Fulcrum Thought: Is this a pause to recalibrate, or an excuse to pull back?

Q1 2025 Earnings

Markets feel jittery, but the data tells a more balanced story:

• Consumer spending was up YoY—without any seasonal boost from Leap Year or Easter

• Marketing spend rose ~10% on average across major banks

• Only one issuer pulled back on marketing spend

• As Brian Moynihan said: “Consumers are still solidly in the game.”

This is the first real “pause” since the pandemic-era rebound, but it’s just that: a pause, not a pivot. The train is still moving!

Marketing teams have a choice: respond to noise or align with signal.Uncertainty Is Real, But So Is the ConsumerMarketing in a Moment of RecalibrationWhile macro uncertainty lingers, most banks didn’t blink. They increased marketing investment to stay top-of-mind, reinforce product value, and stay competitive in credit acquisition. Consumers are still swiping, clicking, booking, and expectations haven’t slowed.

Week at a Glance:

1.    Marketing on Offense

2.    Campaign of the Quarter

3.       Banking Experience

Fulcrum Thought: Are we spending to win, or just spending to keep up?

Marketing on Offense

When is the path ever truly free of hurdles? In our world, certainty is always a moving target. While many may argue that this time is different, I’d challenge you to consider: what if this uncertainty is also presenting opportunities; ones that are more within our control than we might assume?

Q1 2025 brought clarity, recalibration, and competition. While market uncertainty lingers, major FIs doubled down on consumer acquisition, digital brand building, and owning key intent moments.

I’ll cover earnings next week and focus on marketing spend today.

Top Themes from Q1 2025:

1.   Spenders are gaining share: The Big 3 (American Express, Capital One, and Chase) continue to lead the pack. I’m reporting primarily on consumer-only marketing, but throw in B2B marketing and the lead these 3 have is exaggerated even further.

2.   Credit Cards lead the offense: Marketing spend on credit cards stays ahead of prior years. With spring break coming to an end and consumers thinking of summer travel next, I do not expect any significant slowing in Q2 2025 either.

a.   While I will cover bank earnings next week, I can’t not share that Delta noted in their earnings that Amex paid them $2B in Q1 (up 13% YoY). Cobranded acquisition, especially travel-related is not slowing down.

3.   National TV is staying alive: While 2025 is the year, many projections suggest that Connected TV will overtake National TV, for now in Q1 we continue to see National TV alive and well. As we know from Direct Mail, too, marketing tends to be more additive than most other functions. It’s more of a Yes, And….

Week at a Glance:

1.    Self, comprehensive financial empowerment

2.   New Offers: Cross-Sell, Win Back, and Loyalty

3. Financial Services in 2025

Fulcrum Thought: How do you thriveamidst continuous financial transformation?Rapid technological advancements, evolving consumer expectations, and an increasingly competitive landscape mean agility is essential. With fintech disruptors constantly raising the bar, FIs must reassess and reinvent strategies to stay dominant.The threads running through this week’s stories are unmistakable: consumers are changing faster than many FIs are equipped to handle. Whether it’s Self’s commitment to financial inclusion, the need to design smarter offers in a high-churn environment, or the macro-level shifts in spending and planning, there’s no room for inertia.

The question is: Are we moving at the speed of our customers? Because in a landscape defined by agility, personalization, and purpose, there is no Too Big To Fail to worry about only Too Slow To Evolve.

-      Fulcrum Thought

-      Innovative Financial Services Email Marketing—2025

-      Chase United Credit Card changes

-      New Partnerships Redefining the BNPL Sector

-      The Future of Flexibility

Fulcrum Thought: In a DoorDash and Instacart world, why are we still only offering "dine-in" or "take-out" when the consumer now expects everything delivered straight to their door?

Robinhood’s latest announcement just blew my mind. InHindsight, it’s so obvious. Of course, the consumer would prefer their cash at their doorstep while we (the banking industry, all Fintechs included) expected the legacy setup of consumers withdrawing their own cash (at branches or other physical locations) would remain as-is.

Robinhood outinnovated the world yet again. I look at an entity that managed to take trading fees (from a consumer perspective) down to zero, have no issues executing on cash delivered to home.

