As the U.S. becomes increasingly diverse, brands in the credit card payments space must understand how to reach diverse consumers and make every interaction meaningful. Intelligence Center from My Code™ has developed this report to help credit card issuers understand how to successfully navigate the cultural nuances among multicultural shoppers.
Credit card issuers and brands have a unique opportunity to tap into increased spending demand among multicultural consumers by authentically connecting with them at scale. Our findings reveal the nuanced needs of all types of credit card consumers and highlights opportunities to tailor messaging to better connect with diverse audiences. In this report, Intelligence Center from My Code™ also investigates the importance of meeting shoppers where they are.
Our hope is that this information provides the tools needed to explore and deepen your organization’s understanding of credit card users. These insights can guide you towards further growth, while enriching your view of the diverse consumer landscape.
CREDIT CARD ISSUERS HAVE SIGNIFICANTLY GREATER GROWTH OPPORTUNITIES AMONG MULTICULTURAL CONSUMERS
- AANHPI, Black, and Hispanic adults are significantly more likely to apply for a new credit card in the next six months compared to non-multicultural adults (52% vs. 44%, respectively)
MULTICULTURAL CARD HOLDERS FEEL LESS UNDERSTOOD BY FINANCIAL SERVICES BRANDS
- AANHPI, Black, and Hispanic credit card users are 33% more likely to feel credit card brands do not understand them compared to non-multicultural card users
CREDIT CARD PRODUCT INNOVATION NEEDS BETTER ADDRESSMENT OF MULTICULTURAL CONSUMERS’ NEEDS
- 53% of multicultural credit card holders are dissatisfied with the current credit card products available to them
DEMONSTRATE NUANCED CONSUMER UNDERSTANDING TO STRENGTHEN CONSIDERATION
- Between 6-in-10 and 7-in-10 AANHPI, Black, and Hispanic credit card users are more likely to consider a credit card when they feel understood by the issuing brand