The Future of Money - People's Insights Magazine

Volume 2, Issue 2
100+ thinkers and planners within
MSLGROUP share and discuss inspiring
projects on social data, crowdsourcing,
storytelling and citizenship on the
MSLGROUP Insights Network. Every
week, we pick up one project and curate
the conversations around it — on the
MSLGROUP Insights Network itself but
also on the broader social web — into
a weekly insights report. Every quarter,
we compile these insights, along with
original research and insights from the
MSLGROUP global network, into the
People’s Insights Quarterly Magazine.
We have synthesized the insights from
our year-long endeavor throughout 2012
to provide foresights for business leaders
and changemakers — in the ten-part
People’s Insights Annual Report titled
Now & Next: Ten Frontiers for the Future
of Engagement.
People’s Insights
In 2013, we continue to track inspiring
projects that are shaping the future of
engagement.
Do subscribe to receive our weekly
insights reports, quarterly magazines, and
annual reports, and do share your tips and
comments with us at @PeoplesLab on
Twitter.
People’s Insights
weekly report
People’s Insights
quarterly magazines
People’s Insights
Annual Report

Inside
Foreword
by Pascal Beucler
04
Editorial
by Nidhi Makhija
05
16
Amex Sync on Twitter
Social Data Crowdsourcing
51
Barclaycard Ring
57
Dart Registry
Mint.com
21
62
PlanBig
KBC Bank
28
67
Tesco Wine Co-Buys
TrustCloud
33
Kiva Zip 72
Bitcoin 78
Pledgeit
85
38
PeopleLikeU
44
CommBank’s
Kaching
Future of Money
by Gaurav Mishra & Nidhi Makhija
06

Volume 2, Issue 2
Pascal Beucler,
SVP & Chief Strategy Officer,
MSLGROUP
projects at the intersection of social
data, crowdsourcing, storytelling and
citizenship for eighteen months. We
continue to be inspired by organizations
and entrepreneurs’ diverse explorations
in these areas, and the new ways in which
people are beginning to engage with each
other and with organizations.
I would like to take this opportunity to
share that People’s Insights has just
crossed the 950,000 views mark. We thank
you for your overwhelming support and
for sharing our weekly reports, quarterly
magazines and our annual report Now &
Next: Future of Engagement.
Feel free to write to me at pascal.beucler@
mslgroup.com to share your feedback on
the magazine, or to start a conversation
on how to engage stakeholders in today’s
Conversation Age.
For long, social media has been credited
for giving power to the people and
enabling them to rally around shared
passions and shared purpose. Today, social
media is joined by the growing forces of
community, technology and data, which
are empowering people in new ways, often
to achieve success in their personal and
professional endeavors.
In this issue of the People’s Insights
Quarterly Magazine, we focus on how
social and mobile technologies are
changing the way people earn, manage
and spend money. We also look at how
brands, organizations and entrepreneurs
are adopting and embracing these new
tools to re-invent their relationship with
people.
Our global network of 100+ planners
has been sharing insights around
Foreword

5
Editorial
Nidhi Makhija,
Senior Manager - Insights,
MSLGROUP
People’s Insights
The People’s Insights Quarterly Magazine pulls
together insights from MSLGROUP’s Insights
Network — a private network created on our
proprietary People’s Lab crowdsourcing platform
— in which 100+ planners within MSLGROUP
share and discuss thought-provoking research
and inspiring projects in the areas of social data,
crowdsourcing, storytelling and citizenship.
Every week, we pick one project from the
MSLGROUP Insights Network and curate
conversations around it — on the network itself
but also on the social web — into a weekly
insights report. Every quarter, we present the
thirteen insights reports to you, along with
original research from our global network, as an
online magazine.
We have further synthesized the insights to
provide foresights for business leaders and
changemakers — in the ten-part People’s Insights
annual report titled Now & Next: Ten Frontiers
for the Future of Engagement, also available as a
Kindle eBook.
People’s Insights Quarterly
Magazine, Volume 2, Issue 2
In this issue, we start off with an overview on how
community, technology and data are changing
the Future of Money. Then we look at thirteen
inspiring projects that are re-defining how people
earn, raise, manage, exchange and spend money.
• How brands like American Express and Tesco
are encouraging people to talk about the
brands on social media in return for discounts
and freebies.
• How virtual currencies like Bitcoin and banking
apps like Commonwealth Bank’s Kaching are
facilitating smoother and quicker peer-to-
peer transactions over web, mobile and social
networks.
• How brands like Chrysler-Dodge and non-
profits like Leukemia & Lymphoma Research
are creating their own dedicated crowdfunding
platforms to help people raise money for
themselves or for a cause.
• How non-profits like Kiva are creating peer-to-
peer lending platforms to connect lenders and
borrowers directly.
• How banks like Barclays and Bendigo &
Adelaide Bank are experimenting with long-
term co-creation communities to enable
customers to co-create financial products and
to help entrepreneurs crowdsource feedback
and advice, respectively.
• How banks like KBC Bank are creating
collective intelligence platforms to
crowdsource data, and present it back to
entrepreneurs with added value.
• How organizations like Intuit-Mint and UBank
are using data to help people manage and
compare their personal finances.
• How start ups like TrustCloud are using
aggregated social data to help people measure
and showcase their reputation on social networks
and collaborative consumption platforms.
Do subscribe to receive our weekly insights
reports, quarterly magazines and annual report,
and do share your tips and comments with us at
@PeoplesLab on Twitter.

Volume 2, Issue 2 Future of
Money
The Future of Money
How social and mobile technologies are changing the way people earn,
manage and spend money
Source: opensourceway on Flickr
First, these technologies are helping us create,
store and access value in new ways. We are
creating value by sharing content (Wordpress),
photos (Flickr) and videos (YouTube)) online
for free to express ourselves; collaborating with
likeminded others to co-create open source
content (Wikipedia), software (Linux) and
hardware (Arduino); and participating in open
innovation communities to co-create solutions
for a better world (OpenIDEO). We are thus
storing value in the commons, using the Creative
Commons License for artistic works like content
and the GNU General Public License for practical
works like software, to enable others to reuse,
remix and reshare our creations. As a result, not
only participants in such peer-to-peer networks,
but also everyone else in the world, can access
Second, these technologies are helping us
accumulate, measure and exchange new types
of currencies in new ways. We are participating
in ecosystems that recognize and value social
currency, not only financial currency. We are
accumulating whuffie2
and karma through our
actions in social networks (Facebook, Twitter,
LinkedIn), content sharing networks (Wordpress,
Flickr, YouTube) and peer-to-peer networks (eBay,
TripAdvisor, Stack Overflow). We are measuring our
social currency or social capital through services
like Klout, Kred, PeedIndex and TrustCloud. We are
then using our social currency to build trust and
influence, improve our experience in peer-to-peer
marketplaces, and even save time and money. For
more, see Rachel Botsman argue that the currency
for the new economy is trust.
Tim O’Reilly on the Economic Value of Open Source
1 A gift economy, gift culture or gift exchange is a mode of exchange where valuables are given without an
explicit agreement for immediate or future rewards (via Wikipedia)
2 Whuffie is the ephemeral, reputation-based currency of Cory Doctorow’s science fiction novel Down and
Out in the Magic Kingdom (via Wikipedia)
and benefit from free content, media, software
and hardware created through the gift economy1
.
For more, see Tim O’Reilly outline an approach
to calculate the economic value created by open
source communities.
Nidhi Makhija,
Senior Manager - Insights,
MSLGROUP
Gaurav Mishra,
VP of Insights, Innovation & Social, Asia,
MSLGROUP
What is the Future of Money?
Social and mobile networks, and the rich data
streams that emerge out of them, are fundamentally
changing the way people 1) create, store and access
value 2) accumulate, measure and exchange
currencies and 3) earn, manage and spend money.

7
Rachel Botsman on Trust as Currency
Third, these technologies are helping us earn,
manage and spend money in new ways. We are
earning and saving money by selling or bartering
our things (eBay), spaces (Airbnb) and time
(TaskRabbit) on peer-to-peer marketplaces. We
are gifting, lending and investing money with our
peers on crowdfunding (Kickstarter, Indiegogo),
peer-to-peer microlending (Kiva, Prosper) and
social investing (eToro, Zulu Trade) communities.
We are managing our money by setting goals and
comparing our spending against similar others
(Mint, Payoff), and using mobile wallets
(Lemon Wallets, Isis Wallet) to replace paper
money and plastic cards. Finally, we are not
only moving our spending to peer-to-peer
transactions, but also using new payment
methods like virtual currencies (BitCoin, Dwolla),
online payments (PayPal, Visa V.me), mobile
payments (PayPal Here, Intuit GoPayement,
Square) and social payments (Pay with a Tweet,
Flattr). For more, see Sapient Nitro explore the
future of payments.
Sapient Nitro on the Future of Payments
Collaborative Consumption
In this report, we will focus on how social and
mobile technologies are shaping the future of
money. We will explore how such technologies
are enabling new ways of earning, saving,
managing, gifting, lending, investing, and
spending money, now and in the future.
Specifically, we will explore the following
models:
1. Sharing economy and peer-to-peer
marketplaces
2. Crowdfunding, microlending, crowd investing
and social investing communities
3. Online, mobile, social and virtual payment
ecosystems
4. Money management applications and mobile
wallets
We will also explore how traditional banks and
financial services firms are exploring such
models to compete with new players, and
engaging their customers in grassroots change
movement and collaborative social innovation
initiatives.
The rise of these platforms and apps can be
attributed to three broad trends. First, the
continued recession has made people sharpen
their focus on maximizing the value of their
money and assets, prompting them to find
new ways to earn, manage and save money.
Second, the widespread adoption of online social
networks has inspired entrepreneurs to explore
the power of their networks, resulting in an
explosion of new peer to peer platforms. Third,
the wealth of financial data available through
financial institutions’ APIs has made it possible
for entrepreneurs to aggregate data from
multiple sources, analyze it and present it back
to people with valuable insights about their own
behavior.
1. Sharing Economy and Peer-to-Peer
Marketplaces
People are earning and saving money by selling
or bartering things, spaces and time on peer-to-
peer marketplaces.
The sharing economy is an important
groundswell that is changing the very nature of
ownership and consumption. We are prioritizing
access over ownership, and choosing sharing,

