Today's Choices, Tomorrow's Reality

Today at a Glance:

• GPTs: The apps of the next era
• Innovate to captivate the next generation
• Growth follows when Gen Z feels understood
• Pioneering AI adoption—are you keeping up?
• Buying Status

GPTs: The apps of the next era

I am thrilled to announce a groundbreaking feature for you: access to my custom GPT! This advanced AI tool allows you to search and query the entire newsletter archive effortlessly, instantly unlocking valuable insights and information. Embracing AI early gives you a competitive edge, streamlining your research and keeping you ahead of the curve. By exploring and getting comfortable with GPTs now, you’ll be well-prepared for the AI-driven future.

A special thank you to?Daniella,?Shafiq, and?Ben?for their invaluable assistance in testing and refining this tool.

Give it a try and experience the future of information retrieval today!

(No paid access is needed to try this GPT, it's free for everyone!)

Try the Newsletter GPT now!

Innovate to captivate the next generation

Staying on this theme of creativity, Andrew was the keynote at the Financial Brand Forum last week and he's bringing his session to you. Let me know if you would like to see Andrew share his thoughts on Innovative Marketing Strategies at your next team meeting.

AD's thoughts on what we heard about AI at the Financial Brand Forum.

Bringing Humanity to Digital

Melissa Steven's (CMO, Fifth Third) message to other banks & CU: Lean into your identity

Growth follows when Gen Z feels understood

Understanding and effectively marketing to Gen Z is key for all brands. Hiro Takemasa's?latest?report is fantastic and has everything you need to know about Marketing to Gen Z.

The money slide from Hiro's research is the one that identifies the dissonance?between how Gen Z perceive themselves vs. how adults perceive them. This dissonance is a marketer's dream opportunity as you get to position your products in a way that truly speaks to this gap. I love it when I see (sometimes feel, dissonance), it's the single most guaranteed opportunity one can go after.

Dissonance #2: Our Definition of TV

I really doubt I have Gen Z readers of this newsletter yet. If you are one, please respond, I'd love to be wrong on this.

55% of us rated watching our favorite shows/movies as one of our favorite activities. As we can tell this is not the case with Gen Z

However, if you look at our YouTube use vs. Gen Z, I wonder if the definition of TV is what's different here. YouTube and TikTok aren't TV to most of us, but that may not be the case for Gen Z.

This report is full of these dissonances. By aligning our messaging with Gen Z's true values and self-perception, we can create compelling, authentic campaigns that resonate deeply with this influential demographic, driving engagement and growth.

Check out the full report?here.

Pioneering AI adoption—are you keeping up?

JPMorgan Chase held their?investor day?last week. A few things that stood out for me:

1. Consumer & Community Bank is growing at ~6.5% CAGR. Revenue went from $55B in 2019 to $70B in 2023.

2. Chase increased their 2024 Marketing Spend outlook by an additional $600M. I've talked about Chase's increasing marketing?here?and?here.

3. Chase mentioned Chase Media Solutions as the only bank-led media platform of its kind, as part of their Connected Commerce initiatives. I can't wait to learn more about it and see what others in the industry are thinking about this.

4. And finally, yet probably the most important one. Chase's obsession with AI is something I share. Per GPT, AI was mentioned 202 times in this presentation. Fraud is obvious and every FI has always been ahead of other industries. However, the use of AI for customer service and personalized products could offer Chase a significant edge fairly quickly. Now, the beauty of AI is it democratizes opportunities and empowers smaller FIs to compete on a more equal footing with industry giants too. You just have to prioritize AI. Period.

I was recently asked what could allow for the premium card fees to 3x or 5x? It's an interesting question and I've been sitting on it for a few weeks.

Buying Status

The cardless announcement of two new American Express cards with Avianca (Colombia's largest airline) has given me a nugget that may be the key to the answer to this question. If credit cards start giving airline status without too many spending requirements, like airline cards today require, the floodgates to increasing fees for airline credit cards (or perhaps premium proprietary cards) may open. Cardless & Amex have managed to achieve this with Avianca today. US hotel cobrand cards offer status in many instances and that's become normalized. Previously lounge access was considered limited to an elite few as well.

Please share any feedback you have regarding the newsletter in general and the GPT in particular. I am tweaking it continually and would love to hear from you.

As ever - Anuj