UK customers willing to switch banks for metal payment cards

New research has shown that more than three quarters of banking customers in the United Kingdom would be willing to switch banks in order to obtain a metal payment card.

The study, conducted by banking technology firm CompoSecure and behavioural science agency Capuchin, surveyed 21,250 people across 17 global markets, with particular focus on UK-based customer segments identified as 'Elite' and 'Innovators'.

Findings revealed that 83% of UK customers in the 'Elite' category, defined as individuals with considerable financial wealth and higher social status, would abandon their current bank if it did not provide a metal payment card. The trend was also strong among UK 'Innovators,' typically younger consumers attracted to technology and new trends, with 76% opting for a bank offering metal cards over one that did not.

Data indicated that 85% of 'Elite' customers would use their metal card more than other cards in their possession, whilst two thirds (66%) of 'Innovators' also favoured metallic options above plastics. When card offers were otherwise identical, 76% of Innovators and 69% of Elite reported they would select a metal payment card over a traditional plastic one.

The survey further explored motivations for this preference, finding that the top three reasons UK consumers are attracted to metal payment cards are durability, sustainability, and a premium, high-end feeling. Respondents linked the tangible qualities of metal cards to characteristics such as physical innovation, quality, and a sense of luxury.

Globally, the perception of banks offering metal cards was also addressed. The research found 74% of respondents considered such banks to be innovative, 70% environmentally conscious, 67% prestigious, 64% secure, and 68% stylish.

The study identified the 'Elite' and 'Innovator' categories using cluster analysis and psychographic profiling. 'Elite' customers possess financial wealth and refined interests, while 'Innovators,' encompassing both Generation Z and millennial cohorts, are drawn to rapid adoption of technology and emerging consumer experiences.

The role of metal cards in customer retention was also analysed, with 65% of Innovators and 63% of Elite stating they would be more likely to stay with a bank that provides a metal payment card.

Discussing the research, Amanda Gourbault, Chief Revenue Officer at CompoSecure, commented, "This research highlights how today, metal cards are more popular, and more in demand than ever they have been. Consumers around the world are captivated by the aesthetics of these cards: the way they feel, their weight, and the distinctive sound they make."

She added, "Banks and FinTechs can leverage metal cards not only to improve acquisition, spend, and retention among the high net worth segments, but also to attract the elite, the innovators, the up-and-coming - those segments they most wish to become their loyal customers."

The publication of these findings comes at a time when the resilience of card-based payments is under scrutiny, following recent power outages in Spain and Portugal which affected payment processing. The data suggests that, for a significant portion of UK consumers, the physical embodiment of payment cards—and particularly those made from metal—remains an important factor in selecting financial service providers.

The survey was commissioned by CompoSecure and delivered by Capuchin Behavioural Science in order to assess global sentiment towards metal cards as both a banking product and a lifestyle statement.