Money
renting, swapping, bartering and gifting over
buying. We are sharing products, services and
spaces with others in our communities, or around
the world, using community-driven peer-to-peer
marketplaces. In doing so, we are saving money
by borrowing or renting from peers and earning
money by renting out our unused assets.
Peer-to-peer marketplaces are particularly
disruptive because they use technology to
directly connect people and eliminate the need
for service organizations like hotels, universities
and banks. The platforms invest in creating
a community and build trust between users
through social connections, verified profiles, peer
reviews and offline meetups, and typically make a
margin on the transactions between users.
Some of the most popular categories for peer-
to-peer marketplaces are mobility (BlaBlaCar
(video), RelayRides (video), Spinlister, Sidecar
(video), Lyft (video), Zimride (video)), spaces
(Airbnb (video), Wimdu (video), DeskWanted
(video), Landshare (video), ParkatmyHouse
(video), ParkingPanda (video)) and services
(TaskRabbit (video), DogVacay (video), Rover
(video), Skillshare (video), WeTeachMe (video),
italki (video)). In addition, several multi-purpose
collaborative consumption platforms enable
people to sell (eBay, Craigslist, Zaarly (video))
or rent (Zilok, Rentoid (video), Uniiverse (video))
all types of products, services and experiences.
As peer-to-peer marketplaces become more
widespread, services that map our online
reputation and trust will become more important
(Klout, Kred, PeedIndex, TrustCloud, Connect.
me (video), Credport, Fidbacks, Virtrue, MiiCard
(video), Lenddo (video)).
Some of these peer-to-peer marketplaces have
achieved significant scale and success. For
instance, Airbnb has 4 million people who have
shared 300,000 listings in 40,000 cities and
rented 10 million nights.
We believe that the growth of the sharing
economy will fundamentally change our
relationship with money and ownership.
We expect product organizations (like auto
companies) to redesign their business models
from selling products to renting services and
create peer-to-peer marketplaces for second-
hand products and add-on services (like parking
spaces). We also expect service organizations
(like banks and universities) to create peer-to-
peer marketplaces for services they cannot
provide profitably (like microloans (see Kiva Zip &
Prosper) and hobby workshops (see Skillshare &
Craftsy)). Finally, we expect banks to design trust-
rating services that aggregate users’ trust scores
across peer-to-peer marketplaces and establish
trust as a currency that is both universal and
context-specific (see TrustCloud & Lenddo).
How to Airbnb?
Patagonia + eBay Green - Common Threads Initiative
What is Lenddo?
For instance, GM has partnered with car-sharing
service RelayRides (video) and BMW i has
invested in parking-sharing service Park at My
House (video)). Nike with NIKEiD (video) and
Converse with Design Your Own have created
platforms to enable customers to customize
and sell their products, while Vancl with Star and
Magazine Voce (video) have created platforms to
enable customers to create their own storefronts
and sell products to their own networks. Finally,
Patagonia and eBay partnered to create the
Common Threads Initiative (video), which uses
to the eBay platform to enable people to resell
used apparel to others.

9
2. Crowdfunding, Microlending, Crowd
investing and Social Investing
Communities
People are gifting, lending and investing
money with peers on crowdfunding, peer-to-
peer microlending, crowd investing and social
investing communities.
We are using crowdfunding platforms to
collectively fund a wide variety of projects
we are passionate about, through donations.
Typical projects include technology (gadgets,
games, applications), art (music, movies, books),
citizen journalism, scientific research and
societal causes. In return, we receive a reward,
which might include a product, a customized
experience, equity, or simply recognition,
depending on the type of platform and project.
Crowdfunding platforms focus on a wide range of
projects, including creative projects (Kickstarter
(video), indiegogo (video)), personal projects
(GoFundMe(video)), music projects (ArtistShare
(video)), non-profits (CrowdRise(video), Razoo
(video)), patients (GiveForward (video), Watsi),
public spaces (SpaceHive (video)) and food
businesses (Credibles (video)).
Source: analogica on Flickr
indiegogo Crowdfunding Platform
We are using microlending communities to give
loans to small entrepreneurs and people in
need, based on their personal story or project
idea, to help them achieve their goals or earn
better returns for ourselves. Some microlending
communities focus on peer-to-peer loans with the
promise of better returns (Prosper, Zopa (video),
Lending Club) while others focus on helping
those in need (Kiva Zip (video), Rang De (video),
BuzzBnk (video), Zidisha, United Prosperity,
Vittana (video), LendWithCare (video)).
Kiva
Finally, we are using crowd investing platforms
to put money in promising startup ventures
for equity, in the hope of exponential financial
returns. The current crowd investing platforms
typically work with high net worth experienced
investors to reduce risk (Symbid (video), Seedrs
(video), CrowdCube (video), WeFunder (video)),
but we expect truly peer-to-peer crowd investing
platforms to emerge as government regulations
allow such platforms. These crowd investing
platforms are different from social investing
communities (Currensee (video), eToro (video),
Zulu Trade (video), Ayondo (video), Tradency
(video)), on which investors can follow and
replicate each others’ investment portfolios,
share investment tips and earn both reputation
and financial returns.
Symbid in 60 seconds
All these types of platforms follow a similar
model. People seeking funds post a project,
share their own personal story and the details of
their project, and try to attract a community. The
community funds the project through donations,
loans or investments and supports it on social
media. In return, the project owner gives them
the promised reward and shares updates on the
progress of the project.

Money
Some of these platforms have achieved
significant scale and success. For instance,
almost 1 million Kiva lenders have given $460
million in loans to 1 million borrowers. 4.6 million
Kickstarter backers have pledged $745 million in
donations to more than 45,000 projects.
In the future, we expect niche crowdfunding,
microlending and crowd investing platforms
to focus on specific geographies and markets,
and larger platforms to expand into new
areas through organic growth, acquisitions
and partnerships. We also expect some niche
crowdfunding platforms to focus on connecting
brands with creators and backers. Finally, we
expect corporations, including banks, to create
their own crowdfunding platforms, and ask their
community members to fund projects and non-
profits on a matching grant basis.
For instance, brands are now creating dedicated
crowdfunding platforms (Dodge Dart Registry
(video), Microsoft Windows Chip In) or partnering
with niche crowdfunding platforms to help
people find funds to buy their products (Hyundai
& Motozuma (video)). Financial institutions are
also creating platforms (Volksbank Bühl - Viele
Schaffen Mehr (video)) and apps (Fidor Bank) to
help customers interested in crowdfunding or
crowd investing.
3. Online, Mobile, Social and Virtual
Payment Ecosystems
People are not only moving spends to peer-to-
peer transactions, but also using new payment
methods like online payments, social payments
and virtual currencies, and mobile payments.
Viele-schaffen-mehr.de - Crowdfunding in der Volksbank Bühl
Source: Kaching: The Future of Payments
As much of our shopping shifts to online and
mobile, we want to use payment options that
don’t require us to share credit card details with
each merchant, carry our credit cards around
with us, or pay merchants a commission for
payments to friends and family. To this end,
we are using online payment systems from
established players like PayPal and Visa V.me
(video), but also startups like free peer-to-peer
payment platform Ripple (video) and prepaid
card platform Akimbo (video).
We are also using a range of social payment
platforms and virtual currencies to pay online.
Chirpify (video)) lets us pay inline on social
networks, Flattr (video) lets us ‘tip’ our favorite
content creators every month, and Pay with a
Tweet (video) lets us pay content creators with
online word of mouth. Virtual currencies (BitCoin
(video), Dwolla, Ven (video), Feathercoin (video))
let us make online payments, including peer
to peer payments and merchant payments.
These currencies are created and supported by
software algorithms, instead of governments and
central banks – although some governments are
beginning to experiment with their own virtual
currencies (Canada’s MintChip (video)).
What is Bitcoin?
We are also using a range of mobile payment
options, including peer-to-peer mobile
payments, and contactless NFC or QR code
enabled mobile payments. Peer-to-peer mobile
payment platforms like M-PESA (video) and
Venmo (video)), let us transfer money to family
and friends, often without paying a transaction
fees. Contactless mobile payment solutions,
enabled by NFC (Square Wallet, Visa PayWave,
VeriFone PAYware (video), MasterCard PayPass
(video)) or QR code (PayConnect (video),
LevelUp (video)) let us make payments without
handing over our cards to merchants, by simply
tapping our cards on sensor enabled readers or
making cloud payments on our smart phones.

11
Some of these platforms and apps have achieved significant scale and success. PayPal has 132 million
active registered accounts in 193 markets and supports payments in 25 currencies. Bitcoin sees $45
million of activity per day, with 11 million Bitcoins, worth $1.1 billion, currently in circulation. 4.5 million
people have bought products online with social payment system Pay with a Tweet.
Introduction to M-PESA: Mobile Money in Developing Economies
In the future, we expect all banks to create online,
mobile and social payment platforms as a core
offering. We expect retailers to create custom
mobile payment and loyalty apps, apart from
adopting third party apps. Finally, we expect banks
and retailers to create programs that recognize
and reward social currency.
For instance, banks are already creating mobile
and social apps to let people make peer to peer
payments (CommBank Kaching for Facebook
and Mobile (video), DenizBank Facebook Branch,
American Express Serve (video), Barclays Pingit
(video), ANZ goMoney (video)). Several of these
bank apps have crossed the 1 million users mark.
As we are making payments via a range of mobile
payment options, we are also seeing merchants,
including small retail and service businesses
use connected mobile devices like PayPal Here
(video), Intuit GoPayment (video) and Square
(video) to accept such payments. These devices
also power advanced billing registers and provide
extensive data analysis and insights to merchants
(Square Business Analytics).
Source: Mobile Payments (Infographic by Elise Gilbert)
View the full infographic at barclays.co.uk
Starbucks has created its own custom mobile
payment app (video) and also partnered with
Square Wallet to create one (video). Finally,
American Express with Sync (Twitter (video),

