendations (52%).

“For banks, the most immediate use case for AI is to support financial health initiatives,” says O’Connor. “Cardholders are already accustomed to chatting with AI to help solve straightforward issues. Utilizing the technology to connect cardholders with solutions or resources aimed at alleviating financial strain or enabling smarter spend decisions is a clear next step.”

The proliferation of AI chatbots creates an opportunity for banks and retailers to expand their offerings. Services like ChatGPT raise overall consumer awareness with AI’s capabilities and could increase comfortability with the technology being used by other providers they trust. As these services grow and increase in popularity, it will be important for banks to keep up should they want to continue to be cardholders’ primary destination for financial advice.

Survey Methodology

The Payments Report

This Auriemma Group study was conducted online within the US by an independent field service provider on behalf of Auriemma Group (Auriemma) in March 2023 among 800 adult debit cardholders. The number of interviews completed for both is sufficient to allow for statistical significance testing among sub-groups at the 95% confidence level ±5%, unless otherwise noted. The purpose of the research was not disclosed, nor did respondents know the criteria for qualifying.

About Auriemma Group

For more than 35 years, Auriemma’s mission has been to empower clients with authoritative data and actionable insights. Our team comprises recognized experts in four primary areas: operational effectiveness, consumer research, co-brand partnerships, and corporate finance. Our business intelligence and advisory services give clients access to the data, expertise and tools they need to navigate an increasingly complex environment and maximize their performance. Auriemma serves the consumer financial services ecosystem from our offices in New York City and London. For more information, call Jonathan O’Connor at (+1) 1-646-437-6116.

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NEW REPORT: Auriemma Publishes Q1-2023 Issue of Cardbeat US

Auriemma recently published the Q1-2023 Cardbeat US report. The issue examines new card acquisition, outstanding debt, store debit and credit cards, and using rewards points with partner brands. Those interested in learning more about Auriemma’s research or about this issue should contact research@auriemma.group.

Findings include:

 

Word of mouth, third-party comparison websites, and digital channels are paramount to marketing and customer acquisition strategies.

  • Digital information sources like third-party comparison websites (91%) and social media posts (86%) are influential in deciding whether to apply for a payment card among those who used them—over half (56%-58%) ended up applying.

 

60% of cardholders say they spend multiple days considering a new credit card (38% for debit cards), and over half say the reason is because they want to compare the card to others on the market (54%) and/or do additional research on the card (53%).

  • 16% of cardholders say sign-up offers are the primary reason they applied for a credit card and 60% say they have at least a little impact on their decision.

 

Cardholders with outstanding credit card debt are strategic and intentional with their repayments—84% are paying off the balance as quickly as possible.

  • 59% of cardholders say they have an outstanding balance on their credit card(s), averaging $3,233.
  • One-fifth are not making any payments towards the balance(s) (22%) and/or are considering filing for bankruptcy (18%).

 

Tax refunds will most commonly be used to fortify savings (33%) and/or pay off outstanding debts or bills (31%).

Store card ownership has a marked impact on shopping with the brand—51% of store cardholders say their shopping with the merchant has increased since acquiring the card.

  • One-fifth (20%) say they have shopped at the store a lot more since getting their store card.

 

35% of rewards cardholders have transferred rewards to another brand at least once, and one-quarter (24%) have done so multiple times.

Expanding partnerships with brands similar to or different from the card would make over 40% of cardholders use their card more.

  • Supermarkets (85%) and gas stations (84%) are the most appealing purchase categories to be partnered with a credit card.

Survey Methodology

This Auriemma Group study was conducted online within the US by an independent field service provider on behalf of Auriemma Group (Auriemma) in February-March 2023 among 888 adult  credit cardholders. The number of interviews completed for both is sufficient to allow for statistical significance testing among sub-groups at the 95% confidence level ±5%, unless otherwise noted. The purpose of the research was not disclosed, nor did respondents know the criteria for qualifying.

