Thursday, December 10, 2009

Card in the wallet

Given that I am currently working in the Banking domain it might not be surprising to see that my first relevant post is related to it.

All banks(eg: xyz bank) focus on one key aspect of the customer, especially related to credit cards, does the customer carry xyz bank card in the wallet.

I always seem to think that the primary reason anyone will not carry a card he signed up for is that he has too many cards to carry.

One way to solve this problem could be combine all cards into one card with a small chip(like a smart card). This can still have the flexibility of varied offers based on where the customer is using the card. It could be used as credit/debit card as per the customers need at that moment. The simplest way for banks to start in this direction could be to have two magnetic strips on either end of the card one for credit and other for debit(in fact you can have four strips considering both sides which can be used for co-branded/partnership cards, like shoppers-stop card or Home-Depot Card)

As one starts thinking of the chip based cards, you can relate it to Sim-cards of your mobile phones. Now a days most people have a mobile phone with a Sim-card and it almost surely is in the wallet!
Hence, as you may have noticed, many banks already started investing into mobile based payments like Citi most recently launched a campaign in India called "Tap and Pay"

Seeing these trends a random thought which occurs to me (which I obviously cannot control! ) is that in future truly customer centric companies might be an organization/company that will provide financial services,mobile services, retail goods, etc.,

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