Card Launching 101 Ep. 3: Launch and promotion, trends, and partnering with Galileo
- Launching a card has become a core part of banks' and fintechs' product strategy.
- In Tearsheet's new Card Launching 101 guide, we speak to some of the best in the industry about what it takes to launch a successful program.
Launching a card is such a core part of today’s financial services. Whether you’re an incumbent or a fintech, a card is likely a cornerstone product in your portfolio and an important contributor to your revenue.
But the work doesn’t end with launching a new card. There’s a whole world of promotion and growth to move a card from being just another option for a user to becoming top of her wallet. We’ve looked at the planning that goes into differentiating your card, into creating something new and useful for your customers.
But what happens when you put the card into market also matters. Execution is key here and can make the difference for a successful uptake of a new card.
I’m Tearsheet’s Zack Miller. We wanted to shine some major light on the card launching process making it easier, smoother, and hopefully more successful. This series is sponsored by Galileo. And participation in this series - we have some great executives and companies involved – doesn’t mean an endorsement of Tearsheet or our sponsor.
And to do that, we enlisted some of the best fintech and financial services firms out there to talk about what they’ve learned launching and scaling card products. We turned to some of the top brands – like Wise and Dave – with millions of cards in their users’ hands. We also turned to the platforms and banks – firms like Cross River Bank and First National Bank of Omaha. And we talked to Galileo – the technology and processing platform powering many of today’s most popular fintechs.
What you'll learn
In Episode 3 of the series. we address the following:
- Understanding the Target Audience: One key to a successful card launch is to understand your target audience and create a product that resonates with them. It's important not to try to do too much at once and focus on what your audience needs. - (Philip Cormier, Galileo)
- Gradual Introduction: A gradual introduction to the market can be beneficial for debugging and building a customer base. Starting slowly and learning from initial feedback is often a good approach. - (Philip Cormier, Galileo)
- Customer Feedback: Customer feedback can have a significant impact on the success of a card product. Adapting and expanding your product based on customer input can improve adoption and usage. - (Liza Landsman, Stash)
- Product Focus Over Design: While design and branding are important, spending too much time perfecting the visual aspects of a card may not be as critical as focusing on the product's functionality and pricing. - (Philip Cormier, Galileo)
- Effective Marketing: Instead of relying on splashy marketing campaigns, some successful card launches, like Wise, focus on word-of-mouth marketing and delivering an exceptional product that encourages customers to recommend it to others. - (Sharon Kean, Wise)
- Trends in Card Products: The trend in the financial industry is shifting towards credit card solutions rather than debit or checking options. There's also a growing demand for commercial credit cards and credit builders to help raise people's credit scores. - (Anthony Peculic, Cross River)
- Long-Term Partnerships: When considering partnerships, think about the long-term implications. Card programs often require multi-year agreements, and it's essential to consider how the partnership will impact your business over time. - (Anthony Peculic, Cross River)
- Building a Live Sandbox for Testing: Offering a sandbox environment for testing card products can be valuable for those looking to launch new cards. This allows companies to experiment and fine-tune their offerings before a full launch. - (Marc Butterfield, FNBO)
- Choosing the Right Bank Partner: Carefully evaluate and choose a bank partner that aligns with your program's goals and requirements. The relationship with your bank partner is crucial for success. - (Suzan Chafin, Galileo)
- Investing in Planning: Effective planning is essential for launching a successful card program. This includes understanding your program's needs, resources, and goals, as well as preparing for potential challenges and opportunities. - (Suzan Chafin, Galileo)
Download the guide
This is the third of a three part series (Episode 1, Episode 2) where we focus on launching and promoting cards. To dive even deeper, I encourage you to download the guide we published incorporating all this inside information and more. To download your free guide, go to www.tearsheet.co/cardguide