Ever heard of crowd-sourced credit cards? They exist, believe it or not, thanks to a joint effort from MasterCard and Barclaycard US.
While they’re still brand new, we’re hearing interesting things about what’s on offer.
This latest idea is called the ‘Barclaycard Ring’. It has its own website, which highlights the very unique idea behind the offering, which is simply that customers deserve a say in their how their credit cards work, from terms and features to the rewards and fees involved.
Taking social networking to a whole new level, the Barclaycard Ring – which is still at a testing stage, amongst a select group of members – is being promoted as something brand new in the world of finance.
While there are a few examples of an idea like this in action, the scale shown here is very original.
So how does it all work? Basically, customers are given open access to everything relating to the product, including profits, losses and end-to-end operating expenses.
This means that users will be able to measure the ways that adding or removing features can influence pricing – putting a stop to paper statements, for example, or outsourcing services overseas.
And this is where it gets interesting, because these highly informed users will then be able to discuss it all online, in a specially created forum, to exchange ideas and even vote on product developments.
Real visibility and voice is something very new for financial customers, and the question now is whether it will really work. While transparency on this level can only be positive, how many consumers are experienced enough to fully assess a profit and loss statement? How many will be able to make realistic suggestions?
Still, consumers are always happy to be heard. Do you think the idea will develop? Can Barclaycard really establish a community around a credit card? You can watch the video below to learn more.
No comments:
Post a Comment