What have you done for me lately?

I don't think Janet Jackson was thinking that our attention span will become closer to a goldfish's when she sang this song, or maybe she did see it coming.

Consumer expectations are sky-high and will continue to go only one way. The best products are starting to factor this in and the silicon valley ethos of "ship" an MVP and then keep iterating is something that we've all gotten used to as consumers. Apple Card is doing this and other FIs need to be observing and rethinking their roadmaps for the remainder of 2023. If you only have "net new" products lined up and no "updates", you need to think again.

The latest Apple Card Savings marketing is hitting consumer inboxes and we're seeing two emails being tested primarily:

#1: Subject Line: Now automatically grow your Daily Cash in an available high-yield Savings account.

#2: Subject Line: Grow your cash back in a high-yield Savings account

We are talking about millions of these emails hitting consumer inboxes.

This enhancement will help achieve both KPIs that any product/institution cares most about:

1. Growth: New customers WILL sign up for the Apple Card as a result of the 4.15% APY earn on their cash back
2. Retention: Existing customers are incentivized to make this card top-of-wallet once again. Everyone in the industry knows the importance of being the primary card.

As most of us are probably doing the same back-of-the-envelope math I am. It's pretty obvious that this may be the cheapest incentive that is being given by a no-annual-fee credit card in the marketplace right now. This is why I love it as I strongly believe this will result in a very high success rate.

I often think of the Bezos quote to summarize this idea: "We see our customers as invited guests to a party, and we are hosts. It's our job every day to make every important aspect of the customer experience a little bit better".