 

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AMC Entertainment Launches Co-Brand Credit Card for Moviegoers

AMC Entertainment Holdings, Inc., the world’s largest movie theatre operator, has partnered with Deserve and Visa to launch the co-branded AMC Entertainment Visa credit card. Co-branding is a well-established strategy that provides a valuable financial service, deepens customer loyalty, and drives incremental brand revenue.  According to Auriemma Group’s most recent Cardbeat® study, more than 50% of branded credit cardholders shop more at the brand as a result of having the card, and nearly 40% of that population shops a lot more at the brand. This trend is more prominent among those aged 18–34 – 76% shop more at a brand with the card. Read more about the AMC Entertainment Visa credit card here.

Survey Methodology

The Auriemma Group study was conducted online in the US in Q1 2023 by an independent field service provider. A total of 888 web interviews were conducted among credit card users. The purpose of the research was not disclosed, nor did respondents know the criteria for qualifying.

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Klarna is the UK’s Top Buy Now, Pay Later Provider, But How Can Competitors Gain Market Share?

(London, UK): Klarna is the leading Buy Now, Pay Later (BNPL) provider in the UK with 13 million customers using its products and services, but the Swedish FinTech reported $1bn of losses in 2022, its largest ever, adding to the strain of incoming regulation following the UK Government’s draft legislation in February.

Despite losses, the UK giant continues to have a strong foothold in the marketplace. According to Auriemma Group’s latest issue of Cardbeat UK, 50% of BNPL users say they prefer Klarna to other BNPL brands. Clearpay comes in a distant second at 16%, with the remaining providers such as Laybuy in single digits.

Klarna and its competitors offer similar services, including 0% interest on instalment purchases, and weekly or monthly repayment plans. One of the key differentiators, however, is each provider’s portfolio of merchant partners where customers can utilise the competing services.

For example, ASOS, one of the UK’s largest online retailers with 8.9 million customers, lists Klarna and Clearpay as BNPL options at checkout, while major sports retailer JD Sports has deals with Klarna and Laybuy. So, is it really just availability at checkout that drives usage?

Auriemma Group’s research found that 31% of BNPL users have previously tried Clearpay and 12% tried Laybuy, compared to 50% who have tried Klarna. Furthermore, while 45% of BNPL users have only used one BNPL provider, a notable 36% have tried two or more, highlighting a willingness to use alternative providers even if they are not preferred. This open tendency could play to the advantage of regulated entities following February’s draft legislation.

“Though Klarna remains the top BNPL provider for the majority of cardholders, a considerable portion have tried other options,” says Jaclyn Holmes, Director of Research at Auriemma Group. “This shows that accessibility can take priority over brand loyalty, highlighting an opportunity for the competition.”

While availability at checkout plays a large role in BNPL selections, familiarity with a provider is also important. 42% credit cardholders say they would use Klarna if presented the option at checkout because of familiarity with the brand. This supersedes user experience (23%), attractive rates (15%) and customer service (10%). More generally, 34% of credit cardholders say that familiarity with the provider has the greatest influence on BNPL usage though the strength of the terms and conditions (33%) are also a notable factor.

As regulated entities like NewDay with NewPay and Zopa make headway in the space, the focus on consumer awareness will be as critical, if not more, as product strength and customer experience.

“Regulation may require changes from Klarna and others that disrupt their current customer journey, opening the door for competitors already accustomed to regulation,” says Holmes. “If new players can quickly build brand awareness and availability at the point-of-sale, we could see Klarna more readily challenged as consumers’ top choice.”

Auriemma Group will continue to monitor this space closely in upcoming Cardbeat studies and within its Customer Service Roundtable groups.

Survey Methodology

This Auriemma Research study was conducted online within the UK by an independent field service provider on behalf of Auriemma in October 2022, among 80o+ adult credit cardholders. The number of interviews completed on a monthly basis is sufficient to allow for statistical significance testing between sub-groups at the 95% confidence level ± 5%, unless otherwise noted. The purpose of the research was not disclosed nor did the respondents know the criteria for qualification.

About Auriemma Group

For more than 35 years, Auriemma’s mission has been to empower clients with authoritative data and actionable insights. Our team comprises recognised experts in four primary areas: operational effectiveness, consumer research, co-brand partnerships and corporate finance. Our business intelligence and advisory services give clients access to the data, expertise and tools they need to navigate an increasingly complex environment and maximise their performance. Auriemma serves the consumer financial services ecosystem from our offices in London and New York City. For more information, visit us at www.auriemma.group or call Jaclyn Holmes at +44 (0) 207 629 0075.

