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Can a Credit Card Create a Sense of Community?

Consumer trust in big banks is at an all-time low. People count on family, friends – even strangers – more than the financial brands they are engaged with today. Combine that with unprecedented change in the financial regulatory environment, and financial institutions must create products and services that are simpler, more transparent and fair. At the same time, companies like Groupon and LivingSocial are redefining how products are priced. Facebook and Twitter are influencing what we like, who we vote for – social media has a huge stake in our lives.

Enter Barclaycard Ring, leveraging the explosion of social media through the first community-driven credit card, which lets consumers have a say in how the product works and a share of the profits. Barclaycard Ring has been hailed as a potential disruptor in the financial industry. Barclaycard will discuss Ring’s community dynamic, successes and failures, and how your business can learn from this crowdsourced credit card.

Questions

  1. How did a crowdsourced credit card product come out of a 300-year-old bank?
  2. Can a credit card earn consumer trust through a social media platform?
  3. Can an online program like Barclaycard Ring fuel a true sense of community to create loyalty comparable to a credit union or community bank?
  4. How has crowdsourcing the features of the credit card product and having a share of the profits affected Barclaycard Ring cardmember behavior?
  5. How can your business apply Barclaycard Ring’s experience to become more transparent with consumers?

Speakers

Organizer

Kevin Sullivan, Managing Director, Barclaycard US


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