The appeal of metal cards to potential clients of a financial institution such as high-income individuals and millennials is deep and real, especially in Latin America, where there is unmet demand. Going forward and investing in a metal card program will reward the financial institution with new customers.
Many companies have been built on the concept of latent consumer demand. A well-known example is that of the famous streaming platforms, which were born to provide something to consumers that they had not yet identified as a need. Similarly, 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.
The metal card is an excellent, eye-catching, and conversation-provoking item that aligns perfectly with marketing to millennials who respond to influence from others.
According to several studies, comments from a friend or colleague are more likely to motivate this group than a traditional ad. Once this key audience has been captured, they are loyal. Millennials are likely to use social media to spread the word about a product or service that has their stamp of approval.