Barclays customers can now ‘switch off’ spending

A bank is helping it’s customers not spend money, yes you heard correctly. British Bank, Barclays is allowing its customers to manage their spending at certain venues to help them save money rather spend it.

How does it work?

Customers are not able to block specific retailers, but instead can decide which categories of spending are allowed.

These are:

  • Groceries and supermarkets
  • Restaurants, takeaways, pubs and bars
  • Petrol stations
  • Gambling – including websites, betting shops and lottery tickets
  • Premium rate websites and phone lines, including TV voting, competitions and adult services

Customers who want to select any of the categories above can do so via the Barclays app (see below). However, they will need to download the latest version of it.

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Why it’s hot? 

A brand, specifically a bank, is using digital to fix a true customer pain point such as exorbitant debt and gambling/shopping addiction. Why does this make sense from a business perspective? Retention, loyalty, and trust. Three things that brands are fighting for everyday and spending tons of money on by digitally transforming themselves to learn more about the customer and deliver value. Barclays is doing just that – delivering value that matters to their customer.

Why bedding brand Buffy isn’t playing by the direct-to-consumer rules

Buffy is part of a growing cohort of digitally native brands that are prioritizing longevity over fast growth out of the gates. It’s a sign that the category’s maturing: In the past, brands saddled with millions in VC-funding could squash competition by outspending them on flashy marketing campaigns and brand awareness. With customer acquisition becoming prohibitively expensive, young brands like Hims and Rothy’s, in addition to Buffy, are turning their attention to loyalty plays and long-term growth plans.

Additionally, Buffy isn’t afraid of Amazon like most brands in the direct to consumer category. Instead they see the ecomm giant as an ally to strengthen their brand awareness and complement their owned channels. Buffy’s goal is making sustainable bedding more readily available and affordable for their customers, so they’ve taken the unpopular route of selling through Amazon to quickly gain awareness and volume.

“What Amazon represents is a way to get the word out and get product into people’s hands. If you look at it just from a business standpoint, Amazon is the world’s marketplace and they do so much so well, and they represent a door into everyone’s home in a way,” said Shaked. “For us, I think recognizing those opportunities as non-threatening to our brand is important. It’s not something that gets in the way of people going to our site, so I don’t see it as a problem. It’s a way to leverage technology.”

Why it’s hot?

This shift among DTC brands signifies a new perspective on how brands in this category are focused on fulfilling their brand’s mission by leveraging competitive giants to their advantage and focusing on retention versus fast scale growth. This requires a shift from traditional acquisition strategies to retention and loyalty focused demand gen strategies.

Powering customer journeys in the age of AI

 

Double exposure of Engineer or Technician man with business industrial tool icons, enguneer using tablet with industrial business concept. Industry 4.0 conceptAI is at the top of every executive’s to do list embarking on a digital transformation, however CIO’s are still trying to figure out how to maximize the full strength of artificial intelligence. Most companies don’t have a full understanding around the complexities of AI and therefore don’t have the right strategy in place to execute relevant and purposeful interactions with customers.

“So, how do businesses go about unlocking these information systems to make AI a reality? The answer is an API strategy. With the ability to securely share data across systems regardless of format or source, APIs become the nervous system of the enterprise. As a result of making appropriate API calls, applications that interact with AI models can now take actionable steps, based on the insights provided by the AI system — or the brain”

The key to building a successful AI-based platform is to invest in delivering consistent APIs that are easily discoverable and consumable by developers across the organization. Fortunately, with the emergence of API marketplaces, software developers don’t have to break a sweat to create everything from scratch. Instead, they can discover and reuse the work done by others internally and externally to accelerate development work.

Additionally, APIs help train the AI system by enabling access to the right information. APIs also provide the ability for AI systems to act across the entire customer journey by enabling a communication channel — the nervous system — with the broader application landscape. By calling appropriate APIs, developers can act on insights provided by the AI system. For example, Alexa or Siri cannot place an order for a customer directly in the back-end ERP system without a bridge. An API can serve as that bridge, as well as be reused for other application interactions to that ERP system down the road.

