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?
Everybody has a stingy friend. Friends who don’t pay for anything and always excuse themselves. ING Direct has created a competition to find ‘the stingiest person’ through social media. Anyone can vote and the winner will get 2.000 €.
Financial services brands Intesa San Paolo and Unicredit have launched ‘Superflash’ and ‘Genius’ respectively – yet more examples of the pay-as-you-go banking movement. Such cards aim to provide all the benefits and services associated with traditional banking and enable consumers to better track and manage spending.