With 2024 coming to an end, we wanted to take the opportunity to reflect on some lessons learned this year and share what we think financial institutions should be on the lookout for in 2025.
We also want to extend a sincere thank you to all of our clients! In the last year, we’ve been lucky enough to spend 4,992 hours strategizing and supporting financial institutions launching or growing their card programs. We’re so happy to team up with each and every one of you and look forward to continued growth next year.
So, what did 2024 teach us?
2024 – Top Lessons Learned
- Community financial institutions are increasingly recognizing the value of self-issuing commercial cards for their commercial clients. By self-issuing commercial cards, institutions gain greater control over their offerings, enhance client relationships, and unlock new revenue streams. With the right strategic approach, the business case continues to remain strong.
- The Fed’s recent rate cuts are good news for commercial card programs. Lower rates reduce the cost of funds, easing a major expense and improving program profitability for financial institutions.
- Defining a unique value proposition for each individual financial institution is key to a program’s success. To compete against large issuers like American Express and Capital One, community financial institutions must lean into what makes them unique and build that into their commercial card strategy and sales positioning. There are now more features, technology, approaches, and partnerships than ever to build out this unique value proposition.
And what should financial institutions be looking out for next year? How will the market and technology affect where they should be focusing?
From all of us at S.S. Scale, we wish you a happy holiday season and best wishes for
the new year!