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Will the UK Government’s Draft Legislation on Buy Now, Pay Later Drive Growth Forecasts?

(London, UK): The growth of Buy Now, Pay Later (BNPL) services among UK consumers has been consistent since 2016 when Klarna launched its partnership with Arcadia Group, bringing its product to mainstream retail. Today, over 17 million consumers have used BNPL services, including almost half (49%) of credit cardholders according to Auriemma Group’s latest issue of Cardbeat UK.

Despite the popularity and usage of this new wave of lending, BNPL agreements remain unregulated, and unlike credit card issuers, providers are not required to be authorised by the Financial Conduct Authority (FCA). However, new draft government legislation may soon change the readiness in which consumers can access and use BNPL services in order to reduce the risk of consumer detriment.

Indeed, some consumers are already experiencing some detriment due to their BNPL plans. According to Auriemma’s latest study, 37% of credit cardholders say using BNPL has created an additional burden on their finances, while a further 26% have been unable to afford essential purchases due to outgoings on BNPL repayments. According to the Bank of England, rising credit card borrowing could perpetuate this issue further, highlighting the urgency to reform the BNPL sector.

Almost one-third of those offered BNPL at online checkout never opt to learn more about the terms and conditions, and just 10% say they almost always click to find out more information, according to Auriemma’s Cardbeat UK.

“Our research shows that very few cardholders opt to learn more about terms and conditions when offered BNPL options at checkout,” says Jaclyn Holmes, Director of Research at Auriemma Group. “When large groups of consumers with this mentality toward borrowing aren’t required to pass affordability or credit worthiness checks, there’s greater risk on many of those consumer’s finances.”

What will the legislation mean for the likes of Klarna and other unregulated firms?

If the draft legislation is passed and the FCA takes action, firms such as Klarna could be required to make significant changes to their business such as applying to be authorised by the FCA, ensuring advertisements meet regulatory requirements and integrating rules around customer credit files and credit worthiness.

Does the legislation place regulated lenders in poll position to seize market share?

Though Klarna remains the top used BNPL service in the space, a wave of new entrants (many of whom are already subject to regulations) may threaten their stronghold. Several UK banks and lenders already have BNPL products in market, such as NewDay with NewPay, NatWest and Virgin Money. Moreover, regulated FinTechs such as Monzo and Curve joined the BNPL space in 2021, with Revolut following in 2022. Zopa recently acquired Divide Buy to enter the UK market with BNPL 2.0. 

However, for card issuers, establishing an entirely new BNPL business may not be needed to meet customer demand. Auriemma’s Cardbeat UK found that 44% of cardholders would be interested in monthly instalment plans attached to their existing credit card. A further 43% said they would be likely to enrol an in-person or online credit card purchase into an instalment plan if prompted by a push notification.

“Whether it’s building a BNPL solution or adapting existing lending tools to offer instalments, technology has enabled traditional lenders to become competitive in this space,” says Holmes. “This, in turn, could shore up the certainty around acceptable business models and future growth.”

Auriemma Group will continue to monitor this space closely in upcoming Cardbeat studies and within its Customer Service Roundtable groups.

Survey Methodology

This Auriemma Research study was conducted online within the UK by an independent field service provider on behalf of Auriemma in October 2022, among 80o+ adult credit cardholders. The number of interviews completed on a monthly basis is sufficient to allow for statistical significance testing between sub-groups at the 95% confidence level ± 5%, unless otherwise noted. The purpose of the research was not disclosed nor did the respondents know the criteria for qualification.

About Auriemma Group

For more than 35 years, Auriemma’s mission has been to empower clients with authoritative data and actionable insights. Our team comprises recognised experts in four primary areas: operational effectiveness, consumer research, co-brand partnerships and corporate finance. Our business intelligence and advisory services give clients access to the data, expertise and tools they need to navigate an increasingly complex environment and maximise their performance. Auriemma serves the consumer financial services ecosystem from our offices in London and New York City. For more information, visit us at www.auriemma.group or call Jaclyn Holmes at +44 (0) 207 629 0075.

