Financial Services (105)

From Facebook like to interest rate hike

From Facebook like to interest rate hike

Fidor Bank from Munich promises their customers they will increase their interest rate depending on the amount of likes they get on their Facebook page. The rate will go up by 0.1% for every thousand fans, though the maximum increase is set at  1.5 per cent in 2012.

Why it matters

The bank is seeking to gain attention, especially from potential new customers via social networks. But apart from this, is this a good way of getting a real return on investment for both customers and the bank?

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Financial Services
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The currency of time

A southern Spanish village has started using a new currency, complementary to euros, called “Pitas”.  Pitas can be changed to euros or labour time, where one Pita is valued at one euro or six minutes of labour. So users of the currency can buy whatever they need and pay with 24 minutes of ironing or washing dishes if that is the value of the product or service.

To avoid seeing a devaluation of the currency, it must be used within the first 3 months or it loses 10% of its value.  It also has an expiration date and its total value will be lost if it’s not used within a year.

The village celebrated its 1st Pitas fair, a marketplace where people used euros or labour to obtain pitas or buy products they needed with the currency. 

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New level of service

Rostelecom launched new payment and information service machines in Russia. They are meant to help people obtain information about taxes, fees, public services, government regulation as well as provide immediate payments. The device will also be used as advertising space.

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