CO-BRANDED CREDIT CARD
Case Study
Creating Value Propositions for a Co-Branded Credit Card
Company: Barclays & Amazon
Location: London, UK
Year: 2021
Challenge: A leading financial institution and a major eCommerce giant aimed to introduce a co-branded credit card. The initiative sought to enhance customer loyalty and streamline the digital onboarding process.
Solution: Develop Card Design, Customer Journeys, UI/UX Design, Loyalty Scheme between both parties.
Naming the card to reflect both brands' values and appeal to a wide customer base.
Designing the card to resonate with the eCommerce giant's brand identity.
Implementing a seamless digital Know Your Customer (KYC) process.
Ensuring a smooth digital onboarding experience.
Linking the card to an existing loyalty program.
Enabling instant issuance of a digital card.
SCOPE
Stakeholder Interviews: Interviews with stakeholders from both organizations highlighted the importance of integrating brand identities, ensuring regulatory compliance, and delivering an exceptional customer experience. Customers expressed a desire for a simple, rewarding, and instantly accessible credit card.
Market Research: Market research included analyzing successful co-branded credit cards, identifying best practices in digital onboarding, and exploring innovative customer engagement strategies. The research underscored the need for a strong loyalty program integration and a robust digital infrastructure.
Customer Personas: Using well-known methodologies such as Working Backwards and Customer Obsession, the following customer personas were identified:
Primary Persona:
Profile: Tech-savvy, frequent online shoppers who value convenience and instant rewards.
Needs: Quick digital onboarding, seamless integration with the loyalty program, and immediate card issuance.
Pain Points: Lengthy application processes and delayed reward access.
Secondary Persona:
Profile: Traditional credit card users looking for enhanced benefits and rewards.
Needs: Attractive card design, competitive financial benefits, and easy access to rewards.
Pain Points: Complicated reward structures and lack of brand synergy.
SHAPE
Problem Statement: The co-branded credit card must seamlessly integrate both brands' values, offer a user-friendly digital onboarding process, and provide immediate benefits through loyalty program linkage and instant digital card issuance.
Goals and Objectives:
1. Develop a compelling and recognizable name for the co-branded credit card.
2. Design a card that reflects the eCommerce giant’s branding and appeals to customers.
3. Implement a frictionless digital KYC process to ensure compliance and user convenience.
4. Create a streamlined digital onboarding experience for new cardholders.
5. Integrate the card with an existing loyalty program to enhance customer rewards.
6. Enable the instant issuance of a digital version of the card for immediate use.
Methodologies Used:
Working Backwards: Focused on defining the end goals and working backwards to determine the necessary steps to achieve them.
Customer Obsession: Placed the customer at the center of every decision, ensuring the final product meets their needs and expectations.
Narratives and Press Releases: Created a narrative and mock press release to clearly communicate the vision and benefits of the co-branded credit card, aligning stakeholders and guiding development.
Customer Journey Mapping: Customer journey maps were created to visualize the end-to-end experience, from discovering the co-branded credit card to using it for purchases. Key touchpoints included:
Card Naming and Branding: Customers are introduced to the card through targeted marketing campaigns, highlighting the unique benefits and brand synergy.
Card Design: Customers receive a visually appealing card design that aligns with the eCommerce giant’s brand.
Digital KYC: Customers complete a quick and secure digital KYC process, reducing friction and ensuring compliance.
Digital Onboarding: Customers experience a seamless onboarding process, from application to approval.
Loyalty Program Linkage: Customers instantly connect their new card to the loyalty program, accessing rewards immediately.
Instant Issuance: Customers receive a digital version of the card instantly, allowing them to make purchases right away.
Barclays & Amazon now had a compelling Value Proposition:
The co-branded credit card offers a unique blend of financial benefits and eCommerce rewards, providing customers with an enhanced shopping experience, instant gratification through digital issuance, and seamless access to loyalty rewards.
Conclusion:
The SCOPE and SHAPE phases set the foundation for a successful co-branded credit card initiative, ensuring alignment with both brands' values and customer expectations. The focus on a user-friendly digital experience, immediate rewards, and strong brand integration paves the way for a compelling offering in the market.
