Good question. The honest answer is, “It depends”

For starters, it’s a challenge to measure card placement success.

It’s difficult to know for certain when it’s the right time and place to present CardUpdatr to a consumer. Successful card placement depends on multiple factors and variables.

When we evaluated the data we’ve gathered from our clients about their card placement success, we took multiple factors into account. As a result, we have high confidence that cardholder motivation is probably the most significant and productive factor.

We know that different situations trigger different degrees of consumer involvement

Consumers could come across CardUpdatr in a lot of different ways. They could see it when:

  • They got a new card.
  • They activated a replacement card because an earlier one had been compromised, stolen, or lost.
  • They encountered a bank marketing campaign.
  • They logged into digital banking.
  • They ran across it unintentionally.

Depending on where consumers see it, their motivation level varies significantly

Because this variable is so crucial to success, it’s a challenge to calculate a single all-in success predictor. However, we can say with confidence the best use cases appear to be when a consumer gets a new card or a replacement card.

Card placement success rates are best when cardholders go through an activation process where CardUpdatr is part of the process flow. In these situations, you can see a placement success rate of over 50%. Compare this to the relative engagement of cardholders who stumble upon CardUpdatr. There, the likely placement rate is only about 15%. Like we said, cardholder engagement and the motivation of the situation are key.

You can also take advantage of cardholder engagement after the card has been activated

A recent card-placement campaign conducted by one of our digital banking partners provided an excellent example of the impact of engagement and motivation on success rates.

The offer was for cardholders to successfully place their card with five online merchants to earn a bonus of $100. The result?  The bank enjoyed a card placement success rate that was three times higher than their typical campaigns.

MORE!

This level of success highlights the importance of incentives to motivate cardholders to place their cards at merchant sites. However, even in this example, success metrics are complex. They depend on multiple factors.

We have to keep in mind that each campaign is unique. Variables always include campaign timing, the incentives offered, and the target audience. Plus, there are always unique situational variables, too.

Therefore, even though we’re confident enough to say that motivated cardholders are likely to place their cards at more merchant sites, we must be cautious and consider the many variables that impact success rates.

Ultimately, sales data and process flows evolve constantly

We must always be willing to adjust campaign elements, tweak strategies, or try new approaches. Perhaps we should try a focus on merchants like travel sites which often have higher-priced packages available.

Or maybe there are other cardholder attributes unique to a financial institution’s customer base. It means we must constantly monitor and evaluate performance metrics and card-placement data. Then, we assess the information and adjust our strategy as necessary.

Ready for a conversation about how you can have more productive card placement?

The Strivve Customer Success team is eager to partner with you. Together, we can drive greater success for your card portfolio and deliver excellent cardholder benefits at the same time.

We can share proven ideas and suggestions to generate measurable improvements to your overall card portfolio success. We’ll improve cardholder experience, increase loyalty, and generate strong financial returns, thanks to the strategic efforts you put into your card program.

Strivve creates cardholder experiences to drive cards to Top of Wallet®. The company’s payment-card solutions protect and increase card transaction volume for issuers. Strivve’s patented autonomous browsing technology, CardSavr, makes it simple for cardholders to update any card on any merchant site. You can learn more about Strivve’s card solutions at strivve.com. Or you can email info@strivve.com.