Fintech disruption and evolving rewards reshape business spending landscape

NEW YORK, Dec. 10, 2024 /PRNewswire/ -- Ascenda, the global leader in loyalty as a service, today released its 2024 State of Loyalty: Commercial Cards report. The report unveils key trends and opportunities in the fast-growing spend management market, particularly for small and midsize businesses. The study highlights a significant opportunity for providers to differentiate and win share through targeted investments in the customer value proposition.

Key findings from the report include:

• Fifty-one percent of companies are ready to switch providers: Over half of the surveyed business leaders are open to changing spend management providers, signaling a dynamic market where stickiness cannot be taken for granted.
• Rewards drive decision-making: Sixty-two percent of the participants cited rewards as the most important card benefit, with 43% indicating improved rewards would trigger a provider switch.
• Fintech challengers gain ground: While American Express maintains its market leadership, emerging players such as Ramp and Brex are growing fast.

"The commercial card market is at a new inflection point," said Josh Berwitz, Chief Commercial Officer at Ascenda. "Our research shows that 86% of the participants have used personal cards for business expenses, primarily due to better rewards value. There's a large opportunity for providers to stem this leakage with more compelling benefits that align business outcomes to cardholder needs."

The report underscores a consistent trend: Current commercial card programs are failing to fully meet the needs of businesses and their employees. With the majority of companies ready to switch providers, there's clear demand in the market for more valuable and flexible propositions.

Notably, travel benefits, expense management tools and integration with accounting systems topped the list of desired improvements, signaling that modern businesses are seeking comprehensive value beyond the basic utility of commercial cards.

The 2024 State of Loyalty: Commercial Cards Report is available now. To access the full report, visit:

About Ascenda

Ascenda delivers loyalty as a service for financial institutions and merchants globally, unlocking superior ROI across customer acquisition, engagement and retention. With over a decade of proven results, an unrivaled roster of top-tier global clients and enterprise-grade technology, Ascenda is trusted by leading brands to deliver growth outcomes, eliminate complexity and create extraordinary customer experiences.

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SOURCE Ascenda