My only question for you is, which part of the journey do you find yourself (or your institution in):

First they ignore you,

then they laugh at you,

then they fight you,

then you win.

As you can tell, I strongly believe, Robinhood has won. This is the same entity that has consistently disrupted financial norms—from pioneering zero-fee stock trading, prompting industry-wide elimination of trading commissions, to introducing fractional equity investing, making market access widely affordable. Now, their push for nearly round-the-clock trading has major exchanges considering 24/5 operations, underscores Robinhood’s lasting impact as a trendsetter reshaping the very foundations of the financial services industry.

Robinhood is more than just another fintech competitor—it's redefining banking convenience and customer expectations. Leveraging a Gen Z-focused strategy, Robinhood’s entry into checking accounts comes with groundbreaking features: an unprecedented 4% APY savings rate, seamless banking-investment integration, and literal cash delivery to customers' doorsteps. It's not just convenience—it's the Amazon Prime experience of financial services.This transformative approach highlights critical blind spots traditional banks and fintechs might overlook, placing immense pressure on the entire industry to rethink our customer engagement models.

-     The Evolution of Optimism

-     First & Second Generation Americans

-     Global Citizens and Banking in the US

-     Business Travel: MICE

-     FS Weekly Digest

-     Lightbulb Moments

Today’s customer is optimistic yet selective, diverse in background, and mobile in habits. To capture their loyalty, FIs must become architects of a new, sustainable optimism – one that empowers individuals and communities to thrive despite uncertainty​.

In practical terms, that means segmenting your audience and tailoring products, crafting inclusive and authentic brand messages, smoothing every onboarding friction, bundlingproducts into convenient solutions, delivering experiences that make banking feel engaging, and designing loyalty programs that flex to customers’ needs.

It’s a tall order, but the reward is a banking brand that doesn’t just manage money, but enriches lives.

Many are almost there, but nobody is fully there yet. The one taking a very unique angle at achieving this mission is Block (Square/Cash App), which now has a stated goal to become THE bank for HHs under $150K in HHI.

A few questions that I can help you get a bit deeper understanding on today:

·        Is our bank ready to speak to the first-time customer in their own language?

·        Are we present in our communities in a real way?

·        Are we balancing high-tech with high-touch to make every customer feel valued?

Each “yes” to these questions is a step toward not only meeting the expectations of 2025, but exceeding them.The narrative arc is clear – from rebuilding optimism and trust, to fostering inclusion, to delivering tangible value and experiences.

FIs that weave these threads into their strategy will write thenext chapter of growth. The message for 2025 is loud and clear: bank on community, bank on inclusivity, bank on flexibility… and customers will bank on you.

Today at a Glance:

-  US Deposits Competitive Intelligence Trends for 2025

-  US Deposits Predictions for 2025

-  Welcoming & Onboarding for Financial Services in 2025

-  Financial Profiles: Q4 2024

-  Financial Services Weekly Digest

I’m noticing an interesting bifurcation in our marketing strategies. Credit Card marketing is almost exclusively premium credit cards, or extremely rich cash cards targeted to the SuperPrime consumer. As FIs have become notably cautious about extending credit to the broader consumer base, instead steering marketing efforts towards stable, low-risk deposit products.

This market bifurcation underscores a strategic truth forfinancial executives: Success in the coming year requires laser-focused product positioning. Premium credit offerings must clearly convey exclusivity, rewards, and aspirational lifestyles to the super prime segment, while deposit products should emphasize transparency, education, and simplicity to build trust with the mass market. Rather than trying to bridge these distinct consumer bases through generic messaging, institutions should deliberately cultivatedifferentiated marketing strategies, tailored precisely to the unique economic realities and consumer expectations within each segment.

- Credit Marketing Outlook 2025

- Travel Card CI Trends for 2025

- 2025 US Travel Card Predictions: Bespoke Travel

- Financial Services Weekly Digest

- Lightbulb Moments

- AI Summary of notable news announcements

- 2025 Retail Trends

Travel card issuers are embracing democratization in 2025, transforming formerly exclusive experiences into mainstream perks. As consumer travel demand continues to soar, issuers are lowering barriers through entry-level products, emphasizing broadly accessible benefits such as lounge access, simplified rewards, and flexible redemptionoptions.

