Targeting and Channel Strategy in Q3 2025. What the Data Tells us about Issuer Intent?

Fulcrum Question: If discovery is shifting to GenAI andtrust is being built on the margins, where does competitive advantage come fromnext?

I typically spend 4-6 hours putting this newsletter togethereach week. Sometimes, I take twice as much time (this happens quarterly).The reason is that these two reports I feature today capture so much incredible detail that I struggle to boil them down to the key takeaways. Pulling out just two or three takeaways is like trying to pick a favorite from a buffet where everything matters. That’s what makes this edition one of the toughest and most rewarding to write.

1. Q3 2025 Credit Card Application Report

2. Financial Profiles - Q3 2025

I highly recommend reading both reports in full. But ifyou’re short on time, or just looking for a guided tour, here’s what you need to know. Below, I’ve laid out the key takeaways of how each issuer is playing the game.

Bank of America

BofA hosted its investor day event this past week, markingnearly 15 years since its last one. You can view the full 300+ page deck here.

My goal was to validate what I saw in Q3 activity with the broader vision, and there’s perfect alignment. BofA is focused on quality over quantity. Product cross-sell and relationship depth are key priorities.