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?
From 10.06.09 until 10.09.09 Absolute Bank will cancel all penalty fees owed by their customers if they agree to pay 10% of their debt off at a time.
ING Nationale-Nederlanden insurance company has launched an online social awareness campaign that shows the amount of active time people need to work to enjoy a comfortable level of income when they retire.
www.ingtunumero.es invites consumers to discover "their number”. This number indicates the amount they have to save - from now until their retirement date - to ensure their desired standard of living.