Money
Source: mint.com
Facebook, Foursquare), and Tesco with Wine Co-
buys (video) are creating programs that enable
customers to earn discounts or freebies by paying
with word of mouth.
4. Money Management Applications &
Mobile Wallets
People are managing money by setting goals
and comparing spending against similar others,
and using mobile wallets to replace their paper
money and plastic cards.
Amex Sync On Twitter
Mint.com: The Best Free Way to Manage your Money
We are becoming smarter about managing our
money by using personal finance applications
that enable us to set financial goals, compare
our spending with similar others, and tap into
the power of our networks to reach our goals.
These apps use a combination of quantification
and gamification to give us insights and help
us change our behaviors (Mint (video), Payoff
(video), Simple (video), Moven (video), Check
(video), SaveUp (video), Easy Envelope Budget
Aid (video)). They ask us to link our bank, credit
card, loan and other accounts to get access to our
financial data streams. They then break up our
spending into categories, help us set smart goals
by comparing our category-wise spends against
similar others, and track our category-wise
spending against budgets. We are also using
money management apps that focus on niche
areas, like managing medical payments (Simplee
(video)), gift cards (Gyft (video)), frequent flier
miles (Superfly), grocery lists and coupons
(GroceryIQ), and bills (BillMinder).
Similarly, business owners are using data
analysis apps to find patterns and manage their
transaction activity (Square Register (video),
TabbedOut (video), Clover).
We are also replacing our physical wallets, with
mobile wallets that store all our credit card, debit
card and loyalty card details, and enable us to
make payments with our smart phones without
carrying around our cards. Banks, financial
services firms, mobile operators, internet
startups and retailers are all creating a range
of mobile wallet services, either on their own,
or in partnership with others. These include
Square Wallet, Google Wallet (video), Toro NFC
Wallet (video), Visa Digital Wallet (video), Lemon
Wallets (video), Droplet (video), WingCash
(video), Card.io (video), Isis Wallet (video, by
AT&T, T-Mobile and Verizon) and MCX (by
Walmart, Target and BestBuy).
Isis Mobile Wallet for Smartphone Payments
Some of these platforms and apps have achieved
significant scale and success. 10 million people
manage 2 million financial goals on Mint.com
and have tracked $80 billion in credit and debit
transactions and $1 trillion in loans and assets.
In the future, we expect all banks to create such
money management applications and mobile
wallets as a core offering. We also expect that
mobile wallets will offer similar analytics and
insights as money management applications,
and replace applications that help us manage
only one type of transactions. We believe that the

13
PeopleLikeU: The World’s First Econographic Tool
mobile wallets of the future will not only track our
financial transactions, but also integrate social
currency. Finally, we expect that mobile wallets
will offer seamless online, mobile and social
payment options that we outlined in the previous
section.
For instance, banks are already creating data
analysis platforms that compare people’s
spending habits to similar others (Capitec
Bank Budgetanator (video), Commonwealth
Bank Signals (video), UB Bank PeopleLikeU)
and money management dashboards that
5. Grassroots Change Movements and Collaborative Social Innovation Initiatives
Traditional banks and financial services firms are not only exploring the services we outlined above to
compete with new players, but also engaging their customers in grassroots change movements and
collaborative social innovation initiatives.
Multiple studies (Capgemini’s World Retail Banking Report 2013 and JD Powers’ 2013 U.S. Retail
Banking Satisfaction Study) show that satisfaction with banks has increased in the last year, as banks are
actively addressing consumer’s unhappiness. At the same time, banks are trying to win over the trust of
their customers, by creating grassroots change movement and collaborative social innovation initiatives
around a shared purpose.
help people analyze their spending (MBank
(video), Knab (video), ICICI Money Manager).
Source: opensourceway on Flickr
Collaborative social innovation initiatives involve
businesses, governments, non-profits and
change makers coming together to co-create
innovative and sustainable solutions around a
shared purpose. Such initiatives typically focus
on the areas that have the highest potential to
create shared value: environment, energy and
sustainability; health, wellness and nutrition;
education, learning and capability building; and
governance, public services and public spaces.
Change makers are typically rewarded with
prize money, recognition, funding or support;
organizations find solutions to important
challenges; and society at large benefits from the
innovative solutions.
A number of banks are creating collaborative
social innovation initiatives. Some banks sponsor
pre-existing social innovation initiatives. For
instance, Citi partnered with NBC News and
NewSchools Venture Fun to launch the annual
Citi Innovation Challenge to reward innovation
in education. Other banks are creating their
own initiatives and collaborative communities.

Money
Small Business Saturday 2012
Barclays encourages customers to co-create
a new community driven credit card with
Barclaycard Ring (video). Fidor Bank encourages
customers to advise each other on financial
planning (video). KBC Bank created the collective
intelligence platform The Gap in the Market
(video) to crowdsource local opportunities for
entrepreneurs and reward the best business
ideas. Finally, Bendigo and Adelaide Bank
created PlanBig (video) and American Express
created OPENForum (video), ecosystems
that connect and support communities of
entrepreneurs and small business owners.
Grassroots change movements involve a large
numbers of people acting as change agents,
in their own lives or in their communities, in
a way that their actions can be aggregated
or coordinated, leading to significant impact
and meaningful change. Grassroots change
movements might be catalyzed and managed
by organizations, including corporations, or they
might be sparked by an event and spontaneously
spread through the initiative of volunteers, as
we have seen with the recent string of political
movements across the globe. Now, many
organizations are applying a similar approach
to catalyze behavior change and create shared
value in the areas of environment, energy and
sustainability; health, wellness and nutrition;
education, learning and capability building; and
happiness, kindness and human potential.
A number of banks are creating grassroots
change movement initiatives. For instance,
American Express inspired millions of Americans
to shop at independent vendors to support
local businesses on Small Business Saturday
(2010 video, 2011 video, 2012 video). Chase
and American Express inspired large numbers
of people to support their favorite causes
through crowdvoting giving initiatives like Chase
Community Giving (video), American Express
Members Project (video) and American Express
Partners in Preservation (video).
In Summary
In summary, we believe the following three
patterns will shape the future of money, and the
future of banking:
1. Banks and financial services firms are now
competing with internet companies, mobile
operators, retail chains and six-person startups
to invent the future of money. We expect banks
and firms to not only learn best practices from
these players, but also partner with them,
and even acquire them to fuel innovation.
As an example, Intuit acquired cloud-based
money management platform Mint.com
to complement its largely desktop-based
software Quicken.
2. Financial services firms need to engage their
customers around at least one of two motives:
shared purpose and self-improvement.
Specifically, we expect banks and firms to
heavily invest in quantification and gamification
technologies that promote financial literacy
and well-being among consumers and small
business owners. As an example, Aetna
acquired self-improvement game MindBloom
to help customers achieve wellness goals and
maintain better health in the long run.
3. The meaning of value, currency, money and
payments itself is changing. We expect banks
to not only invest in online, mobile, and social
payments, but also build services around
the sharing economy and social currency.
As an example, American Express recently
expanded its AmEx Sync features to let people
redeem discounts and purchase products via
social networks directly.
As we mention in our report on the future of
engagement, we believe, like William Gibson,
“that the future is already here, it’s just not very
evenly distributed.” For the banks and financial
services firms of today to survive in the future, it is
crucial for them to innovate, engage and diversify
not just to stay ahead, but to stay relevant at all.
PlanBig - Ideas Made Bigger

17
What is Amex Sync on Twitter?
In 2012, American Express introduced Amex
Sync on Twitter, which allows card members to
sync their card to their Twitter account and earn
credits by tweeting special hashtags. In early
Source: abcnews.go.com
2013, American Express introduced a new feature
to this program, which allows card members
to make direct purchases by tweeting special
hashtags.
Blogger Adi Robertson highlights the significance:
“The results here are functionally similar, but you’re not just doing some advertising in exchange for credit —
you’re putting an actual purchase history online and asking American Express to charge your card through
Twitter.”
Thinkers, bloggers, marketers and American
Express card members note that this move
further streamlines the process of shopping
online, and speculate upon the role financial
institutions and social networks will play in the
future of ecommerce. Several have also shared
privacy and security concerns over merging their
banking and social media accounts.
How it works
Card members sync their accounts online at the
American Express website, and then follow
@AmericanExpress to find out about the latest
credit offers and purchase offers from American
Express and its partners.
CNN’s Heather Kelly explains the process of
loading credit offers:

Money
Source: thecity2.org/tips
Social Data Amex Sync on
Twitter
Source: twitter.com/AmericanExpress/favorites
Source: sync.americanexpress.com/twitter
Source: twitter.com/sirradiodude (spotted on TechCrunch)
Source: Amex Sync On Twitter - American Express
“On Twitter, you tweet the hashtag for an offer and
then go make the purchase in person or through a
separate online store. The discount is then applied
to your American Express account within eight
weeks.”
Card members must use their synced card when
making purchases at partnering stores.
Social Commerce Today’s Paul Marsden explains
the process of making direct purchases through
tweets:
“Amex cardholders sync their Amex card with
Twitter at sync.americanexpress.com/twitter. Then,
when Amex/Amex retailers offer deals (published
in the @AmericanExpress Twitter feed), cardholders
can buy them by simply tweeting the deal’s special
hashtag – e.g. #BuyAmexGiftCard25.”
To prevent accidental purchases, Amex requires
a second, confirmation tweet. TechCrunch’s
Natasha Lomas notes:
“Payments are made by tweeting a purchase
hashtag, and retweeting the confirmation tweet
from Amex within 15 minutes of receiving it. The
product will then be shipped to the account billing
address synced with Twitter, and payment taken
from your synced Amex account.”
Irresistible launch offer
American Express launched the new feature
with an irresistible offer - buy a $25 Amex gift
card for $15. Bloggers and online media spread
word about the offer, as did card members who
tweeted to avail of it.
Discounts are an increasingly common – and
effective – way for brands to promote their online
& mobile payment initiatives. For instance, in
mid-2012, Starbucks made headlines for selling
a record 1.5 million $10 virtual gift cards on daily
deals site LivingSocial at a discount of 50%.
Strategist Jeremy Jacobs attributes this rise
in real-time and impulse sales to increased
connectivity on mobile devices:
“Putting the right offer in the right context in the
right time frame is so much easier now than it ever
was before, so consumers are responding by being
willing to say, no matter where I am at – whether
at home watching TV or at my kid’s soccer game – I
can make this purchase right away.”
In addition to the $25 Amex gift card, card
members could also choose to purchase other
items, such as an Amazon Kindle Fire HD or
Microsoft Xbox 360, at discounted rates.

