Competitive advantage for banks: Banks have recognized the challenge of differentiation in a very competitive market. Many have identified metal credit cards as a way to create a physical point of contact with customers, something that is missing in today’s Internet world, where the physical engagement is a keyboard or screen. An eye-catching design is being used along with the novelty of the metal card to elevate the positioning of the cards and their delivery. Even digital banks are using this physical product to enhance their image and send a message.
Opportunity in Latin America: Recently, some financial institutions have launched metal credit cards in Latin America, a region that perhaps has the ideal conditions for successful market penetration. In Mexico, nearly nine out of ten people expressed interest in a metal card offer when looking for a new credit or debit card if all rewards and benefits were equal. This interest is about the same across all income levels and demographics.
Tactile advantage of metal: 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. Surveys clearly show 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.