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ID Provisioning Set to Increase Mobile Pay Usage

(New York, NY) Mobile payments give cardholders the chance to lighten their physical wallet, but those in states like Arizona and Maryland may be able to go without a wallet altogether. In March, Apple announced that Arizona would be the first state to offer its locals the opportunity to digitally store their driver’s license or state ID in the Apple Wallet, and Maryland soon followed. But what impact, if any, will this have on mobile payment usage overall?

Auriemma Group’s latest Mobile Pay Tracker study found that ID provisioning could increase mobile payment usage notably. According to the research, 67% of mobile payment users and 20% of non-users would be interested in adding an ID to their mobile wallet. And nearly half of those interested say having an ID available in their mobile pay wallet would make them use it more. This is particularly striking among non-users, 45% of whom would begin using mobile payments as a result.

“With the addition of IDs, mobile wallets take one step closer to being a physical wallet substitute,” says Jaclyn Holmes, Director of Research at Auriemma Group. “Though we don’t anticipate mobile wallets to fully replace physical ones, this addition will make leaving home without one a greater possibility should your state provide the option.”

However, mobile payments have some work to do if they want to convert naysayers. 62% of those uninterested in adding an ID to their mobile wallet say they don’t like the idea of having all their personal information saved to one device, and 50% don’t think it would be secure. Over half of these cardholders also don’t trust mobile wallets enough to leave their physical ID at home, saying they would still carry it with them anyway.

When looking at those interested in adding their ID to a mobile wallet, however, 69% are comfortable leaving their physical ID behind. This is most prominent among younger cardholders, suggesting that over time comfort may increase.

“Mobile payments already allow consumers to add their payment cards, plane tickets, membership cards, and more,” says Holmes. “Adding IDs is the next logical step and is likely to promote mobile payment usage overall. As issuers consider their relationship to mobile payments, it would be worthwhile for them to envision a future where digital wallets are more commonplace, even if only supplemental to the physical wallet.”

Survey Methodology

Mobile Pay Tracker

This Auriemma Group study was conducted online within the US by an independent field service provider on behalf of Auriemma Group (Auriemma) in July 2022 among 2,182 adult mobile pay eligible credit cardholders. The number of interviews completed for both is sufficient to allow for statistical significance testing among sub-groups at the 95% confidence level ±5%, unless otherwise noted. The purpose of the research was not disclosed, nor did respondents know the criteria for qualifying.

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Recession Concerns Spark Adjustments to Spending

(New York, NY) Jamie Dimon, CEO of JPMorgan Chase recently cautioned that the US and the world would face a recession in the next 6-9 months. And if the UK’s cost-of-living crisis is any indicator, some consumers may soon be pinching pennies to afford everyday expenses. Auriemma Group recently conducted research in both regions and found that 55% of US credit cardholders and a staggering 83% of credit cardholders in the UK say rising costs will have a negative impact on their finances in the next 12 months.

Rising food and fuel costs are already having a significant negative impact on half of US cardholders, and these consumers anticipate costs to swell further over the next year. Looking to the UK, these impacts are even greater, with about nine-in ten (88%) reporting a negative impact from rising food costs and 81% saying the same about fuel.

“We’ve been studying changes to consumer spending and borrowing behavior throughout the cost-of-living crisis in the UK and believe those shifts may be predictive of things to come on our side of the pond,” says Jaclyn Holmes, Director of Research at Auriemma Group. “Navigating these increasing costs comes at a price for many, particularly those with heavier debt loads or fixed incomes.”

According to Auriemma’s research, US cardholders are already acting in response to rising costs. Over the past 6 months 52% curbed non-essential spending, 36% sought out more sale items than usual, and 33% switched to more affordable brands.

While often opaque to cardholders, the economic outlook due to the impacts of inflation, rising interest rates, and Russia’s war with Ukraine may cause these measures to intensify. In the UK, tensions are already hitting a fever-pitch with some activists going as far as flinging tomato soup at a Van Gough painting to draw attention to the impact of fossil fuels, but also rising costs.

“These are very, very serious things which I think are likely to push the U.S. and the world — I mean, Europe is already in recession — and they’re likely to put the U.S. in some kind of recession six to nine months from now,” Dimon said.

US cardholders agree with Dimon. Auriemma’s research found that 80% believe the US will enter a recession within the next 2 years. And this belief is changing attitudes towards spending. Over nine-in-ten of those who think it is ‘very likely’ that the US will enter a recession say they have changed their spending behavior because of rising costs.