19
Source: fastcompany.com
Source: support.foursquare.com
Commitment to social
In addition to Amex Sync on Twitter, American
Express also engages card members on
Foursquare and Facebook.
As Mashable’s Todd Wasserman reported:
“Last July, the brand launched a program called
“Link, Like, Love” that tailored deals to you based
on your Facebook “likes.” (For instance, if you
“liked” Whole Foods, you might see an offer on your
Facebook dashboard.) The brand also linked with
Foursquare last June for a national program that
rewarded users with a loyalty card-like credit when
they checked in.”
Other social American Express initiatives include the Social Rewards campaign in 2011, which, as
AdAge’s Beth Snyder Bulik noted, encouraged “customers to think about spending rewards points in
less traditional ways” and share their experience on Facebook:
“What’s the most memorable thing you’ve picked up with Membership Rewards points -- great trip, cool
gadget? Do tell!”
Bloggers and thinkers, like Fast Company’s
Austin Carr, believe that American Express’
social media partnerships and initiatives help
differentiate the brand as a modern-day social
company:
“With the [Twitter] partnership, AmEx helps fortify
its role as the credit card for the social media
generation.”

Money
Source: techcrunch.com
“Social spending”
Similar to the Social Reward campaign, Amex
Sync on Twitter encourages people to talk about
their spends on their social networks, resulting in
free promotion for the offers and brands involved.
As Mashable’s Todd Wasserman noted:
“For AmEx, the move may be less about boosting
a fledgling ecommerce platform and more about
promotion; With each hashtag, users give a tacit
endorsement to the program and, by extension, the
AmEx brand.”
Source: adweek.com
This same philosophy is shared at
PayWithATweet.com, a service which allows
people to exchange their virtual items for a tweet
of endorsement:
“In today’s world the value of people talking about
your product is sometimes higher than the money
you would get for it.”
Some thinkers, like Red Ant CEO Dan Mortimer,
note that the purchase-with-a-tweet feature
streamlines the shopping experience, but doubt
that convenience is the only criteria for online
shoppers:
“Shortening the payment cycle for impulse
purchases through social is certainly an interesting
field and should definitely be followed closely by
certain retailers. The timing of the announcement
by Amex, one week after Twitter is hacked and loses
250,000 passwords is certainly very brave as is the
assumption that consumers want to make all of
their purchases public and traceable.”
Ecommerce implications
Marketers note the Amex Sync on Twitter
program presents ample opportunity for
measurement which can help Amex develop its
program further, glean insights from consumers
and share this back with partners.
Some, like Paul Marsden, believe the program
paves the way for American Express to enter the
ecommerce field:
“The Amex pay-by-tweet initiative is part of a broad
industry move for financial services companies to
get more intimately involved with e-commerce.”
Fast Company’s Austin Carr remarked:
“AmEx aims to be the connective tissue between
merchants and consumers on social media that
will provide a mix of offers, data, and branding to its
members.”
Consequently, several thinkers believe the
program can help Twitter establish its validity as
an ecommerce platform.
GigaOm’s Eliza Kern pointed out:
“Most of Twitter’s monetization efforts so far have
come through marketing and advertising, such as
promoted tweets which now cost up to $200,000
a day, but this partnership that allows purchases
through tweets could move the company toward
e-commerce opportunities as well.”
WSJ technology reporter Shira Ovide shared a
similar view:
“Marketers for the most part devote a small chunk
of their advertising budgets to Twitter, partly
because it’s tough to prove a tweet or an ad on
Twitter leads to a sale. Being able to directly show
consumers seeing a Twitter message and buying a
product may prove that connection.”
Social Data Amex Sync on
Twitter

Money
What is Mint.com?
Mint.com is a free platform that helps people manage their money. Founded in 2006, Mint currently
helps 10 million people manage 17 million financial accounts at 16,000 North American financial
institutions.
Source: Mint.com The Best Free Way to Manage Your Money
Blogger Ann Carns explains:
“Mint allows users to track multiple financial
accounts, including bank and credit card accounts,
in one place. To do so, users register at Mint and
enter account information and passwords, so the
program can obtain the information electronically
and aggregate it. (Mint.com was acquired by the
financial software company Intuit in 2009.)”
Source: mint.com
Caters to people who want
convenience, automation and a
helping hand
Mint aggregates data from multiple financial
accounts and presents it in one place. The
platform is accessible across devices including
web, mobile and tablets, and built its user base
around the promise of convenience.
As Mint user John Stevens commented at the
Google Play store:
“I have been using Mint on two devices and really
like having [access] to all my accts in one place,
especially when traveling.”
Mint also promises automation: after a one
time set up, the platform automatically pulls
transactional data from people’s bank accounts,
auto segregates it into different spending buckets
like auto and groceries, and reminds people to
pay bills on time.
Social Data Mint.com

23
Blogger Tim Murphy said:
“No matter how responsible we try to be, everyone
forgets to pay bills from time to time. Rather than
hoping our memories get better with time (unlikely),
why not leverage technology when you can?”
As a result of the automation, Mint users share
Blogger Jill Tooley notes that Mint is always
looking out, “kind of like a parent who’s never fully
satisfied with accomplishments and always pushes
their kids toward excellence:”
“It’ll sometimes warn you that you spend too much
on X, Y, or Z. It’ll inform you if you fell short on your
budgeting goals. It’ll suggest ways you can cut
down on expenses whether you ask for that or not.
“And even if you’re doing great in every aspect, it’s
still involved in your business. A sparkling credit
score and zero credit card debt doesn’t necessarily
mean you’re on Easy Street, because there may be
something you could improve.”
Gamification helps people
improve their behavior
Mint uses gaming elements such as goals, points
and rewards to guide people’s actions and keep
them motivated. People can choose from a
preset list of financial goals, like “Buy a Home”
or “Trip to Hawaii,” or create their own goals.
Their progress is then monitored and presented
visually through bars.
The editorial team at LaptopMag notes:
“You get scores for how financially fit you are, a list
of tasks and specific points you need to consider in
order to achieve this fitness and bars showing how
far along you are in your budget for the month.”
Upon completing a goal, Mint encourages
people to share their achievement on their social
networks. Mark Henricks, a contributor to the Mint
blog, explains:
“In the final screen, Mint.com verbally slaps you
on the back with a congratulatory, “Boom!” Then
you get some good advice: make your commitment
more public by posting details via social media. It’s
been shown that people do better sticking to goals
when others get involved.”
In addition to the gaming elements woven into
the platform design, Mint also creates challenges
to engage people and encourage good behavior.
In his review of Mint’s “Financial Fitness” feature,
Techcrunch’s Jason Kincaid notes:
“Yes, it may sound like a bizarre combination at
first – personal finance and fun aren’t exactly
two things that go hand in hand. But it’s also a
smart move on Mint’s part, as it looks to turn the
mundane and often confusing activity of getting
your financial affairs in order into something a bit
more tolerable while increasing Mint’s engagement
in the process.”
Source: mint.com/how-it-works/goals
they feel secure about their transactions and
financial well being.
Mint user Charlene Hapeman commented:
“[Mint] connects to my account securely and
adds transactions so I don’t have to worry about
forgetting to write them down.”
Mint user Timothy Beldock commented:
“[Mint] provides a nice financial summary across multiple accounts. I don’t always use the advice, but it’s
nice to know that account activity is monitored.”

Money
Source: techcrunch.com
Source: mint.com
Beyond recognition, Mint also occasionally
hands out tangible rewards, like cash prizes.
Gamification.co’s Jeff Lopez shares:
“A great example was 2010’s “Drop Your Debt
Challenge” that rewarded players who had the
greatest declines in personal debt.”
Data and comparisons keep
people motivated
Mint uses data and comparisons to motivate
people in two ways.
First, Mint tracks people’s behavior and draws
comparisons to their own past behavior.
Source: mint.com/how-it-works/graphs
Second, Mint aggregates users’ data to draw comparisons, both between Mint users themselves, and
also between Mint users and non-Mint users. This helps people plan their expenses better and to see
their progress.

25
Source: facebook.com/mint
Personal finance blogger Erik Folgate said:
“You can compare your own saving and spending
habits to trends that other Mint users are setting.
Using this data, you might realize that you’ve
set an unrealistically low food budget for your
neighborhood, or that you’re overspending on your
gym and fitness costs.”
Data and comparisons also encourage people
to evaluate and share their own experiences,
resulting in active discourse and sharing of tips
and financial strategies.
Even the ads help people save
more
Mint remains a free service by recommending
financial products to people, and earning a
percent of sales. The recommendations are
tailored to people’s spending behavior and
usually help people save even more money –
resulting in many favorable reviews.
Mashable’s Lauren Drell said:
“Mint makes money by helping you save money —
based on your spending and saving habits, Mint
can recommend thousands of products. If you
switch those products, Mint earns a kick-back, so
it’s a win-win for Mint and for the user.”
PCMag’s Jill Duffy said:
“It’s free and ad-supported, but even the ads add
value to a fantastic tool for managing your money.”
Source: mint.com/how-it-works/free
Source: pcmag.com
Source: stackexchange.com
Privacy and security issues deter
new users
Quite a few people have avoided using Mint
because they are not comfortable with sharing
their bank passwords and account details.
Response to the question “How much is in your emergency fund, Minters?”
on facebook.com/mint

