Financial Services (105)

Credit for the crowd

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?

Financial Services
United States
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