Reinventing credit cards Responses to new lending models in the US -mckinsey 重塑信用卡对美国新借贷模式的回应-麦肯锡.docx

Financial Services Practice Reinventing credit cards: Responses to new lending models in the US Buy now, pay later could pose a challenge to credit cards’ leading position in US payments. To sustain profitable growth, issuers may need to rethink their products, economics, and value propositions. by Amit Garg, Diana Goldshtein, Udai Kaura, and Roshan Varadarajan June 2022  ? Spfdigital/Getty Images 微信扫码加入星球后无限制搜索下载 1、本星球每月更新 1000+行业报告 2、星主现存各行业报告 20 万+份,每日更新最新报告 3、上传内容覆盖：元宇宙、数字化、大数据、物联网、行业研究报告、商业计划、 市场研究、企业运营及咨询管理方案等 4、目前会员年费￥188 元。每增加 5000 份后再加会员， 会员费上调￥50 元 微信扫码加入星球后无限制搜索下载客服微信：460084285 微信扫码加入星球后无限制搜索下载 Credit cards have long been one of the most popular methods of making payments and accessing unsecured borrowing in the United States, accounting for 37 percent of consumer purchases by dollar value in 2021.1 But their market position is gradually being undermined by the growth of point- of-sale (POS) financing offerings that combine installment lending with the convenience of card payments. US issuers could by 2025 lose up to 15 percent of incremental profits to newer forms of borrowing, based on our simulation of the potential impact of buy now, pay later (BNPL). Alarming as that may sound to credit-card issuers, it is far from the whole story. Issuers have decades of experience and well-established relationships with consumers and merchants to help them compete. What’s more, credit cards have several deep-rooted advantages over other credit products. Many consumers engage with credit cards daily when purchasing goods and services. The spending data generated in this way gives issuers valuable insights into consumers’ preferences and needs. And credit cards are often part of a complementary suite of offerings alongside deposits, consumer loans, and other products, helping to reinforce customer loyalty. Issuers can tackle the challenges they face by building on these strengths. They can reimagine their products to meet consumer needs, introduce tailore