Metal Cards: Competitive Advantage for Banks
Many companies have been built on the concept of latent consumer demand. Metal cards can attract consumers. Once the customer becomes aware of the product and experiences that uniqueness, they are unlikely to want to go back to plastic. The data clearly shows that this type of card is considered a premium and more durable product. At this point, metal cards have an advantage given the general lack of awareness and the inherent «cool» factor of the product.
Now is the time for financial institutions to enhance their programs with rewards and benefits including a metal card that increases their brand positioning by raising the inherent quality of the product. As such, there are significant short-term and long-term gains on this investment. There is an immediate opportunity to capture new business and take advantage of positive word of mouth marketing as customers use the card in social settings thereby generating awareness and demand.
The ability for a financial institution to have this type of favorable word-of-mouth marketing opportunity is slim, and it comes at a time when it may prevail over the most significant growth market: millennials. With its elegance, simplicity and beauty alone, the metal card conveys a positive brand image without much need for marketing tools or actions. It is a prominent manifestation of a brand and encourages brand loyalty. A beautifully designed metal card increases cardholder loyalty and thus helps build brand awareness. In fact, every time the cardholder uses his metal card, a special experience is created at the point of sale.