The Banking Executive Magazine - May 2021

Post-Pandemic Rebound Big U.S. banks are prepared for credit-card balances to start ticking up again this year as pandemic re- strictions ease and stimulus checks stop arriving, setting up the industry for a bump in one of its most prof- itable businesses. Lenders, including Capital One, Cit- igroup and JPMorgan, have been sending out more promotions to en- roll new customers and encourage borrowers to spend, said Andrew Davidson of marketing-tracker Mintel Comperemedia. Some 260 million offers were sent in March, the firm estimates. Banks have increased digital market- ing, too, on Facebook, Instagram, video sites and podcasts, he said. "The big banks are ramping up in an- ticipation of the recovery post-pan- demic," Davidson said. "They are really trying to make up lost ground from last year." At the same time, lenders have been easing credit standards, according to the BANKING EXECUTIVE 40 ISSUE 149 MAY 2021 BIG BANKS LOOK FOR POST-PANDEMIC REBOUND OF CREDIT CARD REVENUE