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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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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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4 Things You Need to Know About Cryptocurrency Today

(New York, NY) Bitcoin has been around for over a decade but continues to find its footing with consumers less familiar with it. Famously first used to purchase Papa John’s pizza in 2010, the cryptocurrency’s value has grown from $725 in 2015 to over $64,000 as of this writing, creating some investment winners and losers along the way. Auriemma Group’s latest issue of Mobile Pay Tracker investigated consumers’ relationship with Bitcoin and cryptocurrency in general, uncovering who knows about it, who has it, what they’re using it for, how they’d like to use it in the future, and more.

1. Lack of understanding prevents cryptocurrency ubiquity.

Cryptocurrency has captured mainstream attention since its launch, but few consumers truly understand how it works—74% say they are a cryptocurrency novice. While some may be able to speak about it generally, its unlikely your average cryptocurrency holder is explaining the blockchain to their friends. Overall, though, nearly everyone (96%) has at least heard of cryptocurrency, highlighting just how culturally significant it has become during its relatively short tenure.

“As a payments ecosystem, cryptocurrency will need to become more widely understood for it to truly flourish,” says Jaclyn Holmes, Director of Research at Auriemma Group. “But low levels of understanding may be enough for a casual investment, even if the currency is far from becoming the decentralized alternative to cash.”

2. About one-in-six consumers currently own a cryptocurrency.

Age plays a notable role in cryptocurrency ownership, with some Gen X and Baby Boomer consumers likely hesitant to use it as an investment vehicle due to its volatility. With more time to absorb the ebbs and flows of the market and more openness to emerging payment types, Gen Z and Millennial cardholders are more likely to hold cryptocurrency (25%-30%).

“Not only do younger cardholders have the advantage of time when it comes to cryptocurrency investing,” says Holmes. “The group is also generally more open to novel technologies and approaches in the payments space. We’ve seen it with mobile payments, P2P payments, contactless technology, and more.”

Still, without high levels of understanding, 57% of those who own cryptocurrency say it comprises less than one-quarter of their overall savings/investment portfolio. Though thousands of cryptocurrencies are in circulation, Bitcoin, Dogecoin, and Ethereum are the most owned among consumers (7-11%).

3. Those with cryptocurrency want more.

Looking ahead, one-quarter of consumers are interested in buying or receiving cryptocurrency in the next 12 months. This figure increases to 81% among those who currently hold cryptocurrency. Even those who used to hold cryptocurrency show increased interest (49%), which exemplifies the largely positive experience those who have ever held it have had with the product.

“While traditionally bought and sold proactively, we’ve noticed passive opportunities for cryptocurrency acquisition sprouting up across the payments space. Venmo, for example, now allows its users to redeem their funds for Bitcoin, Ethereum, Litecoin, or Bitcoin Cash,” says Holmes. “It wouldn’t be surprising if it became a common redemption option for credit card rewards programs.”

In fact, cryptocurrency as a cash back reward is of interest to one-third of consumers, while those who currently hold cryptocurrency are even more interested (75%). That isn’t to say cryptocurrency rewards will become table stakes, but they could certainly become a program sweetener, particularly for younger cardholders looking for a low-risk way to participate in the space.

4. It’s considered a long-term investment, not liquid funds.

Though cryptocurrency can sometimes appear to be a get-rich-quick scheme, the reality is that those who hold it broadly think of it as a long-term (38%), not a short-term (13%) investment. Still, knowledge remains key. Losing the errant dollar to a defunct cryptocurrency may not change one’s financial future, but an overzealous investor could lose a lot of money quickly, like this Shanghai investor who purchased Squid Game crypto.

“Some consumers simply play around with cryptocurrency to see what happens, but this could become a high-risk endeavor for those offering up their life savings,” says Holmes. “Issuers can play in this space by offering their cardholders the opportunity to buy into cryptocurrency without such a large price tag—using rewards points to purchase smaller portions of trusted cryptocurrency providers.”

Without the infrastructure to accept cryptocurrency as a form of payment at the point-of-sale, it will largely be seen as an investment product. Few (14%) see cryptocurrency as liquid funds for purchases, but if presented with the option to use theirs for a purchase at the point-of-sale, about half are likely.

Why should banks care about cryptocurrency?

While cryptocurrency is still relatively new and transaction volume remains low for the industry, it is undoubtedly a growing space. Those looking to play in the space will need to remain conscious of evolving regulation to ensure compliance needs are met. Still, banks and issuers can act as a refuge for consumers looking to dip their toe in without the exposure that comes with committing their hard-earned dollars to the investment. Providing cardholders the option to earn or redeem their account rewards as cryptocurrency allows them to passively participate in the space in a way that feels lower-risk, particularly for those new and just looking to play around.

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 2021 among 2,003 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.

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 Jaclyn Holmes at (+1) 646-454-4200.