Money
Source: consumerist.com
YouTube user augustuslxiii shared his skepticism
of third party web platforms:
“I’m a bit wary about giving away any passwords
to anyone else. I know Mint.com isn’t a scam, but
even so. It’s my bank password. I feel like I’d be
whispering my vault combination to someone I just
met.”
Another commenter highlighted the increase in
online security breaches:
“What with all the security breaches and leaks
these days, I’d never give out account information
to some third party, no matter how secure or not
it is. I’m not keeping my savings tucked under my
mattress, but there is a certain degree of distrust
with extremely sensitive information like that.”
Yet another commenter stressed that web
platforms must guarantee protection of data to
make new users feel secure:
“I [don’t] trust anyone’s cloud until they start
defining the damages they are willing to cover
for violated data privacy and provide a means to
validate the my data is secure online.”
Increasingly, people are also worried about
ownership and usage of their data.
NYTimes blogger Jennifer Saranow Schultz
wrote:
“Even if a site promises now not to sell aggregate
data about customers, it could change the
agreement at any time and go ahead and sell the
data. In addition, if such sites go bankrupt, even if
they currently don’t sell data, trustees may decide
to sell it to maximize the value of the assets.”
The recent global outrage over the US National
Security Agency’s collection of personal data will
further fuel privacy and security concerns in the
future.
As brands and organizations continue to collect
user behavior and transaction data with new
and existing digital properties, they will need to
become more effective and proactive in creating,
co-creating and communicating their policies.
Acquisitions challenge people’s
loyalty
People are also increasingly skeptical of
acquisitions of their favorite web platforms. For
many, acquisitions imply a change in operating
policies or mission, and –more seriously - the
eventual death of the platform.
Several Mint users have complained of usability
issues following Intuit’s acquisition of the
platform.
Xconomy’s Wade Roush commented:
“The trouble, for me, began about 18 months after
the Intuit acquisition, when the Mint.com team
decided to stop using Yodlee as their data provider
and switch to Intuit’s own back end. The reasoning
behind the change was understandable, but for
users, it was a huge pain.”
Others noted a drop in quality of customer
care and product upgrades. Mint user Acitrano
commented:
“The #1 biggest problem with Mint is that Intuit
seems like they’re trying to kill it by resource
starvation. The support is terrible and they seem
completely unwilling to improve the product.”
Acquisitions are now a red flag for savvy internet
users. We have seen this at scale with the recent
Yahoo acquisition of Tumblr: Yahoo CEO Marissa
Mayer announced the news with a promise not to
“screw up” Tumblr, and Techcrunch’s Matt Burns
noted that 72,000 blog posts were transferred
out of Tumblr within a single hour:
“Tumblr users are afraid Yahoo is going to ruin
it. After all, Yahoo has set that precedent after
scooping up sites like Geocities and del.icio.us only
to abandon development and let the sites rot in the
Internet sun.”

27
Money management tools and
apps
Several platforms like Payoff.com and Save
Up, integrate elements of data collection and
analysis, and gamification to help people manage
their money. We are also seeing niche money
management platforms, like Simplee which
helps people manage their medical expenses.
Source: payoff.com
Source: simplee.com

KBC bank’s Gap in
the Market

29
What is Gap in the Market?
In February 2013, KBC bank in Belgium launched
The Gap in the Market – a collective intelligence
platform to crowdsource local business
opportunities, aggregate data and present it back
to local entrepreneurs. The bank accompanied
the platform with a vote-based contest to
crowdsource business ideas and supported
popular ideas with coverage and prizes.
Source: lareclame.fr*
171,157 gaps in the market were reported in
three months – an average of 560 reports per
town or city – and 1,500 business ideas were
submitted. The program also piqued the
interest of marketers and advertisers and won
a Gold Lion in the Direct category at Cannes
Lions 2013.
Purpose-inspired marketing
With The Gap in the Market, KBC establishes
a sound overlap between people’s
interests and business interests. The
program helps local entrepreneurs identify
opportunities and also helps KBC promote
its banking, loans and insurance services for
entrepreneurs.
In addition to helping entrepreneurs
identify opportunities, KBC also encouraged
entrepreneurs to discuss their ideas with
local KBC executives and awarded 20
contest winners the use of company cars
for 6 months, to help them set up their new
business.
Source: twitter.com/zhangcheng_uk
Blogger Pierre-Nicolas Schwab commented:
“Kudos to KBC. We usually see banks as a
hurdle in the entrepreneurial process but this
time someone seems to think differently and
wants to re-invent the process.”
The program is quite timely too, as copywriter
Hugo pointed out:
KBC has done what any bank would do
given the current economic situation: truly
help citizens to start businesses and thereby
improve the economy.*
Indeed, purpose-inspired programs
are becoming the new standard, as
MSLGROUP’s Pascal Beucler points out in
his reflections as a PR Lions juror:
“It’s a purpose-led world: more and more big
corporations and brands are embracing a
‘bigger-than’ USP and even old style social
responsibility. For engaging Gen Y, and soon
Gen Z, this is no longer an option.”
Crowdsourcing “gaps”
People submitted gaps in their local market
online using the Gap Finder tool. Then,
entrepreneurs browsed through this data on
an interactive map, and filtered to see the top
businesses needed in a specific region and
compare needs across regions.

Money
Source: slideshare.net/cleverwood
Source: hetgatindemarkt.be/nl/8500/viswinkels*
The interactive map displayed gaps shared by people and also statistic data collected by yellow
pages business Truvo.
Using statistical data as seed
content
KBC pre-seeded the map with statistical
data to create a base of content, which would
then inspire the first wave of visitors to create
additional content.
Here’s a slide from KBC’s The Gap in the
Market case study that explains the value of
seeded content:
Typically, we see marketers use social
conversations around a hashtag or real-time
data feeds and indexes to populate content
on collective intelligence platforms.
Reactions to the program
The program sparked conversations around
local businesses, as people shared gaps,
analyzed the data and commented on the
methodology of the platform.
Source: twitter.com/hannelulu*
Source: twitter.com/BartRosseau*
Bart Rosseau commented on the
presentation of data:
*Translation via Google
Social Data KBC bank’s Gap in
the Market

31
Source: Moustache vond het gat in de markt
Source: twitter.com/playzone_be*
Source: haberdasher28 on Instagram
Source: twitter.com/WouterLecluyse*
Olivier Maes and Wouter Lecluyse noted the
use of the data in identifying general trends.
Crowdsourcing business ideas
After the gaps were identified, KBC invited
entrepreneurs to ‘fill the gaps.’
To help entrepreneurs come up with ideas,
KBC created videos featuring stories of
successful entrepreneurs. Bart Claeys, a
creative director, wrote:
The second phase of the campaign is now
focusing on the potential entrepreneurs. Three
TV spot… and five different ads show examples
of original companies and companies that
should inspire people with good ideas to
venture.
The program then entered Phase III: Social
Battle – a contest in which participants
gathered support from their networks for the
chance to win one of twenty company cars.
Sixteen cars were awarded to the most
popular idea in each of the 16 regions where
KBC operates. The remaining four cars were
awarded to the next most popular ideas in
four other regions.
Promoting The Gap in the Market
KBC promoted The Gap in the Market
through localized PR stories and
advertisements – posters, radio ads, TV
spots, online ads and innovative outdoor ads
on empty store windows.
Bart Claeys reported:
Every village, town and city received
personalized posters in their offices KBC
(eg: What is missing in your opinion Halle?).
Messages were stuck on vacant premises
in shopping areas. Regional sections of the
newspapers elaborated on the specific needs of
each municipality.
*Translation via Google

Money
Source: twitter.com/ddumery
Source: nieuwsblad.be/extra/gatindemarkt/
Source: KBC: The gap in the market
KBC partnered with leading newspaper Het
Nieuwsblad to provide local coverage across
the country and to create a special micro-site
– nieuwsblad.be/extra/gatindemarkt – which
presents interviews with participants, results
by region and top business opportunities
based on third-party data and people’s
submissions.
The micro site also features results of an
iVOX survey commissioned by KBC to study
people’s satisfaction with the shops and
services around them.
Entering national discourse
The Gap in the Market brought attention to
the lack of local businesses and inspired
both people and public leaders, like Daphne
Dumery, to join the conversation.
Trend: Move from saying to doing
Marketers from across the industry are
calling for more programs, like The Gap in
the Market, that highlight people’s problems
and deliver effective solutions – especially as
technology creates new opportunities to do
so.
Razorfish’s chairman Clark Kokick penned
the entire book Do or Die to inspire what he
calls “effective marketing: moving from just
saying things to your audience to actually
doing things people find entertaining, useful,
and relevant”:
“In the past, you could simply turn up the
volume if you wanted to get your message
across. Today, you have to turn up the value.
You have to give consumers something they
actually prize in order to have them pay
attention to you.”
AKQA’s chief creative officer Rei Inamoto
just recently argued that “Brands should aim
to solve real problems by providing connected
services over 365 days and by inventing new
businesses that benefit people, not just the
brand”:
“Creativity and innovation are about finding
unexpected solutions to obvious problems
or finding obvious solutions to unexpected
problems. We should use our creativity to
provide better businesses and solutions rather
than constantly trying to disrupt what people
are doing.”
Other examples of brands that are actively
helping people include Adelaide and
Bendigo Bank with PlanBig, and beyond
money, Nike with the FuelBand.
Social Data KBC bank’s Gap in
the Market

Money
Source: shareable.net
Blogger Paul Smith explains:
“They break it down into three layers: verification, behavior, and transaction.
“The verification layer includes email, physical address and SMS verification. The behavior layer
looks at who you are across social networks in an interesting way … The transaction layer looks at
your ratings on sites such as eBay, Trustcloud’s algorithms sifting out the gamed ratings.”
In addition to past data, TrustCloud also
enables people to ask for endorsements and
to endorse others for various ‘virtues’ like
generosity, accountability and punctuality.
To prevent people from gaming the system,
TrustCloud limits the number of times
people can endorse or +T each other (similar
to LinkedIn endorsements).
Blogger Michael Martine explains:
“You get limited points to spend endorsing the
trustworthiness of others in various categories.
Because the number of points is extremely
limited, you can’t just go around spamming
and trading these with other people in order
to artificially jack up your TrustScore (and
defeating the whole purpose).”
TrustCloud currently lets people connect
networks including Facebook, LinkedIn,
Twitter, Google+, Klout, eBay and TripAdvisor,
and will soon support GitHub, Quora, Yelp
and Yahoo! Answers.
Social Data TrustCloud

35
Source: hosting.ber-art.nl
Trust Cards
TrustCloud lets people display their TrustScore across the web with TrustCards that update
every fifteen minutes to reflect the latest scores.
Lora Kolodny noted:
“TrustCloud users can display their scores with any listings or profiles they create on marketplaces.
Or, they can save the scorecards for use in private email correspondence.”
Source: trustcloud.org
TrustCards feature people’s scores, names,
connected networks and Trust Badges –
badges that depict their area of specialty.
For example, people who are very active on
social network earn the badge Interactive.
Source: slideshare.net/ericaswallow
The list of badges available can guide people
in deciding what they want to be known for,
and also in understanding how to improve
their TrustScore. Several TrustCloud users
have shared that the TrustScore algorithm
places more weight on transactional data
than on social data.
How P2P platforms foster trust
Collaborative consumption platforms have
explored a diverse range of reputation
systems to foster trust within the platform.
Paul Davis wrote:
“The existing reputation systems that
collaborative consumption services have
developed in-house are piecemeal and offer
little portability of user reputation data.
House-sharing services such as Airbnb provide
user feedback rankings and plug into users’
Facebook connections to provide an added
layer of social vetting, while Couchsurfing
verifies identity by through a $25 credit
card verification fee, which is also their
main revenue source. Taskrabbit performs
background checks, while UK-based p2p
lending site Zopa opts for identity and credit
checks.”
The presentation Trust and the Sharing
Economy provides a broad overview of the
types of steps that have been taken.

