The card industry is in a state of flux, and a lack of consensus pervades the industry, according to an impact note issued last week by Aite Group. The analysis is based on interviews (many of them one-on-one) with card executives.

While the group as a whole are evenly split as to the major challenges facing the industry—34 percent say business and the economy, 30 percent cite security and compliance, 30 percent say regulation—there are sharp internal divisions. Credit card issuers are equally concerned by the regulatory climate (39 percent) and the business climate, including delinquencies and charge-offs, reliance on interchange, and reputational issues (39 percent). Data security is much less of a challenge (17 percent).

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