Mike Berinato

About Mike Berinato

Mike Berinato is a vice president in the Financial Services division at Market Strategies International and has more than 17 years of experience helping companies address critical business issues with market research and consulting. His expertise in qualitative and quantitative research enables him to address a breadth of different business challenges and provide clients with the highest level of strategic insight and guidance throughout the research process. Mike specializes in designing and executing research that uncovers and explains the rational and emotional drivers of behavior, including market analysis and segmentation, new product development, messaging and positioning and brand development. At Market Strategies, Mike works on consumer and B2B research with clients in the payments, banking and wealth industries. He holds a master's degree in political science with a concentration in survey research from the University of Connecticut and a bachelor’s degree in history from the University of Massachusetts, Amherst.

Fighting Feature Creep and Creating the Right Credit Card Offer

Fighting Feature Creep and Creating the Right Credit Card Offer

Editor’s Note: As seen in Forbes Magazine, this study reveals which features consumers really want in their credit card.

A colleague of mine was strutting around the office the other day, excited about getting Hamilton tickets. A pretty good get, I have to admit. And then he told me that he had used the concierge service that comes with our corporate card to get access to a sold out show. Both of us were surprised to learn that our corporate card even had a concierge service—and that it seemed to work well. That got us thinking. Do most card holders even know the benefits of their credit card? And, if they do, does it matter?  So, of course, we decided to do some research.

It turns out we are not alone. More than half of credit card holders know about few if any of the features and benefits offered by their card. Which means the laundry list of features and benefits that accompany many cards is not having much impact on acquisition. Credit card issuers seem to be constantly adding new features in an attempt to lure more people to open their card. The question is, do any of these features matter, and if yes, which ones tip the balance?
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Is the Next Big Bank a Bank?

Amazon recently announced that its Amazon Lending service surpassed $1billion in small business loans over the past 12 months.

Wait, Amazon? Small business loans? Amazon isn’t a bank, but that doesn’t seem to matter. And that got me thinking, could Amazon be a bank for consumers, too?

Most likely, yes. Trust is the foundation of any relationship, especially when money is involved. Market Strategies’ financial services market research reveals that half of consumers would trust a company that does not specialize in banking to provide their banking. Of those, 26% would trust Amazon, 22% would trust Apple, 21% would trust Google and a whopping 63% would trust PayPal. Not surprisingly, younger consumers (58% of those 18-34) are even more likely to trust a non-bank to provide their banking.

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