Money
Social networks like Facebook (which
requires people to provide their real names)
have contributed greatly to the creation
of reputation systems that rely on identity
verification or social connections. Jeremy
Barton and Rob Boyle, co-founders of the
now defunct reputation system Legit, said:
“On Airbnb, Facebook is used to tell you if your
host went to the same college, or whether a
friend of yours has stayed there before you.
When you sign up for Lyft, you have no option
but to connect with your Facebook account
to provide proof of your identity. Facebook
is a core piece of infrastructure for many
marketplaces as the source of your offline
authenticity and reliability.”
The presentation Just Trust Me: How to
Design Trustworthy Products provides an
in-depth view into the creation of trust in
the virtual world, the challenges faced by
individual platforms and the homogenous
solutions these have resulted in.
Source: slideshare.net/GeneralAssembly_SF
Source: facebook.com/groups/trustcloud
General Assembly also highlights one of the
challenges in simply aggregating data and
porting it to different platforms:
“Brand and context around a rating are
extremely important and you risk losing that if
you merge it into a unified score.”
The evolution of trust and
reputation systems
TrustCloud acknowledges that their method
of aggregating social data and analyzing it
with an algorithm is not a perfect solution,
and is actively collaborating with experts and
users to improve their system.
Xin Chung, Founder & CEO commented:
“TrustCloud is not perfect-- we strive to improve
your experience through research with trust
experts (www.trustedadvisor.com), leading
university sociologists, and our very active
user group (www.facebook.com/groups/
trustcloud). This discussion inspires us to
continue our work to empower peer-to-peer
trust online.”
TrustCloud has also sponsored a series of
posts on Trust and Community on Shareable
to encourage more discussion around the
challenges in creating a portable reputation
system and potential solutions.
For instance, some thinkers believe data
aggregated from social networks is irrelevant
to an individual’s trustworthiness. Blogger
Paul Davis commented:
“Many [reputation systems] prioritize the sort
of accomplishments and metrics that are
primarily relevant in the workplace, which are
not necessarily effective representations of
an individual’s trustworthiness — say, valuing
someone’s networking prowess over real
connections made with other individuals. It
suggests a further mixing of our professional
and personal selves that makes me very
uneasy, and perpetuates a false impression of
the values that make an individual trustworthy.”
Some, like blogger Promod Sharma, believe
that algorithms will play a large part in the
future of trust economy:
“You may skeptical about algorithms but
they already make predictions for you. Google
predicts your search query as you type and
gives results tailored for you. Amazon predicts
Social Data TrustCloud

37
Source: miicard.com
Source: connect.me
what you may also want to buy. Netflix predicts
what you want to watch (your personalized Top
10) and how much you’ll like a movie (actual
rating vs your projected rating).”
Some, like marketer Sam Fiorella criticize
the endorsement feature of networks like
TrustCloud and LinkedIn:
“There’s no context to the action nor
verification that the person offering the
endorsement is qualified to do so. So what’s
the value, other than to gamify the network to
encourage greater traffic and thus generate
more ad revenue?”
Others, like TrustCloud User Group admin
Berrie Pelser, believe that endorsements are
simply a part of the whole:
“TrustCloud endorsements are meant to
offer additional context to the TrustScore
by providing users looking at your profile
with extra information about you. The
endorsements themselves do not have a
significant influence on your TrustScore.”
Some, like Dimitris Tzortzis, are wary of
the reliance on past online activity and the
impact on people new to P2P platforms and
social networks:
“In 5-10 years there will be many more sharing
networks than now. Let’s imagine lots of
people use them and that we have a trust
currency that we can carry around on the web
to use on P2P transactions. Immediately,
that marginalises those who don’t have
that currency. People who have lived their
lives offline, who have not participated in an
organised sharing network online.”
And some, like Lora Kolodny speculate on
the impact of reputation systems on the
future of insurance:
“A longer-term monetization strategy for
TrustCloud is to become an insurance agent,
as well. Michael K. Crowe, a serial entrepreneur
who sold two Medicare-compliance ventures
to publicly traded insurance companies in the
recent past, has joined TrustCloud’s board.”
Other approaches to foster trust
Several entrepreneurs are working on
solutions to measure trustworthiness,
from aggregating all sorts of data, to only
transactional data, to creating a common API
for all P2P networks.
Blogger Francesca Pick summarized the
state of the reputation space:
“A considerable number of startups and
projects with an array of different promising
approaches to building trust pulled the plug
after several months (or have been very quiet
recently), among them Scaffold, Briiefly,
Peertrust, Project Trust, Truly. Of this first
wave of startups, TrustCloud is in fact the only
company left.”
“Last fall a new wave of startups with
interesting approaches to the topic emerged:
Credport maps your social relationships,
Fidbacks summarizes all your ratings in one
place (without using social networks at all) and
Virtrue offers enterprises and p2p marketplaces
verifications for their users.”
Other startups include MiiCard (video), an
online identity verification service for online
banking, shopping and dating, and Connect.
me (video), a platform that aggregates social
activity and relies heavily on endorsements.

39
What is PeopleLikeU?
PeopleLikeU is an interactive platform that enables people to compare and benchmark the
spending habits of different types of people. The platform was created by Australia’s UBank
and uses aggregated consumer data collected by the bank.
Source: peoplelikeu.com.au
Source: customercrossroads.com
How it works
PeopleLikeU capitalizes on people’s curiosity
and the growing trend of self-quantification.
Blogger Susan Abbott commented:
“We all love to peek and compare. A new
service from an Australian bank lets people
peek in a more organized way.”
People begin by logging on to the platform
and creating their own profile. People enter
demographic data such as gender, age,
income, living situation (single, couple,
family), housing and location (restricted to
Australian pin codes).
PeopleLikeU uses this data as a filter and then
generates a Uniqueness report which shows the
spending habits of similar people, in categories
including food & drink, travel, shopping, house
& home, real estate, holiday and bills.

Money
Several people, like PhD student Kale, shared their report findings on blogs and forums:
“I tried it out and there are 147 people like me. I spend less on rent (even with my current increase)
and more on groceries than the people like me  And also way less on travel – apparently people
like me spend $500 a month on travel!”
PeopleLikeU also lets people see the most popular stores based on transactions – a feature we
haven’t seen in other data comparison tools.
Social Data PeopleLikeU

41
Source: : peoplelikeu.com.au
Source: : peoplelikeu.com.au
Source: The World’s First Econographic Too
People can scan this data to find new
stores to visit in their own locality, or in
other locations when they are traveling or
holidaying. The press release states:
“What’s even better, you can also get the inside
scoop on emerging new bars and restaurants
that people like you visit, as well as tips on
hotels and restaurants abroad and in other
Australian cites. So wherever you go, People
Like U can make sure you’re always making the
most informed decision about where and how
much to spend.”
PeopleLikeU lets people compare their own
profile with the average Australian and also
with other custom profiles and other districts.
People can see spends across the different
categories – by monthly spend, spend per
transaction and yearly frequency.
In addition, people can compare their spends
on monthly bills, like insurance, energy and
phone bills. People use this data to validate
their own budgets. Here’s what one user
commented:
“The interesting stuff for me though is the bill
check with the comparisons to other people
in our postcode, for communications we are
the same as 10% of people in our postcode,
and well below the average which is good,
apparently we have a good phone/internet
deal”
Finally, the platform offers Real Estate and
Holiday planners to help people identify
popular locations and to see how much they
budget for these larger expenses.
Here’s a video in which Jennie Bewes, Digital
Director at UBank, introduces PeopleLikeU.
The PeopleLikeU Database
UBank worked with data specialists
Quantium to aggregate and analyze de-
identified consumer data, combine public
spending stats and normalize the data to the
population count of Australia.

Money
Source: cestpasmonidee.blogspot.com*
Emily Olive explains:
“Data consultancy agency, Quantium, has
worked for the last four years to create a Market
Blueprint database that provides insight into
consumer trends and habits. A combination of
census data, consumer spending information,
aggregated savings goals, balance information
and summarised mortgage data from UBank
and NAB make up the database.”
Liz Tay reported:
“The publicly available PeopleLikeU site took
UBank six months to develop, leveraging
a four-year relationship with analytics firm
Quantium.”
Opportunity for data collection
While data collection is not a major focus of
PeopleLikeU, there are a few stages at which
people can enter their own data, like how
much they spend on charity, movie tickets or
the salon.
Blogger Sarah pointed out:
“And there’s the option to ‘update’ the
information – and this is gold to both the bank
– but also to the bank’s clients.”
While the reactions to PeopleLikeU have
been mainly positive as people compare their
spends and evaluate their budgets, some
people question the ethics of collecting
data and the opportunity for organizations to
eventually sell this data to third parties.
Blogger Patrice Bernard shared his concerns
around organizations’ forays in big data:
Anyway, the gap is now open and it may trigger
one side (the banks), a rush to a new source
of income and the other (the consumer), a
movement hazardous release (again) for the
image of financial institutions. Achieving a
balance between these two poles of opposition
will take some time ...*
We explore some of the sensitivities around
collection and use of data in our People’s
Insights report on Vicks Mobile Ad Campaign.
Using data to go beyond
comparisons
On the other hand, some people are excited
about the potential of big data. Simon Arden
commented:
“what we are seeing is the banks starting to
put their toes into the water, giving customers
some insight into trend analysis using broad
segmentation.
“the next and far more valuable phase (for
the banks and their customers) is leveraging
big data by applying predictive analytics
to provide a more forward-looking view. so
the conversation changes from “x number
of people in your suburb own houses” to “x
number of people in your suburb are likely to
buy a new house in the next 12 months” – this
insight can then be used to drive better and
more targeted marketing efforts from banks to
customers – and can also help customers to
make better future financial decisions.”
Other organizations getting on
the big data wagon
Several financial institutions have created
platforms that enable people to share
and compare their expenses with similar
others. For instance, Credit Agricole
created Diagnostic Epargne to help people
understand their savings, Capitec Bank
created The Budgetanator app on Facebook
Social Data PeopleLikeU

43
Source: service.commbank.com.au
Source: facebook.com/CapitecBank
to help people track their expenses, and Commonwealth Bank created Signals (video) to help
people compare their financial profile to Commonwealth customers with similar demographic
profiles.

