Can US banks protect their card-issuing business?

Can US banks protect their card-issuing business?

Key takeaways:

1. US banks rely on credit and debit cards for income, but global alternative payment methods are rising.
2. Younger consumers in the US increasingly prefer digital wallets, buy-now-pay-later services, and peer-to-peer payments.
3. These trends challenge banks’ future card revenues and customer loyalty.
4. To remain competitive, US banks need to improve CX, modernize technology, integrate various payment options, eliminate silos in payments, and use data with generative AI for personalized offerings.

Source: https://www.bain.com/insights/can-us-banks-protect-their-card-issuing-business/