We just wrapped up a fascinating private innovation challenge around ways credit card companies can WOW their cardholders.
(We updated this blog post to include our winners!)
Over 190 unique ideas were submitted. Which was way over our estimates! Thanks for participating. Since we just returned from the credit card company, we thought we’d report back some of the findings.
The most interesting theme that popped up was around subscription services – and how credit card companies can help surface them, manage them and make it easier to end them.
Another interesting area of interest was around how to make it easier for small businesses to easily track and manage expenses. And with AI on its way, people were looking for ways the credit card company could bring AI into product recommendations, savings and notifications.
So what’s the next step for the brand? Concept development. Which requires some massaging from the first phase of idea generation. Taking a step back – surfacing themes, pairing ideas together, combining ideas and coming up with new ideas. Understanding the need states of card holders and matching them up with the ideas (and brainstorming new ones when necessary). And looking at ideas that can have the largest impact.
The overriding question they’ll be asking is – Will a cardholder switch over for this benefit? Or, how can we combine a few ideas to make this a “must-have” benefit.
The next phase will be concept validation. Then testing and roll out.
Thanks for participating! We hope this was helpful and shed some lights on “the day after the challenge.”