Barclay’s Community Credit Card Lets Users Influence The Card’s Terms [Future Of Retail]
The Barclaycard Ring lets customers submit ideas about how they think their service should be managed.
Our latest Future Of Retail Report looks at the trend of Crowdsourced Product Range. One manifestation of this trend can be seen in Barclays. The banking and financial services firm has introduced the Barclaycard Ring, a crowdsourced, community-powered credit card that lets cardholders influence decisions about how the card is managed and developed. Ideas are exchanged and new features are suggested for Barclaycard Ring via a cardmember forum, creating credit services from bottom-up ideation and decision-making, such as which changes should be made to the card’s terms.
The card operates in a uniquely transparent manner, sharing the card’s financial profit and loss statements with cardholders and showing how Barclays makes money from the service. In the spirit of co-creation, the card’s ‘Giveback’ program shares some of the profits with cardholders themselves, and the community can determine whether these profits go directly to members or are donated to charity.
Paul Wilmore, the Managing Director of Consumer Markets and the Barclaycard US, speaks about the decision to introduce a crowdsourced credit card:
Through simple and transparent terms, we want to pull back the curtain that has traditionally separated banks from their customers and give our community a say in weighing economic tradeoffs that can create a better cardholder experience. Some might say we’re creating a virtual credit union or community bank, but we’re taking that model much further by giving our members a seat at the table to help decide what card features and benefits are really best for them.