The New Insurtech Product Playbook
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Welcome back.
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Credit card balances reach pre-pandemic levels—but consumers face new pressures
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Total US credit card balances hit $916 billion in September—reaching pre-pandemic levels for the first time, according to Equifax data cited by the Wall Street Journal. Balances in September mirrored December 2019 levels and were 23% higher than their pandemic low in April 2021.
Although credit card balances have normalized, card issuers should remain alert as economic uncertainty weighs down on consumer budgets.
Issuers may want to pivot on travel and non-premium segments, emphasize payment flexibility, and add money management tools to support consumers and minimize their losses.
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TODAY'S RESEARCH HIGHLIGHTS
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UK banks fared well in Q3, but they’re preparing for a rough road in 2023
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The four largest UK banks released their Q3 2022 earnings and outlooks for 2023. The results showed the banks in relatively strong financial positions, but the economic downturn in the UK has banks on guard.
Profits were a mixed bag and rising interest rates means banks improved their net interest margins. But inflation and the cost of living crisis means banks are preparing for bad loans and an uptick in delinquencies.
Read More →
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REPORT OF THE DAY
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The New Insurtech Product Playbook
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As insurtechs’ profitability struggles slash marketing budgets, the burden is heavier than ever on product and technology leaders to drive bottom-line growth. Understanding which strategies can help insurtechs stand out and bring in value will be key to their success.
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Get the full report →
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What to Read Today
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