How would you define the success of Wells Fargo's Propel American Express credit card?

Introduction

Defining the success of Wells Fargo's Propel American Express credit card requires a comprehensive approach that considers multiple stakeholders and metrics. This product success metric analysis will follow a structured framework covering core metrics, supporting indicators, and risk factors while taking into account the perspectives of cardholders, Wells Fargo, and American Express.

Step 1

Product Context

The Wells Fargo Propel American Express card is a no-annual-fee rewards credit card offering points on everyday purchases. It's designed to appeal to millennials and frequent travelers with its generous rewards structure and lack of foreign transaction fees.

Key stakeholders include:

1. Cardholders: Seeking valuable rewards and benefits
2. Wells Fargo: Aiming to increase market share and customer loyalty
3. American Express: Looking to expand its network and merchant relationships

User flow:

1. Application: Prospective cardholders apply online or in-branch
2. Approval and activation: Upon approval, users activate their card
3. Usage: Cardholders make purchases, earning points on various categories
4. Redemption: Users redeem points for travel, cash back, or other rewards

The Propel card fits into Wells Fargo's strategy to attract younger, tech-savvy customers and compete in the premium rewards card market. It competes with cards like the Chase Sapphire Preferred and Capital One Venture, offering similar rewards but with no annual fee.

Product Lifecycle Stage: Growth - The card was relaunched in 2018 with enhanced features, indicating Wells Fargo's commitment to growing this product line.