Editor’s Note: Guest Author Pratibha is a technology enthusiast interested in analysing and reporting about different technologies.
Barclaycard US introduced the Barclaycard Ring MasterCard, billed as “the first social credit card to be planned and built through the influence of society crowdsourcing.” At present in alpha testing and because of commence officially next month, the Barclaycard Ring MasterCard card will have one low interest rate of 8 percent for all balances, with simple, easy-to-understand provisions and no balance transfer fees or annual fees.
Through a effective society, for now, cardmembers will get to see the card’s financial profit and loss statements. They’ll also have a forum for exchanging thoughts and signifying new features. An online structure will give cardmembers a way to power decisions that affect how the card is managed and serviced, while the card’s “Giveback” program will facilitate the public to share in the profit generated from its cooperative decisions.
Paul Wilmore, managing director for end user markets with Barclaycard US, explains: “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.” The video below explains the premise in more detail:
Is there any industry in which crowdsourcing can’t make things better? Other banks around the globe: one for inspiration!