Amanda Gourbault from CompoSecure discusses the impact of consumers' growing preference for products that reflect their values and lifestyles, and their strong demand for personalised experiences in the payments industry.
In the dynamic landscape of consumer engagement, the expectations placed upon companies are in a state of perpetual flux. Two discernible trends that have crystalised in recent years are consumers' increasing desire for offerings that align with their beliefs and way of life, as well as their fervent demand for hyper-personalisation, shifting decisively away from the outdated notion of a universal solution. This article delves deeper into these trends and examines their implications within the realm of payments.
To distil it to its core, premiumisation addresses consumers’ willingness to pay a premium for products and services for a perception of extra quality or status. While the notion of premiumisation may conjure images of exorbitant spending on opulent items, it encompasses a spectrum of preferences. These preferences include:
Lifestyle compatibility: consumers, irrespective of their affluence, seek products harmonious with their beliefs and way of life.
Signalling and image projection: products serve as status symbols, reflecting the identity, aspirations, and affiliations of their users.
Emotional gratification: premium products fulfil emotional needs, with the goal of eliciting a profound sense of satisfaction.
Hyper-personalisation centres on delivering products and services tailored to individual preferences, a stark departure from the standardised offerings for mass consumer segments. This transformation stems partly from the influence of bigtechs like Amazon and Meta, which have raised the bar for user interaction standards. Today's consumers, particularly Gen Z and Millennials, anticipate personalised interactions in all facets of their lives, driven by their desire for uniqueness and their inclination to share these unique experiences on social media.
Matt Turner, Head of Digital at HSBC UK, sheds light on the manifestation of these trends in the banking sector, stating, ‘Getting to a one-to-one level of personalisation is definitely a focus for us’. In the quest for hyper-personalisation, banks stand apart from other industries, as they possess an unparalleled understanding of their customers' (financial) preferences, which they can leverage to create unique (one-to-one) real-time offerings.
Payment interactions are the most frequent touchpoints between banks and their customers, and consequently, banks around the world are harnessing credit and debit cards as a means to meet the burgeoning demand for premium and personalised experiences. The accelerating growth of banks issuing metal cards reflects this dynamic evolution. These cards exude distinctiveness, both in their tangible weight and their audible presence (the ‘clang’ sound) when dropped on a surface. Some metal cards are further personalised by engraving the cardholder's signature directly onto the metal. Payments have evolved to spark memorable experiences for the consumer; the payment card has indeed gone from being functional to becoming a fashion statement.
In an era of premiumisation and hyper-personalisation, the prevailing formula for success in banking appears to be succinctly captured by the adage: ‘Save your customers money, and they'll remain loyal today. Make your customers feel unique, and they'll remain devoted to you indefinitely.’
About Amanda Gourbault
Amanda Gourbault serves as the Chief Revenue Officer of CompoSecure, Inc. (Nasdaq: CMPO), a leader in metal payment cards, security, and authentication solutions. She is responsible for leading the company’s sales, pricing, marketing, and revenue management activities. She is also focused on driving adoption of the company’s revolutionary authentication and cold storage solutions, Arculus, using her 25 years of experience in the payments and security industry. Prior to joining CompoSecure, she served as Executive Vice President of the Financial Institutions Business Unit at IDEMIA, a global leader in payment cards and identity/security credentials. At IDEMIA, Amanda was responsible for a global division with more than 2,600 employees, comprising sales, marketing, and product development teams, as well as more than 30 card personalization centers worldwide. Before IDEMIA, Amanda was with Giesecke & Devrient, where she created and ran their UK subsidiary. Amanda holds a BA in Modern Languages from Durham University in England. She is also Chair of the Compass for Life Foundation, helping disadvantaged children achieve their dreams.
About CompoSecure
Founded in 2000, CompoSecure (Nasdaq: CMPO) is a technology partner to market leaders, fintechs, and consumers enabling trust for millions of people around the globe. The company combines elegance, simplicity, and security to deliver exceptional experiences and peace of mind in the physical and digital world. CompoSecure’s innovative payment card technology and metal cards with Arculus security and authentication capabilities deliver unique, premium branded experiences, enable people to access and use their financial and digital assets and ensure trust at the point of a transaction. For more information, please visit www.CompoSecure.com and www.GetArculus.com.
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