Success Stories › The Fastest Growing Top U.S. Card Issuer
The fastest growing top U.S. credit card issuer diversifies their product line into prepaid and other areas.
The Assignment:
With over 50% growth in assets in 2007, this fast growth US credit card issuer was looking to diversify their product set and eliminate their "monoline" status. This highly successful issuer is focused on cobrand partners and custom, flexible solutions.
Our role was to develop the debit and prepaid products business cases and to launch the prepaid product, from requirements to vendor selection, to marketing launch plan. We didn't necessarily recommend that they launch all the products evaluated, but rather to focus on the likely successful products, with the greatest market opportunity, given their unique situation and competitive environment.
Our Approach:
We evaluated extensive industry, market, and competitive information to identify and structure the product opportunities. From there, we evaluated the internal capabilities, infrastructure, and cultural influences.
It was critical for us to include both primary and secondary research and studies, in addition to our extensive first hand industry knowledge.
And, given that this issuer hadn't launched non-credit products in recent memory, we worked with all internal departments and external vendors to source, select, and contract the vendors and infrastructure, such that the internal constituents were bought in and satisfied.
The Results:
Partnering with the internal team, we achieved both US and UK parent approval to launch prepaid debit products. We also recommended not to launch products with less market viability.
Speed to market being essential, with internal resources impacted on other projects, we evaluated buy vs build and insource vs outsource solutions and created a recommended launch strategy. From there, we successfully sourced and selected the vendors, wrote the business requirements, and participated fully in the launch and execution of the products, due to launch in 2008.