Synchrony loses Gap’s card business to Barclays

Posted On 8:02 AM // Leave a Comment

Every morning the Insider Intelligence team delivers research briefings covering key trends moving industries. As a bonus for being a frequent Insider reader, we're including some free content below.

Want more content like this daily? Join our FREE Insider Intelligence Daily newsletter by clicking here.

April 17, 2021

Gap moves its credit card business from Synchrony to Barclays.

Gap will discontinue its partnership of more than 20 years with Synchrony when their contract ends in April 2022, costing Synchrony one of its five biggest retail card partners.

This marks Synchrony's second major partnership loss in recent years, but it's hard at work rebuilding its portfolio.

Meanwhile, Barclays is moving to diversify its card partnerships by adding Gap, which could be a common strategy among issuers as the travel industry—a popular cobrand category—struggles to recover from the coronavirus pandemic.

Insider Intelligence's Daniel Keyes has the full story.

BRIEFING HIGHLIGHTS

Chase launches new United travel card with bonus perks

Chase unveiled the United Quest Card with a limited-time bonus mile promotion, signaling its growth ambitions as consumers warm up to traveling again.

PayPal introduces fraud management tools as digital fraud escalates

PayPal's suite of solutions include biometrics and machine learning technology to help merchants minimize the rising risk of digital fraud.

Nubank pushes deeper into Mexico with capital injection

Nubank's $135 million investment could help secure market share dominance in the country, where a slew of neobanks are competing for consumers.

SoftBank invests $500 million in Better.com to digitize mortgage lending

Better.com raised $500 million, and consumer demand for digital mortgage application processes should entice more fintechs to add a mortgage product.

Wealth managers must adapt to younger high-net-worth individuals

Addepar reached $2.5 trillion in assets, and its growth should continue as wealth transfers to younger and more tech-savvy HNWIs.

5G will benefit payments and mobile commerce

Retailers will use their IT investments in 5G to enhance the customer experience, both in-store and online.

PNC takes on overdraft fees and neobanks with Low Cash Mode

PNC's new feature will increase transparency and customers' autonomy, in addition to helping them avoid costly overdraft fees.

Wells Fargo's branches dipped below the 5K mark in Q1

Wells Fargo's branch count in Q1 dropped 3% from the previous quarter, complementing its broader streamlining efforts and matches an industry trend.

How banks can impress with digital money management features

We outline the four most in-demand digital money management features among Canadian respondents that banks can offer.

Bank of America, Citi, Wells Fargo Q1 earnings show recovery

Bank of America, Citi, and Wells Fargo experienced card volume recoveries thanks to a retail spending boom and improving pandemic conditions.

RESEARCH IN FOCUS

Credit Cards in the 'Next Normal'

Insider Intelligence evaluates the future of consumer credit cards through a pandemic-focused lens. After recapping 2020 and exploring the state of the industry at present, we divide the pandemic recovery into three phases and determine how economic trends might affect credit card spending, customer acquisition, retention, and risk.

Get the full report →

Mobile Order-Ahead and Delivery

Insider Intelligence scopes the digital ordering opportunity and explains why it is ripe for payments providers if they work to seize the current momentum in the space. We will size the market for digital restaurant ordering and identify the core channels and technologies that providers looking to help restaurants digitize can use.

Get the full report →

US Banking Channel Forecast

Insider Intelligence forecasts the development of five key banking channels in the US between 2020 and 2024: branches, digital platforms, smartphones, call centers, and ATMs. The report identifies the drivers behind the trajectory of each channel's penetration, including changes in consumer behavior or advancements in technology.

Get the full report →