Financial Services (105)
Credit for the crowd
The new Barclaycard Ring Mastercard is the world’s first ‘social credit card’, designed through its user community. The simple low-rate card combines social media, online banking and financial education tools to create a credit card managed and optimized through its user community, where its profits and losses as a card are made public.
Why it matters
Barclaycard applies extreme transparency to what is typically a highly guarded category. The card depends on a single behavioural principle - the better users are about paying their bill, the more the card profits. The card’s Giveback programme lets users have a portion of the earnings as thanks for their participation. How can murkier categories like finance start using this type of high-transparency model as a means of creating consumer trust? What are other behavioural-driven solutions like this one can create consumer investment not only in the brand, but also in its profitability?
The bank Santander Totta now uses video calls to answer their customers’ questions. Different from Skype, the Santander Videocall only shares the image of the operator, not the customer.
MiniBanco from Santander Totta are basic ATM terminals in small and medium-sized shops, coffee houses, restaurants and even pharmacies that reinforce the brand’s position in the small business segment. These ATM terminals allow bank clients (from any bank) to perform basic operations such as payments, mobile phone charges or money advances (the machine does not allow direct money withdrawals, but gives the client a receipt that allows him to get that money from the shop counter).