Monthly Archives: June 2012

Steal this business idea: Banking edition

For the longtime readers (hi mom!) out there, you know that my “Steal this idea” series is where I give away innovation ideas that I’ve had – they’re free for the taking by any industry, existing company, or entrepreneur. I’ll gladly accept board positions or stock grants from appreciative organizations that I’ve inspired, but my ideas are free for the taking.

This week, let’s look at a way to improve the personal banking experience.

Situation: Frequently, some component of our personal security is compromised and our banks find it necessary to send us a new credit or debit card. The old number gets canceled. The new card arrives. No big deal, right? Wrong. Anyone that has been in this situation knows that they likely have at least 5 or 10 companies hitting that old card number automatically. Who can even remember who is billing what card and when anymore?

My wife and a friend were both victims of this in the last couple days, so it’s top of mind as an area ripe for innovation. This is a classic example of an area where the customer ends up carrying the burden, when it should be the company.

STEAL THIS IDEA:

Many ways to solve this one, I think, but here are a few ways that could result in a huge uplift in customer satisfaction.

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