There’s no question that credit cards are essential tools in modern financial lives, offering consumers a blend of convenience, rewards, and flexibility. But have you ever wondered about the journey a credit card takes before it hits your wallet?

Creating a card that meets clients’ needs and stands out in a competitive financial landscape requires a research-forward approach and a strict commitment to client-focused design. Here’s how the lifecycle of a credit card unfolds – from understanding client needs and performing rigorous testing to card rollout and post-launch monitoring.

Understanding the Client

The overall industry timeline to launch a new credit card is typically about a year, and the journey begins with a deep dive into client behavior and preferences. Credit card issuers analyze market trends, conduct a mix of quantitative and qualitative research, and engage directly with consumers to identify unmet needs – all in service of identifying gaps in the market and opportunities to create cards with competitive, uncomplicated value.

As Nate Bacon, PNC Bank’s Head of Credit Cards, shares: “PNC is focused on innovation and finding ways to analyze our clients’ card usage and spending patterns. We only introduce new cards when it truly makes sense for both our clients and our business. Our goal is not to be the number one credit card issuer, but the credit card our clients choose to pull out of their wallets. Financial feasibility and competitiveness are critical, but clients’ needs always take priority.”

It's All in the Design

Throughout the entire development process, credit card issuers use surveys and focus groups to refine a new card’s features, design, name, and benefits that clients will find unique and valuable.

For example, after extensive market research and feedback, PNC developed the new PNC Spend Wise credit card to meet the needs of clients looking for a simple card that encourages responsible spending and debt management. Our research showed that in addition to cash back cards, there is a huge demand and significant market gap for non-rewards cards – many clients prefer a straightforward card without complex rewards structures. We also learned that some clients specifically want a credit card with a lower APR, which is why Spend Wise is designed exactly with that feedback in mind.

“Non-rewards cards can be a practical choice for those looking for simplicity and cost savings. With PNC Spend Wise, we built a non-rewards card that sets a new standard for flexibility and competitive benefits for our clients,” continues Bacon. “During the research phase, we also learned how highly our clients value enhanced security features, like Visa’s Porch Piracy Protection, Price Protection, and Cell Phone Protection. These were features we didn’t originally plan for but learned that most cards didn’t offer the combination of all three, so we decided to include them to directly address those needs and create a more competitive offering.”

In the design phase, PNC also gathers feedback from front-line employees. These branch bankers and call center agents interact with clients every day who provide direct feedback and valuable input that help drive the design.

Bacon says a strong credit card product design is all about the value proposition. “We want our card to be the one clients choose to use every day because it offers meaningful benefits and a great experience.”

Testing, Testing …

Behind every great credit card stands an even greater infrastructure to ensure a smooth and secure experience for clients. Credit card issuers will dedicate months to rigorous end-to-end testing of their systems before rolling out a new card to clients.  At PNC, we create live test accounts in a controlled environment and evaluate the entire journey – from applying to onboarding and servicing – to help ensure every step of the user experience works as designed.

Bacon says, “We examine every aspect, whether it’s filling out the application, paying a bill online, or redeeming rewards. We often even create live versions of the card for testers to make real purchases and further verify the card works seamlessly.”

Ready to Launch

After all the research, design and testing to ensure a great client experience, the card is ready to launch. Credit card issuers typically determine a launch strategy that aligns with their unique business objectives, whether that be an immediate, nationwide rollout or a phased approach to help identify potential issues and further fine-tune the card.

A critical component of a new product launch involves training bankers and customer care center teams on the card’s rewards, benefits, and terms so they can provide support for current and prospective clients as soon as the card launches. “We can design a great product, but if our front-line colleagues do not fully understand the value proposition or are uncomfortable talking to customers about it, the launch will fall flat,” Bacon adds.

PNC chose a phased rollout for the new Spend Wise card because, as Bacon puts it, PNC’s focus is on “getting the product and experience right for our clients – no matter how long that takes.”

He adds, "The launch of Spend Wise represented a pivotal moment for PNC as we continue evolving our product offerings and solutions. We had the right team, systems, and technology in place to bring it to life successfully, and that allowed us to deliver a product that truly meets our clients’ needs and provides straightforward, uncomplicated value.”

But a credit card’s lifecycle doesn’t end with its launch.

Don’t Stop Improving

Credit card issuers also conduct intensive post-launch monitoring to catch any technical issues or gaps that could negatively affect the client experience.

“Among other things, we keep a close eye on call volumes to our customer care center, feedback on social media, and customer reviews,” Bacon points out. “We then update training and support materials to address any recurring themes, and we track key performance indicators like acquisition volume, activation rates, spending patterns, and balances, to gain insights into how clients are engaging with their new cards.”

Each step, from ideation to continuous improvement, is designed to create products that simplify lives, deliver value, and build trust.  As financial needs evolve, so will the credit cards consumers use – but with a continued focus on customer-centric design and innovation, banks like PNC will continue to ensure their cards stay relevant and valuable in an ever-changing financial landscape. 

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