Simple. Collaborative. Transparent. Not words that immediately leap to mind when talking about consumers’ relationship with their credit card companies. But that’s exactly the association that Barclaycard US (a ComBlu client) is trying to build with its introduction of ‘the first social credit card’ driven by cardmember community input.
Low interest rate (8% vs. the industry average 15%), low fees and simple terms are certainly a big part of the equation. But the social elements at its core are what could make the Barclaycard Ring a game changer in the payments space. It centers on an ability to provide cardmembers with:
Here’s how the brand describes its social offering.
Effecting change in this environment is no small task. Consumer trust in banks has continued to decline. In recent studies, the Reputation Institute and Edelman Trust Barometer count financial sector firms among the least trusted by consumers. In this environment, incrementalism won’t do. Through its community construct, the firm looks to “put the power back in the hands of customers,” a fundamental shift that strives to change how consumers see and interact with their credit card company, according to Paul Wilmore, Managing Director for Consumer Markets at Barclaycard US.
Rolled out at social mecca SXSW this week, there’s been lots of buzz about the concept, considered ‘revolutionary’ in a highly regulated industry not known for its willingness to embrace social.
In an onsite interview with genConnect, Wilmore explains the importance of giving cardmembers ‘a seat at the table’ to help build this new kind of relationship — one that synchs with regulators’ drive for greater simplicity, clarity, transparency and fairness. As Barclaycard Ring becomes available to consumers later this spring, this will be a community to watch.