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Buy Now, Pay Later Usage Increases as Provider Options Expand

(New York, NY) Buy Now, Pay Later plans have reinvigorated the centuries old installment payment concept, now allowing shoppers to split payments for small and large purchases alike, particularly online. Auriemma Group has been researching this space in their Payments Report study since 2018, as new providers entered the space, rolling out their own unique spin on the offering.

Buy Now, Pay Later has gained wide visibility in recent years thanks to celebrity and influencer led marketing campaigns. Providers such as American Express and Klarna enlisted everyone from Tina Fey and Snoop Dogg to more niche personalities like Celeste Barber and Trixie Mattel in expansive ad campaigns. Since this advertising push, other bank-branded solutions (like Citi Flex Plan and My Chase Plan), and offerings from FinTechs such as Affirm, PayPal, QuadPay, Afterpay, and Sezzle have entered and redefined the space.

The widening provider field has created increased awareness, opportunity, and exposure for these products. Between Q1-2019 and Q1-2021, Auriemma’s research shows a 10+ percentage point increase in debit cardholders offered a Buy Now, Pay Later plan in-store or online. And most of these consumers find the plans attractive.

“It has become common for shoppers to see a Buy Now, Pay Later option at checkout,” says Jaclyn Holmes, Director of Research at Auriemma Group. “Online, these buttons become subtle reminders for consumers, and reinforce them as a viable payment option, especially when offered at checkout for a brand they trust.”

Take rates on Buy Now, Pay Later also increased significantly over the last couple years. More than half of those offered Buy Now, Pay Later in a physical store (56%) or online (51%) say they enrolled in the option, again representing 10+ percentage point increases since Q1-2019. These increases parallel the expanding field of options available to shoppers at the point of sale.

While merchants have traditionally been the most common provider of installment plans at the point-of-sale, more recent data from Auriemma Group shows that the FinTech Buy Now, Pay Later providers offering these short-term solutions are closing the gap. However, merchants will continue to play an integral role in the adoption of these providers – over half of debit cardholders agree that being partnered with well-known or trusted retailers is paramount when it comes to feeling comfortable and secure in using the product.

“While merchant trust is playing an influential role in Buy Now, Pay Later adoption, these offerings are also impacting the merchant’s ticket size and shoppers’ likelihood to purchase with a merchant again,” says Holmes. “This shows that a positive Buy Now, Pay Later experience can create a halo effect for the brands offering them. And with Buy Now, Pay Later becoming increasingly common and recognizable, consumers may come to expect it as a payment option rather than a sweetener.”

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 2021 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. The average interview length was 19 minutes.

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 Jaclyn Holmes at (+1) 646-454-4200.

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Do Cardholders Want Second Look or Credit Help Program Options?

(New York, NY) Second look products provide credit card applicants the opportunity to acquire a card more aligned with their financial standing, often without having to undergo another full application process.  Auriemma Group’s latest issues of Cardbeat US® and The Payments Report uncovered how likely applicants are to take these secondary offers, and how interested they would be in programs that give them suggestions on how to improve their application before reapplying.

Less than one-fifth (16%) of credit cardholders report being offered a different card than they applied for after being declined. However, the take rate for these offers is very high, with 69% of those offered accepting the second look option.

“This high acceptance rate for secondary credit products highlights the need for credit by below prime customer segments,” says Carrie Luciano, Manager of Partnerships at Auriemma Group. “Many are willing to accept an alternative credit product if they were referred by the card they initially applied for.”

Auriemma’s research also found that while familiarity was an important factor when accepting second look card offers, those who have had an application rejected in the past year may be more open to a lesser-known provider. About half of credit cardholders (48%) believe a lesser-known issuer would offer a more attractive product than a known issuer—this figure increases to 72% when looking at those who have been rejected.

“For merchants, offering an alternative second look credit product provides a means to boost topline sales and improves the otherwise negative customer experience of being declined—by facilitating credit for those who need it,” says Luciano. “Second look programs also have an ancillary benefit of acting as a credit building tool for applicants who often get rejected.”

While second look programs provide applicants with alternative offers, there is appetite for programs that help consumers improve the approval odds and reapply. The Path to Apple Card program provides this opportunity to applicants Goldman Sachs believes could meet the application requirements if the program is completed. Once the program is successfully completed, applicants are invited to reapply for the Apple Card.

Auriemma’s research found that 48% of cardholders would be interested in enrolling in a program that would help them improve their application if it led to them being reconsidered for that card after a 6-month period. Interest in such a program was driven by those with FICO scores below 670 and revolvers.

“Credit help programs, like the Path to Apple Card program, offer a way to keep applicants engaged with their desired card product, even if their application initially falls below par,” says Luciano. “While second look offers solve for an immediate credit need, credit help programs could be attractive to those willing to wait.”

Second look and credit help program offerings are on the path to ubiquity—with elements that satisfy consumer need and create opportunities for issuer engagement. Providing them as a secondary option circumvents the potentially negative rejection experience and allows applicants another opportunity to access credit, either with a new provider or with their primary option following some application improvements.