However, this widespread accessibility has created challenges: once-premium perks, like airport lounges,risk losing their exclusivity due to overcrowding. In response, card issuers are taking a two-tier approach — making lounges a secondary benefit in lower-tier cards, while simultaneously elevating exclusivity and luxury for premium offerings through tighter access restrictions and enhanced amenities.

This shift toward democratization isn't limited to travel alone; brands are poised to replicate this successful strategy in other high-value areas, including entertainment, wellness, and retail, highlighting the industry's increasing focus on blending luxury with broader consumer appeal through personalization, exclusivity, and accessibility​.

Today at a Glance:

• How could you deliver your core offering in 10 minutes?
• Inside the Consumer’s Mind
• The Future of Flexibility: Exploring New Avenues for Cards to Bring Value
• US Mortgage CI Trends for 2025
• US Mortgage Predictions in 2025
• Financial Services Weekly Digest
• Lightbulb Moments: Spark Your Strategy (Vol. 29)
• CashApp Tortoise Shell Card

As I wrap up two weeks in India, one thought keeps circling my mind: the gap between patience and progress has never been wider. The Taj Mahal, one of the greatest symbols of craftsmanship and devotion, took 22 years to complete. Today, in that same country, millions expect groceries, meals, and medicines to arrive in under 10 minutes. This shift isn’t just about speed—it’s about how consumer expectations are being reprogrammed in real time. Much like Amazon conditioned us to expect 2-day delivery, apps like Blinkit and Zepto are reshaping how people think about service, convenience, and immediacy. This is more than just a logistics breakthrough—it’s a mindset shift.

Imagine applying this mindset to Marketing or Retail Banking.

• What would it look like if you could deliver your core offering in 10 minutes?
• What sacred cows would you need to challenge?
• Which outdated processes would need to be dismantled?
• How would your customer expectations evolve if 10-minute fulfillment became the norm?

The 10-Minute Mindset in Marketing

1. Real-Time Campaign Adjustments: Imagine campaigns that adapt dynamically in real-time based on customer engagement metrics, ensuring maximum impact.
2. Instant Feedback Loops: Using social listening tools to gather and analyze customer feedback instantly, allowing brands to pivot their messaging or strategy on the fly.
3. Immediate Personalization: Harnessing AI to deliver hyper-personalized content, offers, and experiences to customers within minutes of them interacting with your brand.

The 10-Minute Mindset in Retail Banking

1. 10-Minute Mortgage Approvals: Imagine complex loan products like Mortgages approved in 10 minutes.
2. Real-time Financial Advice: Banks could offer personalized financial advice in real time, based on a customer’s spending patterns, investments, and goals.
3. 10-Minute Issue Resolution: Chatbots and virtual assistants powered by advanced NLP could resolve customer issues almost instantly, eliminating the frustration of long hold times.

🚀Polycultural Consumers. Streaming Trends. Travel as a Financial Priority.

Financial services are shifting—fast. Anew generation of consumers is redefininghow they spend, travel, and engage with brands.

This week’s podcastblends insights from three major reports to rethink:
✅Are we speaking the language of polycultural consumers?
✅Is our loyalty strategy built for a streaming-first world?
✅Are we positioning travel financing as an essential financial tool?

More importantly—does synthesizing multiple reports create sharper insights or risk diluting impact?

#FinancialServices #CMO #PolyculturalMarketing #StreamingTrends #TravelFinancing #AI #CustomerEngagement

As consumer confidencesoars, so doescredit card demand—but it’s not just about more applications. It’s aboutwho is applying and why.

📊Here’s what’s happening in the market:
✅More credit card applications: Strong economic optimism is pushing more consumers toward credit.
✅Gen Z is leaning into credit: 40% would rely on credit if they had to tighten their budgets.
✅Spending isn’t slowing down: Travel, home improvements, and big-ticket purchases remain top priorities.

💡Why it matters:
Card issuers are doubling down ontargeted rewards, AI-driven marketing, and digital-first engagement to capture this demand. As consumer spending habits evolve, brands mustalign their acquisition strategies with real behavioral insights to stay ahead.