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Extract from the "Review" (author: Frances Hedges)
With 7.9 billion banking cards in circulation worldwide, according to the 2008 World Payments Report, personalization could be a crucial differentiating factor in today's competitive market. But in this environment, banks need to promote their own brands to stand out; isn't it risky to let customers put their own pictures on their cards rather than the bank's logo?
The results of the survey would suggest otherwise. A high percentage of respondents in Taiwan (68%) and Brazil (58%) said they would have a better image of their bank if it were to offer the service, and nearly half of respondents in the UK and Poland perceived existing bank cards as "dull".
This suggests that, far from tarnishing the bank's brand, personalization could actually help that brand to evolve into something more appealing to the customer. Rather than displaying their brand credentials overtly, banks may need to accept that their corporate identity can coexist with, or even merge with, the consumer's identity, creating a completely new kind of brand where customer loyalty is inbuilt.
"It's a process of cocreation," says Professor Knox. "If people feel that they have contributed something, they may be more inclined to trust the bank." And with at least two-thirds of survey respondents saying that they would be prepared to renew their current bank card to benefit from customization, the appetite for this co-creation is clearly present.
"What it comes down to is that the customer has to be in the driving seat," concludes Professor Knox. In a society where beating the competition means providing a bespoke customer offering, personalization is the watchword of successful businesses. From now on, the face of the company may also be the face of the customer.
To design a payment card with the photo of your choice is as easy as ABC. More Info...