45
What is Kaching?
Launched by Australia’s Commonwealth Bank, Kaching is a set of mobile and Facebook apps
that lets customers make instant peer-to-peer transactions via SMS, email and Facebook.
Kaching also allows customers to manage their accounts from their mobile phone or Facebook,
and allows iPhone users to make contactless payments at MasterCard PayPass terminals.
Source: commbank.com.au
Kaching has been recognized as an
innovative new product and has successfully
encouraged almost a million customers
to adopt these new channels of banking.
Forrester analyst Benjamin Ensor reported:
“In the 18 months since launch in October
2011, some 800,000 people have downloaded
the Kaching app (compared with the bank’s
4.3 million active online banking users). Those
customers used Kaching to transfer or pay
more than $1 billion in 11 months from October
2011 to September 2012.
“Since then, Kaching users have transferred
or paid a further $5.7 billion, for a total of $6.7
billion in transfers and payments in the first 18
months.”
Kaching mobile: Pay anyone,
anytime, anywhere.
To use Kaching, customers must first register
for the bank’s NetBank service and then
download the iPhone or Android app. Then,
they can sign in using their netbanking
details and select an account from which
they will make and receive P2P payments.

Money
Source: The future of mobile payments
People use Kaching to send money to
anyone in their phone address book or in
their Facebook friends list (they can also
manually enter the phone number or email
ID of the person they want to send money to).
Blogger Ross Catanzariti explains how it
works:
“Kaching for Android allows Commonwealth
Bank customers to make peer-to-peer
payments (P2P) via mobile, e-mail and
Facebook. The app links to the phone’s address
book to enable mobile and e-mail payments,
and links directly to your Facebook ID to enable
payments via the social networking service.”
“The Kaching for Android app also enables
mobile, e-mail and Facebook payments to non
Commonwealth Bank customers by directing
these users to a secure, external site to collect
payments.”
P2P payments among Kaching users are
deposited directly into their accounts.
Non-Kaching users can use the collect
payment feature on CommBank’s website.
App reviewer Jenneth Orantia explains:
“Once you make a payment through the app,
the recipient gets notified via Facebook, email
or SMS. This is all well and good, but you’ll still
need to send them a unique payment number
separately – which Kaching generates – by
copying it to your smartphone’s clipboard,
and pasting it into a second message to that
person. Recipients then enter that payment
code, along with all their account details, into
the Kaching website to claim the money.”
Kaching aims to make payments extremely
easy and secure. For instance, people can opt
to create a 4 pin password instead of using
their netbanking password for each log in.
Renai LeMay reports on some of the app’s
security features:
“The app will be locked to only one smartphone
handset for security, users’ passwords will
be encrypted and no personal banking
information will be stored on customers’
phones. In addition, all funds which are not
retrieved through the system after 14 days will
be credited back to the original payer.”
John Kavanagh points out:
“And you don’t even need to know the payee’s
account details.”
People can also use Kaching as a typical
netbanking app, to check and manager their
bank account and cards. A new update to the
app allows people to pay off their bills online
using BPay.
Non-Kaching users can explore the mobile
app using this interactive demo, or watch the
introduction video below.
Kaching iPhone: Contactless
payment
Kaching for iPhone allows customers with
MasterCard PayPass enabled cards to make
contactless payments under $100 at PayPass
terminals across Australia. PayPass works on
NFC technology.
The Financial Brand provides an overview of
the PayPass penetration in Australia:
“This NFC (Near Field Communications)
payment system only works in those retailers
with MasterCard PayPass enabled terminals.
However, there are currently over 42,000
such readers installed across Australia, and
over seven million MasterCard PayPass cards
already in circulation. In August this year, the
number of Mastercard PayPass transactions
processed in Australia topped million for the
first time.”
Social Data CommBank’s Kaching

47
Source: play.google.com
Source: play.google.com
Source: nfctimes.com
Blogger Alex Kidman noted:
“There is, as you’re no doubt aware, no
NFC chip within the iPhone; instead the
Commonwealth Bank will offer a specific NFC-
enabled iPhone case to its customers to make
the phone NFC capable.”
iPhone users will have to order an NFC-
enabled iCarte case for an additional $50 to
avail of this service.
PayPass contributes to Kaching’s goal of
making payments easy and secure. Gizmodo
reader Steve commented:
“Personally, paying with my phone doesn’t
really interest me when i can do the same thing
with my credit card these days but the idea
of being able to easily transfer cash without
having to exchange bank details sounds
excellent.”
PayPass is not available on Android devices,
much to the ire of Android users who claim
their phones are already NFC-enabled and
that they expect to be treated as ‘equals’ to
iPhone users.
(CommBank alleges that Google has not
approved Kaching’s NFC capability, and also
that 79% of the mobile usage comes from
iPhone devices implying the bank has more
customers that use iPhones.)
Kaching Facebook: promoting
peer-to-peer payments
People can access Kaching on Facebook, and
can manage their accounts and make peer
payments from within the social network. In
addition, Kaching for Facebook leverages
the social network’s unique features like
events, groups, public timelines and private
messages.
Source: facebook.com/commonwealthbank

Money
Source: blogs.forrester.com
Source: gizmodo.com.au and facebook.com/commonwealthbank
Source: facebook.com/commonwealthbank
Adam Bender explains the app’s features:
“The app lets users send payments to
Facebook friends as well as group and event
administrators on the social media site. Users
can also request payments from friends and
keep track of all their Kaching transaction
across Facebook and the mobile app.”
Chris Griffith reports:
“Customers can also post payment requests
for joint birthday presents and holidays on their
friends’ timeline or by private message.”
CommBank highlighted the ability to ‘request
payments’ using Kaching for Facebook in their
launch campaign with a fun campaign to “settle
the estimated $1.8 bn ‘mate debt’ in Australia.
SMS Verification and 100%
Security Guarantee
Many people – both Kaching users and non-
users – have found the concept of banking
on Facebook “terrifying.” To alleviate security
concerns, CommBank introduced an SMS
verification process similar to Kaching
mobile, and a 100% security guarantee for
fraudulent payments.
Blogger Jim Marous explains the SMS
verification:
“To address the common concern of security
and privacy, Commonwealth Bank will secure
transactions using a combination of a 4-digit
PIN code to log into the Facebook app in
conjunction with a six-digit confirmation pin
sent via SMS. The code is also used by the
payee to receive the payment.”
As per the website:
“Commonwealth Bank offers a 100 per
cent security guarantee on all transactions,
meaning it will cover any losses should
someone make an unauthorised transaction
via a customer’s Facebook account.”
“Keep it simple, stupid”
People have applauded CommBank’s efforts
to simplify the process of mobile payments
and attribute the adoption of Kaching to the
apps ease of use and multiple touch points.
Forrester analyst Benjamin Ensor noted:
“By enabling so many types of payment
through a mobile phone, Commonwealth
Bank is teaching its customers that if they want
to make a payment – in any situation – they
should use the Kaching app. In doing so, the
bank is successfully encouraging customers to
adopt mobile payment without the magic of a
single ‘must-have’ transaction.”
Social Data CommBank’s Kaching

49
Here’s a comment from Android app user
Berlin Friswell:
P2P payments growing in
popularity
Banking apps that simplify peer to peer
payments are increasing in popularity across
the world. For instance, in the UK, Barclays’s
P2P mobile app Pingit claimed 800,000
downloads and £10 million in transactions
in its first 100 days. In Australia, ANZ’s P2P
mobile app goMoney claims 1 million users.

Money
A “crowdsourced” credit card?
In April 2012, Barclays US launched Barclaycard
Ring – a credit card whose policies, fees and
rewards are co-created by card members. The
credit card attracted early adopters and frustrated
credit card users with its promise of straight
forward fees, transparency and collaboration.
Source: Paul Wilmore introduces the Barclaycard Ring
Vision to change the credit card industry
Barclays envisions the card will be “built on
transparency, authenticity and a community,” and
invites card members to “to start changing the
credit card industry.”
Here’s a video in which Paul Wilmore, Managing
Director - Barclaycard Branded Products, shares
the story behind the card:
Source: fastcompany.com
Source: business.time.com
In his review on the card, financial blogger David Weliver
highlighted the two way channel of communication:
Social Data Barclaycard Ring