With over 30 years of experience crafting profitable, long-lasting partnerships in the Cards and Payments industry, Auriemma and a history covering second look programs, Auriemma is well suited to assist with your partnership or research needs in this area. Contact Auriemma at (+1) 646-454-4200 to learn more.

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 September 2020 among 813 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. The average interview length was 17 minutes.

The Payments Report

This Auriemma Group study was conducted online within the US by an independent field service provider on behalf of Auriemma in September 2020, among 821 adult debit 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. The average interview length was 26 minutes.

About Auriemma Group

For more than 30 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 Jaclyn Holmes (Research) or Carrie Luciano (Partnerships) at (+1) 646-454-4200.

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Cardholders Are Missing Payments—Here’s How Payment Holidays and Accommodations Can Help

(New York, NY and London, UK) COVID-19 has put additional financial strain on cardholders globally, but some issuers are trying to lessen the immediate burden. Auriemma Group’s latest issues of Cardbeat US and UK uncover how the pandemic could be affecting on-time payments, which accommodations issuers are offering consumers to help ease the strain, and how card rotation is being impacted as a result.

While missing payments is not exclusive to COVID-19, wage cuts, job loss, and other unexpected financial stressors could make missed or late payments more common. According to Auriemma’s research, about one-sixth of cardholders in both markets say they have missed a payment over the last 6 months. During this time, unemployment figures in both regions increased, with many cardholders needing government aid. However, credit card issuers in both geographies are finding creative ways to assist cardholders through this unprecedented time.

Payment Holidays Provide Short-Term Relief

One of the many ways UK card issuers are helping relieve payment pressure for their cardholders is by offering payment holidays, which allows cardholders to miss monthly payments without penalty. Auriemma’s research found that 20% of UK credit cardholders were aware of the option to take a payment holiday from their issuer, and 33% of them accepted the offer.

The high take-rate is unsurprising given the circumstance. Pandemic-adjacent reasons are most often cited for their acceptance, including wanting to keep money in their bank account and that it would help with cash flow.

“Payment holidays offer a temporary solution for an immediate problem,” says Jaclyn Holmes, Director at Auriemma Group. “And while the accommodation has become a necessary offering for high street banks in this moment, issuers will need to determine and communicate its intended tenure before it becomes table stakes for their cardholders.”

Long-Term Accommodations Chart a Corrective Course

While payment holidays offer a short-term fix, impacted cardholders can be transitioned to other accommodations meant to improve their financial standing in the long-term. In the US, 40% of cardholders have been offered at least one of the accommodations tested in Auriemma’s study (e.g., a reduction in their monthly minimum payments or interest rate, waived interest charges, forbearance options, hardship programs)within the past 6 months.

According to Auriemma’s study, the top offers include increasing credit card limits (20%), offering hardship programs (17%), and providing forbearance options (16%). These accommodations are popular among those offered them, with over half accepting.

“Offering payment accommodations provides a halo effect for your brand,” says Holmes. “Those offered a payment accommodation say they felt more positively about their card issuer as a result, which, along with attractive rewards and benefits, could influence card selection when making a purchase.”

Accommodations and Attractive Rewards Could Impact Card Selection

Over six-in-ten cardholders in both regions report using multiple payment cards in the past 30 days. These individuals are also more likely than their counterparts who used a single payment card to have taken either a payment accommodation or a payment holiday. And while goodwill derived from payment accommodations has an ancillary influence on which card is chosen in the near-term, attractive rewards and benefits remain the main drivers of card choice, regardless of locale.

“When the dust settles, consumers struggling financially will look back on this time and remember which issuers had their back” says Holmes. “Rewards and benefits continue to be critical factors in card selection, but they’re not the only consideration at the moment. Issuers who give their cardholders both payment flexibility and relevant benefits during these uncertain times will be best suited to secure or maintain their top-of-wallet position.”

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 2020 among 811 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. The average interview length was 22 minutes.

Cardbeat UK

This Auriemma Group study was conducted online within the UK by an independent field service provider on behalf of Auriemma in July 2020, among 800 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. The average interview length was 20 minutes.

About Auriemma Group

For more than 30 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 Jaclyn Holmes at (+1) 646-454-4200.

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Artificial Intelligence Could Speed Up Live Chat, But Many Want a Human Touch

Many cardholders expect to talk with a live agent when interacting via live chat. For the tool to be viewed as successful, however, cardholders expect it to seamlessly solve their issues and provide easy connection to a live agent when needed.

34% of debit cardholders say they have used live chat. Of them, 64% believe they communicated with a human throughout the full interaction and only slightly fewer say they expect to interact with a human from start-to-finish. Yet, the most common activities that have been attempted via live chat could be completed via an artificial intelligence tool:

  • Checking an account balance
  • Reviewing transactions
  • Activating new/reissued cards
  • Checking the status of a payment

 

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Auriemma Talks POS Installment Plans with NBC DFW

Auriemma’s Jaclyn Holmes discusses our recent point-of-sale installment plan data:

Full article available on nbcdfw.com.

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