Credit Card Acquisition Product

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Challenge

In this case study, the mission is to identify an untapped niche within the financial services sector and design a unique credit card product tailored specifically to the needs and aspirations of content creators. This $20B market, comprising a diverse group of individuals such as YouTubers, bloggers, podcasters, and digital artists, has distinct financial requirements and income structures.

Product

In today's dynamic financial landscape, traditional credit cards often fall short of meeting the unique and evolving needs of content creators and influencers. They have carved out a distinct niche, marked by unconventional lifestyles and spending patterns that defy the norm. Creators blend creativity, entrepreneurship, and a passion for their craft, which translates into an entirely different financial profile compared to the average cardholder.

When it came to financial products, content creators faced a perplexing challenge—finding a credit card that resonated with their lifestyle, aspirations, and unique set of expenses.

From reimagining rewards and benefits to addressing their distinctive spending patterns, the following design journey sought to bridge the gap between traditional banking products and this vibrant, forward-thinking niche. 

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A competitive analysis provided additional insights into existing products designed for content creators. Karat introduced the concept, experiencing rapid growth and positioning itself as a market pioneer. However, both Karat and its competitor, Creative Juice, lack certain benefits that traditional banking products offer their clients.

Sarah, Alex, and Nathan provided insightful details on their needs and pain points in managing their finances as content creators and influencers. The insights will be utilized to sketch a primary user experience solution accommodating their requirements.

Competitive Analysis

R E S E A R C H H I G H L I G H T S

    • No Credit check

    • No Annual fee

    • Build personal credit

    • Higher limit based on Socials

    • Perks unique to creators

  • Banking & Debit Card

    IRS Tax filing assistance

  • Endless rewards

    Concierge service

Turning insights into a Product

Key Concepts for CreatorCard

U S E R S T O R Y

I D E A T I O N

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I D E A T I O N 〰️

To cater to the financial needs of influencers and content creators effectively, the envisioned product combines a new revolutionary banking business model with conventional banking perks and benefits. This product aims to empower influencers by providing financial benefits and resources to enhance their online presence and business endeavors.

The CreatorCard app concept could be part of a traditional bank's product offering and capture a share of the $20 billion content creators' growing market.

  • 1.     Content Creation Rewards: Provide bonus rewards for spending on equipment and software related to content creation. For example, earn 3% cashback on purchases of cameras, microphones, editing software, and other production tools.

    2.   Social Media Advertising Bonuses: Offer additional cashback or rewards for spending on social media advertising platforms such as Facebook, Instagram, YouTube, or Twitter. Earn 4% cashback on social media advertising expenses.

    3.  Travel Perks: Travel benefits like airport lounge access, travel insurance, and rental car discounts to cater to influencers who frequently travel for events, conferences, or meet-ups.

    4.    High Credit Limit: Provide influencers with a higher credit limit to accommodate occasional high-production costs or event-related expenses.

    Monetization opportunities

    1.     Monetization Opportunities: Partner with monetization platforms or ad networks to offer additional revenue-sharing opportunities to cardholders.

    6. Introductory APR: 0% APR on purchases and balance transfers for the first 12-15 months, creators time to manage their finances without interest charges.

    7- Finance tracking: Provide a feature to help creators track their cash flow and separate their business and personal expenses for taxation purposes.

  • 1. Influencer Status: Influencers who have achieved verified status on their primary platform, denoting authenticity and credibility, may be eligible for expedited approval or enhanced rewards.

    2.     Content Quality: The eligibility criteria could include an evaluation of the quality of the influencer's content, considering factors like production value, storytelling, and overall aesthetics.

    3.     Brand Collaborations: To qualify, influencers must have completed a minimum number of successful brand collaborations within the past year, demonstrating their ability to work professionally with brands and sponsors.

    4. Flexible Credit Score Check: Many Content creators were ineligible for a business credit card due to their credit score, mainly due to their young age.

UI DESIGN - W I R E F R A M I N G

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UI DESIGN - W I R E F R A M I N G 〰️

Flow Chart

APPLICATION

The application involves a social media account assessment conducted by the team or an AI tool.

Factors to verify: number of followers, brand collaborations, consistent content.

ONBOARDING

Smooth and secure navigation, from signup to tracking the physical CreatorCard delivery.

DASHBOARD

The customized screen displays the users’ expenses, rewards, and earnings to reports. Each tab will extend to a detailed and dedicated screen.

High-Fidelity

Roadmap

The CreatorCard’s concept targets an emerging niche, and the high-fidelity screens serve as an initial visualization of the idea. The roadmap involves constructing a prototype and conducting usability testing to materialize this concept. Subsequently, based on usability testing outcome, we'll initiate iterative rounds to refine the product until achieving final approval.