53
Source: facebook.com/BarclaycardRing
How it works
Barclaycard Ring attracts people with its unique
proposition and innovative Giveback rewards
program; builds a community based on open
communication; keeps people engaged with a
calendar of co-creation opportunities and financial
literacy content, and incentivizes participation.
Card members can access a private online
dashboard which displays the different actions
they can carry out, features or rewards they
can vote on, and monthly performance of the
community and the card. Card members can also
ask & answer community questions.
Blogger Laura Edgar summarizes the opportunity
for card members:
“As a Barclaycard Ring card customer, you’ll be
able to go online and see how the company is
performing through an online profit and loss
statement. You’ll get to vote anytime Barclaycard
suggests raising fees, changing the APR or
altering the card’s terms and conditions. You’ll also
get to weigh in on marketing ideas and website
enhancements through online forums.
“Basically, if you have ideas or concerns, you’ll
always be able to discuss them with other
cardholders and a Barclaycard “community
manager”, who has the dual role of customer
service representative and forum moderator.”
“Barclay’s is calling this a “crowdsourced” credit
card. According to the bank, they are “actively
listening” to card members and will change the
card’s features in real-time according to feedback.”
A blog post by the Unibul team highlighted the
appeal of such a unique product:
“What I like most about Barclaycard Ring is its
avowed transparency. Banks know better than
anyone just how unpopular with their customers
they’ve become and are looking for ways to reverse
the trend (or at least some of them do).”
This comment on the Barclaycard Ring Facebook
page reflects a similar sentiment:
Community managers regularly introduce
new topics on the public blog, and direct card
members to discuss these on a private member-
only platform. Community managers also
document the decisions and successes of the
community on the blog, and share results of the
card’s monthly performance.
Source: Barclaycard Ring Community Website Overview
Members can contribute to the health of the
community by participating actively and to the
health of the card by using their cards regularly,
making regular payments, referring friends and
opting for paperless e-statements.
Source: barclaycardring.com/

Money
Barclaycard’s Paul Wilmore shared the inspiration
behind this model:
“We were inspired by the sense of community
shared among credit union members, as well as
the way social media is helping people learn from
each other.
“Our online community allows for these two ideas
to converge. Just like real-life circles of friends and
communities of like-minded people, we’re building
an online community that enables our card
members to gather information, share knowledge,
and have a role in the card’s future success.”
Giveback program keeps the
community on track
To prevent members from voting for features
that would harm the financial performance of
the Barclaycard Ring, Barclays introduced an
innovative rewards program called Giveback.
As TIME’s Martha White pointed out:
“Since most consumers don’t care about a bank’s
bottom line, Barclaycard US set up an incentive
system to get customers to consider these costs.
In lieu of a traditional rewards program, Ring
cardholders will get periodic “givebacks,” in the
company’s parlance, of profit the bank earns above
a predetermined threshold.
“Customers will vote on whether they want that
money distributed as statement credits, donated to
a charity, or some combination.”
Giveback presents customers with a win-win
situation, as CreditDonkey blogger David R noted:
“The novel, community-driven approach allows
cardholders to vote on what benefits or features
they want and share in the estimated profit of the
community’s financial performance.”
Jared Young, Senior Director at Barclaycard US
and community manager of the community
explained how members can qualify for
Giveback:
“We accumulate the [Giveback] pool through two
different programs: Barclaycard Ring returns and
referrals from members. An individual card member
is eligible to earn Giveback™ from both pools only if
they participated in contributing to them.
“For example, you can only receive money from the
referral pool if someone applied from your referral
through the module on our website. And, you can
only earn Giveback™ from the returns calculation if
you actually used your card.”
Bad behavior, such as late payments, results
in a portion of the member’s Giveback going
to charity. The program also incentivizes ‘good
community behavior,’ as financial blogger David
Weliver noted:
“when account holders opt in for paperless
statements and pay their bills on time, the
community benefits; the card will kick back more of
a reward to account holders.”
While some card members have earned rewards
through the Giveback program, potential
customers are skeptical of the benefits of this
new model versus traditional rewards programs.
Card member Philipwhuf commented:
“I just [received] $90 back via the “Give Back”
feature which will be applied to my statement and
this was with moderate usage.”
A potential customer commented:
“This card has no reward points as I am used to
but gives a profit sharing percentage back. I havent
used the card yet and I am on the fence whether the
profit sharing is better than rebate points.”
Gamification keeps the
community engaged
In addition to incentivizing good behavior,
Barclays is using elements of gamification to
encourage active participation and to reward
active participants.
Fast Company’s Kit Eaton noted:
“It’s all about promoting active user involvement
in adjustments and refinements to Ring’s ongoing
financial design…
“If you actively participate to improve the Ring
experience and performance, then you’ll be
rewarded--using mechanisms that the community
itself can adjust. That’s brilliant, as it could
mean the users themselves are working to refine
Barclaycard’s own design, for their own gain as well
as Barclaycard’s.”
Card members can view their participation or
‘achievements’ online, as well as their latest
community standing - depicted by the colors on
their badge or “ring”.

55
Source: community.barclaycardus.com/t5/Barclaycard-Ring-Public-Blog
Benefits to Barclays
The active channel of communication between
Barclaycard Ring and the community helps
the bank collect real time feedback around
features. For example, in a blog post titled
“Crowdsourcing the Design of Your Card,”
Barclay’s Jared crowdsourced views on RFID chip
enabled credit cards:
“The RFID chip – Is it worth the $1 per card? It
seems to me like the community is pretty split
over this one. Will mobile payments surpass RFID
chip technology and make it obsolete, or will more
merchants start accepting RFID making it a nice
feature?”
In addition, the model of changing policies
over time – with card member support – gives
Barclays a great playing field to experiment
with new policies, like getting rid of the 1%
foreign country fee. Card members can choose
to support the experiment and are equally
responsible for its success or failure.
Source: lithosphere.lithium.com/t5/lithium-s-view-blog
Credit card analyst Jenna Herron explained how the badges work:
“The creators of Barclaycard Ring and the online community realized that part of social media is creating
status. Think of Foursquare’s mayorship, Pinterest’s repins, Twitter’s retweets or getting dozens of “likes” on
a Facebook post. So Barclaycard introduced “badges.”
“Cardholders earn badges by behaving in a way that helps the card’s community... Once you earn a badge,
your online avatar receives a ring of color. The more colors, the more badges.”

Money
Source: facebook.com/BarclaycardRing
Promoting transparency &
understanding of the credit card
business
Another notable aspect of Barclaycard Ring is
the culture of sharing information freely with
card members. Community managers candidly
explain the cost of various transactions and the
monthly earnings from each transaction.
They also share overall performance results on
a monthly basis along with an analysis of what
worked and external events that impacted results
– giving card members a better understanding of
the impact of their decisions.
Can the Barclaycard Ring also
promote larger financial literacy?
Thinkers, card members and the Barclaycard
Ring team believe the Ring community has an
opportunity to promote financial literacy amongst
members.
Julia Roy, digital influencer and card member,
envisions more discussion around financial
health in the Barclaycard Ring community:
“The number of active community members at
this points is pretty small and conversations in
the forums is mostly centered around questions
and issues specific to the card, versus discussions
around more personal financial matters. I
am hoping that the conversations shifts from
technical questions about the card to more in-
depth conversations about financial learnings and
financial health.”
And, Barclays too is exploring this space with the
introduction of The Financial Planter series in
honor of Financial Literacy Month:
“Starting in May we will be introducing a year-long
series called “The Financial Planter.” We will spend
a few months on each stage, using the 2nd week
of every month for a specific topic related to that
stage. An in-depth blog post will be published on
Monday, then on Wednesday we will feature third-
party articles, set up a Q&A or interview an industry
expert to get another point of view. And, Friday will
focus on “fun” with a variety of Do’s/Don’ts, videos,
fun apps or other light-hearted materials to make
you smile.”
Paloma Vega, Director of Consumer Practice at
Andreoli MSL and member of the MSLGROUP
Insights Network, highlights the important of
financial literacy for consumers and banks alike.
Source: peopleslab.mslgroup.com

Money
What is the Dart Registry?
In January 2013, Dodge launched the Dart Registry, a crowdfunding platform to help customers request
friends and family to sponsor parts of the new car for them. People share their story, set funding goals
and recruit support from networks – while generating word of mouth around the Dodge Dart and
drawing attention to the car’s parts.
How it works
People sign up at the Dart Registry, customize the car they want, set a funding goal accordingly and then
ask friends and family to fund individual parts of the car. Each step is designed to connect fundraisers
and potential funders with the various parts and features of the Dodge Dart.
Source: adweek.com
Source: dodgedartregistry.com
Adweek’s Tim Nudd explains the process:
“You sign up for the program, configure and
customize a Dodge Dart (choosing from 12 exterior
colors, 14 interior color and trim options, three fuel-
efficient engines, three transmission choices, safety
features, aerodynamics, etc.), and set a goal for the
amount of money you want to raise to fund it. The
site then itemizes components of the car—like a
steering wheel, shifter, seat or engine—and allows
friends, family or anyone to sponsor the parts.”
Source: ------
Crowdsourcing Dodge Dart Registry

59
Several thinkers have likened the campaign to a
wedding gift registry. AdAge’s Shareen Pathak
said:
“Chrysler is trying to redefine a wedding ritual with
“The Dodge Dart Registry,” a site that lets engaged
couples raise money toward purchasing a new car
by asking their friends and family to chip in.”
Blogger Jeffrey Ross said:
“The Dodge Dart Registry allows people to build
and customize a new Dart exactly how they want
it, then let other people purchase some or all of the
components as gifts.”
Similar to crowdfunding platforms
The Dart Registry is modeled after conventional crowdfunding websites like Kickstarter, with elements
like progress bars, funding tiers and countdowns.
People can set the fundraising duration as 30, 60 or 90 days, and can customize four funding tiers
for acquaintances, friends, family and supporters. The registry then assigns different car parts to the
different tiers and prompts potential funders to explore and choose a part to sponsor.
At the end of the fundraising timeline, fundraisers
receive all the money raised minus a hefty 9%
processing fee. Dodge acknowledges that “it will
be tough to raise the full price of a new car,” and
gives fundraisers the power to spend their funds
towards the car or as they wish:
“Your goal instead can be to raise enough for a
down payment, or enough to lower your monthly
payments.”
Recruiting support around a story
or for a cause
The story or cause behind the fundraising
campaign is crucial in recruiting support from
friends, family and other benefactors.
Examiner’s Brandon Seiler points out:
“The case itself is the most important part of
setting up the profile. Here users write and/or post
a video to explain why they deserve help buying a
Dart. The more endearing the message the more
likely people feel compelled to donate.”

The Future of Money - People's Insights Magazine

The Future of Money - People's Insights Magazine

Empfohlen

Empfohlen

Weitere ähnliche Inhalte

Andere mochten auch

Andere mochten auch (17)

Mehr von MSL

Mehr von MSL (20)

Kürzlich hochgeladen

Kürzlich hochgeladen (20)

The Future of Money - People's Insights Magazine