IntroductionOf all retail financial products, payment cards are arguably one of the most global.
Indeed, plastic cards are issued, used and accepted in most countries.
Certain banks have used the international nature of the product to their advantage and today compete in many country markets.
This briefing focuses on three such global players, providing an insight to how they have achieved their success.ScopeIn-depth profiles of three global card issuers: GE Consumer Finance, Grupo Santander, and HSBCEach profile provides an overview of the company in terms of: history, structure, management, geographic reach and key financialsThe profiles also look at the product offering of the company such as innovative product design or distribution initiativesFinally, the profiles provide Datamonitor's opinion on each company's outlook for the futureHighlightsGE has achieved recent success in Europe with its DualCard.
Customers of Harrods, Debenhams, and Asda in the UK were upgraded to it in 2003/4.
However, the company does seem reluctant to implement an all-out conversion strategy, as smaller retailers are judged by GE's management to find a better value proposition from pure private label cards.Santander's expansion success has to date been driven by a repeated formula: to buy into a local market and operate under a so-called 'multi-local' approach.
This multi-local approach means that the bank operates by responding to the needs of the local environment, as opposed to rolling out a global solution.The acquisition of Household has provided the HSBC group with a global cards presence, as well as a solid platform for growing this business in the future.
As such, the group's overall card offering is now far broader, in terms of product, geography and customer type, than at any time in its history.Reasons to PurchaseGain a comprehensive understanding of each issuers' strategies from a global perspectiveUnderstand in which country markets competitors are strong and what has driven their successLearn Datamonitor's opinion on how each issuer is set to fare in the coming years