“The UK’s cost-of-living crisis has gained media attention for the better part of the year, and the US may not be far behind,” says Holmes. “Dimon’s assertion highlights the delicate state of the economy, and US consumers have already begun to feel the effects. Looking to the UK as an example, US issuers and merchants can expect some notable changes to spending over the next year.”

Survey Methodology

Cardbeat US

This Auriemma Group study was conducted online within the US by an independent field service provider on behalf of Auriemma from August-September 2022, among 80o+ adult credit cardholders. The number of interviews completed is sufficient to allow for statistical significance testing between sub-groups at the 95% confidence level ± 5%, unless otherwise noted. The purpose of the research was not disclosed nor did the respondents know the criteria for qualification.

Cardbeat UK

This Auriemma Group study was conducted online within the UK by an independent field service provider on behalf of Auriemma from April-May 2022, among 80o+ adult credit cardholders. The number of interviews completed is sufficient to allow for statistical significance testing between sub-groups at the 95% confidence level ± 5%, unless otherwise noted. The purpose of the research was not disclosed nor did the respondents know the criteria for qualification.

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Consumers More Pessimistic About Financial Health as Cost-of-Living Crisis Intensifies

(London, UK): Consumer expectations for future financial stability is worsening, with many looking to credit cards for support during the cost-of-living crisis. According to Auriemma Group’s latest issue of Cardbeat UK, 37% of cardholders believe their financial health will worsen in the next 6 months.

Gen Z and younger Millennials express greater optimism about their future financial health than their older counterparts despite increased levels of borrowing. Auriemma’s research found that 20% of cardholders are borrowing more to afford everything they need, rising to 32% among Gen Z and Millennials, and 33% of sub- and near-prime customers. The added strain of rising costs will likely cause these figures grow in the coming months.

“Since the start of the pandemic we have seen a resurgence in consumer spending on debit cards and a rise in transfers from savings to current accounts,” says Jaclyn Holmes, Director of Auriemma Research. “Today it appears rising inflation is furthering the strain on consumers, leading some to rely on their credit cards for essential spending.”

According to Auriemma’s latest findings, over 90% of credit cardholders anticipate rising costs of food, housing, fuel or energy bills to impact their personal finances negatively over the next 12 months. While energy prices were capped at £2,500 for 2 years beginning this month, some households may still see their bills double.

“At a time when all other costs are skyrocketing, the price cap will offer little comfort for many households,” says Holmes. “With more monthly outgoings attributed to energy bills, the pressure on credit card usage and borrowing will likely be even higher.”

But consumers aren’t the only ones bracing for impact. Issuers are also trying to assess how the cost-of-living crisis is currently impacting their cardholders and anticipate the enduring impact moving forward.

“Lenders have already begun seeing the operational impact of this change in customer behaviour,” says Louis Stevens, Director of Auriemma’s Industry Roundtables. “This comes at a time where regulatory initiatives, such as The Consumer Duty Act, are already taking up considerable time and resources.”

As issuers likely tighten risk criteria for customers seeking credit, some may turn to Prime and affluent customers for lower-risk lending opportunities. Auriemma Group will continue to monitor this space closely in upcoming Cardbeat studies and within its Customer Service Roundtable groups.

Survey Methodology

This Auriemma Research study was conducted online within the UK by an independent field service provider on behalf of Auriemma from April-May 2022, among 80o+ adult credit cardholders. The number of interviews completed on a monthly basis is sufficient to allow for statistical significance testing between sub-groups at the 95% confidence level ± 5%, unless otherwise noted. The purpose of the research was not disclosed nor did the respondents know the criteria for qualification.

About Auriemma Group

For more than 35 years, Auriemma’s mission has been to empower clients with authoritative data and actionable insights. Our team comprises recognised experts in four primary areas: operational effectiveness, consumer research, co-brand partnerships and corporate finance. Our business intelligence and advisory services give clients access to the data, expertise and tools they need to navigate an increasingly complex environment and maximise their performance. Auriemma serves the consumer financial services ecosystem from our offices in London and New York City. For more information, visit us at www.auriemma.group or call Jaclyn Holmes at +44 (0) 207 629 0075.

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