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?
MB NET is a company that provides temporary credit cards for people to shop online safely. It recently launched a roadshow in a number of Portugal universities to raise awareness about the dangers of disclosing personal information online, such as credit card details.
French bank Société Générale and Universal Music have announced the launch of a new credit card aimed at young customers, called "So Music." Users get unlimited free downloads from Universal’s entire catalogue, access to exclusive tickets and even the chance to complete an internship with the music label.