Boston, September 12, 2019 –New account acquisition has always been a main area of focus for U.S. credit card issuers, but it has also been one of their main challenges. As consumers have migrated their financial activities from the physical channels to the digital channels, credit card issuers have been under pressure to keep up with rising customer needs. How can financial institutions get more applications in the door while delicately balancing credit risk and fraud risk?
This report explores where consumers are applying for credit cards, what approval and fraud rates executives are seeing by channel, and the benefits received by FIs that use credit reporting agencies and alternative data sources to increase approval rates and reduce application risk. Research includes interviews with professionals in the U.S. payments industry and survey results from interviews conducted with executives in top U.S. FIs from October 2018 to March 2019.
This 18-page Impact Report contains eight figures and one table. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions American Express, Discover, FIS, JCB International, Mastercard, China UnionPay, and Visa.