credit cards

Strategy&: Credit Card Industry Faces Challenges and Innovation for 2015

December 15, 2014         By: Kevin Xu

What challenges will 2015 bring to the table for the credit card industry?

According to Strategy&, the prominence and usage of credit cards will continue to grow, but competition will yield an increase in technological innovation.

This includes a move towards mobile wallets and a focus on consumer engagement through smartphones and other mobile devices.

This engagement will extend towards an expansion on loyalty and rewards programs offered by both retailers and credit card networks.

Strategy& predicts that credit card issuers will be able to provide retailers with valuable insights into consumer shopping habits, and in turn allow these retailers to better engage with consumers with rewards.

Consumers will likely also gain greater access to traditional and alternative financial services.

Consumer credit score calculations should become more representative of a person’s potential creditworthiness and risk, opening up borrowing opportunities for more consumers.

Crowdfunding is also predicted to make great gains in the coming year, and crowdfunding technology providers such as WePay, and platforms such as Kickstarter and GoFundMe should see an increase in transaction volume.

Check out the predictions for 2015 via Strategy&.