Today at a Glance:

Last week was nothing short of historic, with seismic shifts in both the political and economic landscapes of the United States. The nation held its breath as the 2024 Presidential Election unfolded, delivering a comeback for Donald Trump, while the Federal Reserve made waves with another interest rate cut, signaling a continued shift in monetary policy.

- 2024 Affiliate Marketing Trends in Financial Services

- Marathon Momentum

- GenAI Assistant for Onboarding

- Unlikely Allies

- Pulse of the Week

- Lightbulb Moments | Amex Hypercard

No Debt About It: Managing the Debt Surge with Compassion

No Debt About It: With non-housing debt at $4.9tn and credit card delinquency rates rising, the Federal Reserve's interest rate cut will encourage spending, prompting financial institutions to offer innovative solutions like cash-back debit cards and enhanced debt management to prevent consumer overextension.

Questions to Ponder:

• Should banks focus more on empathy-driven marketing to remove the stigma around debt?

• How can banks integrate mental health messaging into their financial wellness initiatives without being performative?

• Are there unexplored ways to align loan products with consumers’ financial goals, beyond the typical interest-free offers?

Amex: Youthful: Laser focused on growth among Millennials and Gen Zs

BofA: Expansive: Mega growth, yet Average Line FICO 778 (better than prior quarter and YAG)

Chase: Dominant: 2.5 Million new CC accounts booked. 82 million existing customers.

Citi: Transformative: As Citi exits global markets, it's focus on the markets it operates in is higher.

Discover: Changing: The new merged entity (DiscoOne, anyone?) will likely look bigger and bolder.

PNC: Resilient: Diverse revenue streams offering the ability to navigate economic headwinds from a position of strength

US Bank: Disciplined: Balance sheet optimization and strategic focus on profitability and long-term stability

Wells Fargo: Adaptive: Embracing digital growth, Wells is optimizing its branch network to meet evolving consumer preferences

Today at a Glance:

Quality takes Center Stage

In the financial world, the term "risk-off" is often used to describe a market sentiment where investors seek safer investments, shying away from riskier assets. Currently, markets are indeed experiencing a risk-off moment, characterized by a flight to quality—an inevitable shift towards more secure and stable options. Interestingly, this risk-averse approach is not new to the credit card industry; issuers have been in a risk-off mode for over two years now.

“There are only three ways a company can grow. First, earn more business from your current customers. Second, attract customers from your competitors. Or third, buy another company. If you can’t do the first, what makes you think you can earn more business from your competitors’ customers or from customers you buy through acquisition?”

— John Stumpf, Ex-Chairman and CEO, Wells Fargo