ReportsandReports - Capital One Case Study: Making Credit Clearer
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Financial education is a critical role for FS providers to fulfil. A better educated consumer is a better customer for providers with confidence in the value of their offering. This Case Study uses the megatrend framework to highlight the successes of the Capital One campaign and how it fits within their wider offering.
Scope
- Examines the key strengths of Capital One's Credit Made Clear strategy and why this approach appeals to consumers.
- Highlights the lack of financial awareness amongst consumers
Credit card companies are often criticized for the cost of their products and lack of transparency. Much of this disquiet emerges from consumers failing to appreciate the implications of taking out credit. Through simple and effective education it is hoped that consumers can better utilize credit and thus refresh their perception of the industry.
Since the crisis, consumers have responded with an increased interest in finding out about their financial products in a bid to prevent repeating previous mistakes. Consumers will continue to seek products they understand and therefore FS providers must anticipate consumers’ information needs about their products and ensure that these needs are met
Reasons to Purchase
- Gain insight into the methods used by important industry players to give them a competitive edge
- Identify the implications of changing consumer behaviours and priorities
- Capitalize on the knowledge of experienced companies when entering a new niche or market
Datamonitor View 1
CATALYST 1
SUMMARY 1
Analysis 2
Introduction 2
The Capital One 'Credit Made Clearer' campaign is a positive step in consumer education 2
Capital One effectively tap into consumer's urge to educate themselves on how to improve their financial wellbeing 4
The Capital One Credit Card Toolkit allows consumers to cut through credit card jargon and find their 'perfect credit card' 4
A range of media is utilized to engage the consumer and pass on valuable lessons 5
The Consumer Financial Education Body (CFEB) have attempted to offer similar services but the delivery is less polished 6
Capital One is tapping into the consumer Megatrend of individualism when it allow a better fit between a consumer and their card 7
Cards aligned specifically to consumer's experience with credit provides a new angle on consumer segmentation 7
The Capital One cards allow consumers to be forgiven for past credit history 8
Segmenting consumers directly on their credit rating is a transparent approach that might appeal to consumers valuing authenticity 9
APPENDIX 11
Definitions 11
The financial services Megatrends framework 11
Datamonitor has identified 10 Megatrends in consumer behavior 11
Megatrends are a tool for capturing the drivers of consumer behavior 11
A Megatrend framework is a vital tool for analyzing and structuring consumer attitudes and behaviors 12
A trend framework is used for generating and selecting ideas 12
A Megatrend framework is vital for financial services 12
Customer retention as well as customer acquisition must be considered 12
There are inherent obstacles in financial services that limit innovation in customer targeting 12
Greater customer understanding can help to overcome the obstacles found in targeting and communicating to customers 13
The Megatrend framework enhances an analysis of the deposit market 13
There are 10 Megatrends that impact on the actions and attitudes of financial services customers 14
The six behavior trends identify the benefits that consumers wish to gain from a product or service 14
2. The four complexities are areas within which traditional assumptions or measures of behavior no longer apply 16
Methodology 17
Ask the analyst 17
Datamonitor consulting 18
Disclaimer 18
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