Capital One Case Study: Making Credit Clearer - Market Research Report On Aarkstore Enterprise

Introduction

Introduction

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 Ones Credit Made Clear strategy and why this approach appeals to consumers.

*Highlights the lack of financial awareness amongst consumers

Highlights

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

Table of Contents :

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 consumers 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 consumers 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

For more information please visit :

http://www.aarkstore.com/reports/Capital-One-Case-Study-Making-Credit-Clearer-62631.html

by: Aarkstore Enterprise

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