At their core, APIs are developed to play a specific role — unlocking data from legacy systems, composing data into processes or delivering an experience. By unlocking data that exists in siloed systems, businesses end up democratizing the availability of data across the enterprise. Developers can then choose information sources to train the AI models and connect the AI systems into the enterprise’s broader application network to take action.

Why it’s Hot?

If we can help our clients develop customer strategies in tandem with a strong data and API strategy then we’ll be able to deploy 1:1 interactions with customers like the example below.

“Businesses haven’t truly realized the full potential of AI systems at a strategic level, where they are building adaptive platforms that truly create differentiated value for their customers. Most organizations are leveraging AI to analyze large volumes of data and generate insights on customer engagement, though it’s not strategic enough. Strategic value can be realized when these AI systems are plugged into the enterprise’s wider application network to drive personalized, 1:1 customer journeys. With an API strategy in place, businesses can start to realize the full potential AI has to offer.”

 

 

 

Design will kill marketing, says Ikea’s former design chief

Marcus Engman is leaving Ikea to run a consultancy that convinces companies to spend their marketing budget on what matters: design.

For the past six years, Marcus Engman has successfully made Ikea weird.

As the company’s head of design, he spearheaded artistic collaborations on tropical furniture and L.A.-inspired skateboards to push the reserved Swedish furniture giant out of its minimalist comfort zone. But Engman recently left Ikea to start a company of his own called Skewed Productions, as a partner of the design firm Doberman. Think of Skewed as a hybrid of design studio and ad agency–its goal is to create marketing moments for companies through product design itself. Instead of spending money on ad buys, Engman wants to teach companies to market themselves through their design.

“I want to show there’s an alternative to marketing, which is actually design,” says Engman. “And if you work with design and communications in the right way, that would be the best kind of marketing, without buying media.”

Why this is hot?

Every industry is being disrupted and challenged by new entrants, philosophies, and breakthrough models. Design is making its way into the marketers territory and should be kept on everyone’s radar.

JPMorgan built an online bank for millennials, and it should have apps like Acorns and Stash worried

Legacy organizations have been looking for ways to compete with nimble startups disrupting their respective categories. However, the secret sauce for these legacy giants might be in modernizing their product offering by blending traditional services with disruptive feature enhancements. JPMorgan is looking to disrupt the banking industry by building a mobile-first bank aimed at millennials dubbed Finn.

 Finn which is an end-to-end mobile bank, recently rolled out nationwide. In addition to offering bread-and-butter checking and savings account functionality, it also offers services many firms in the personal finance startup space have built their businesses around.

With Finn, users can create specific rules that determine when money will be transferred from checking to savings. One rule, “Work Hard, Save Smarter,” puts aside a set amount of money on pay day. There’s also “the Limit Does Not Exist” which saves a predetermined amount of cash whenever a user spends over a certain amount on a purchase.

That raises the question: what do fintechs do when big banks decide to step on their turf?

Why it’s hot?

It’s not all about the new kid on the block. Industry giants can compete with startups and even pose greater threats to them by transforming their product offering to meet and exceed their targets’ needs.

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Microsoft Just Dumped a Data Center Into the Ocean

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In an effort to reduce costs, Microsoft has deployed it’s first full scale data center, 864 servers, into the ocean. Coined Project Natick, this is the second test deployment they’ve submerged underwater and the hope is “We know if we can put something in here and it survives, we are good for just about any place we want to go,” Microsoft Project Natick chief Ben Cutler said in a statement.

Why take all this effort to dunk data centers underwater? According to Microsoft, it’s about energy efficiency and fast data transfer. The company notes that roughly half of the world’s population lives within 120 miles of the shore, so being able to house servers near them could allow for quicker access to online services.

Next, these can be powered by wind mills located near the water, so you’d never have to worry about outages or energy costs. Lastly, the water in the ocean is perenially cold, and can thus take care of cooling the data centers without incurring additional costs for thermal balance.

Why it’s hot?

Companies are pushing the limits on finding alternatives to save costs and meet customer demand. This is the second test Microsoft has run and they won’t know if it’s sustainable or harmful to the environment for at least 12 months. How far is too far to stay ahead of the competition?