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A New Way to Cut Credit Card Debt: Pay Off One Purchase at a Time
A novel approach to repaying debt could help consumers free themselves from crushing credit card balances faster, according to new research. Rather...
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  • 2020
  • Working Paper

Accounting for Product Impact in the Consumer Finance Industry
By: George Serafeim and Katie Trinh
We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor credit card providers within the consumer finance industry. We design a monetization methodology that allows us to calculate monetary impact estimates...  View Details
Keywords: Product Innovation; Impact; Impact Investing; Impact Measurement; Esg; Esg (environmental, Social, Governance) Performance; Esg Ratings; Social Corporate Responsibility; Corporate Social Responsibility; Social Impact; Consumer Finance; Financial Services; Financial Inclusion; Product; Product Design; Product Positioning; Society; Corporate Social Responsibility and Impact; Personal Finance; Credit Cards; Financial Services Industry
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  • 2020
  • Working Paper

'Repayment-by-Purchase' Helps Consumers to Reduce Credit Card Debt
By: Grant E. Donnelly, Cait Lamberton, Stephen Bush, Zoe Chance and Michael I. Norton
Many consumers struggle to repay their credit card debt, in part because paying small portions of large bills often feels fruitless. We introduce a novel credit card payment option—repayment-by-purchase—and examine its influence on both the amount consumers’ repay and...  View Details
Keywords: Consumer Debt; Goal Pursuit; Goal Progress; Financial Decison-making; Personal Finance; Credit Cards; Borrowing and Debt; Goals and Objectives; Motivation and Incentives; Decision Making
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  • Fall 2020
  • Article

Christo and Jeanne‐Claude: The Negotiation of Art and Vice Versa
By: Michael A. Wheeler
Over the past two decades the Program on Negotiation at Harvard Law School (PON) has named thirteen people as Great Negotiators. The project, directed by my colleague Jim Sebenius, has given us the opportunity to commend our honorees’ outstanding work and to learn from...  View Details
Keywords: Art; Negotiation; Arts
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  • August 2020 (Revised January 2021)
  • Case

Nubank: Democratizing Financial Services
By: Michael Chu, Carla Larangeira and Pedro Levindo
Nubank, a wholly-digital solution created to disrupt Brazilian banking, with 6 million clients and a $4 billion valuation after five years, must decide whether to expand to Mexico. The company was founded in São Paulo in 2013 by Colombian-born David Vélez to seize what...  View Details
Keywords: Fintech; Financial Inclusion; Digital Banking; Credit Cards; Banks and Banking; Disruption; Expansion; Growth and Development Strategy; Financial Services Industry; South America; Brazil; North America; Mexico
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  • August 2020
  • Case

PayPal: The Next Chapter
By: Michael Porter, Mark Kramer and Annelena Lobb
Can a social purpose and stakeholder capitalism confer a powerful competitive advantage in the age of COVID-19? For PayPal, the answer is yes. After spinning off from eBay in a 2015 IPO, the company declared its purpose as "democratizing financial services" by ensuring...  View Details
Keywords: Mission and Purpose; Finance; Business and Stakeholder Relations; Social Entrepreneurship; Competitive Advantage; Financial Services Industry
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  • 2020
  • Working Paper

Inflation with COVID Consumption Baskets
By: Alberto Cavallo
The COVID-19 Pandemic has led to changes in expenditure patterns that can introduce significant bias in the measurement of Consumer Price Index (CPI) inflation. I use publicly-available data on credit and debit card transactions to update the official CPI weights and...  View Details
Keywords: Covid; Consumer Expenditures; Cpi; Inflation; Health Pandemics; Consumer Behavior; Spending; Inflation and Deflation; Global Range
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  • April 2020
  • Teaching Note

Oaktree: Pierre Foods Investment
By: Victoria Ivashina, Michael Harmon and Terrence Shu
Teaching Note for HBS No. 219-018. This case is a setting to discuss “loan to own” investment strategy that is often pursued by distressed investors. The aftermath of the 2007 financial crisis left many companies with poor liquidity and limited ability to obtain...  View Details
Keywords: Distress Investing; Investment; Debt Securities; Strategy; Restructuring
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  • April 2020
  • Supplement

Oaktree: Pierre Foods Investment
By: Victoria Ivashina and Terrence Shu
This case is a setting to discuss “loan to own” investment strategy that is often pursued by distressed investors. The aftermath of the 2007 financial crisis left many companies with poor liquidity and limited ability to obtain credit. One of these companies was Pierre...  View Details
Keywords: Distress Investing; Investment; Debt Securities; Strategy; Restructuring
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  • 2020
  • Working Paper

The Effects of Information on Credit Market Competition: Evidence from Credit Cards
By: C. Fritz Foley, Agustin Hurtado, Andres Liberman and Alberto Sepulveda
We show empirically that public credit information increases competition in credit markets. We access data that cover all credit card borrowers in Chile and include details about relationship borrowers have with each lender. We exploit a natural experiment whereby a...  View Details
Keywords: Consumer Credit; Financial Intermediaries; Credit; Information; Competition; Credit Cards; Financial Institutions
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  • 2020
  • Working Paper

Free Riding in Loan Approvals: Evidence From SME Lending in Peru
By: Irani Arraiz, Miriam Bruhn, Benjamin N. Roth, Claudia Ruiz-Ortega and Rodolfo Stucchi
We provide evidence that commercial lenders in Peru free ride off their peer’s screening efforts. Leveraging a discontinuity in the loan approval process of a large bank, we find competing lenders responded to additional loan approvals by issuing approvals of their...  View Details
Keywords: Financing and Loans; Small Business; Competition; Information; Peru
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  • January 2020 (Revised January 2020)
  • Case

Salary Finance US
By: John R. Wells and Benjamin Weinstock
In October 2019, Dan Macklin, the newly-appointed chief executive of Salary Finance Inc., was weighing his options for the future of the business. The company’s value proposition was quite simple: partner with employers to offer employees affordable loans that were...  View Details
Keywords: Employees; Credit; Financing and Loans; Wages; Innovation and Invention; Expansion; Growth Management; Decision Making; Financial Services Industry; United States
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  • November 2019 (Revised December 2019)
  • Case

Marcus by Goldman Sachs
By: Rory McDonald, Samir Junnarkar and David Lane
Five years on from the 2008 financial crisis, Goldman Sachs remained wounded. Revenues at the global investment bank had stagnated below pre-crisis levels, and the firm had yet to rebound from a substantial decline in securities-trading revenues. Marcus by Goldman...  View Details
Keywords: Corporate Entrepreneurship; Banks and Banking; Innovation Leadership; Growth and Development Strategy; Growth Management; Organizational Culture; Financial Services Industry; United Kingdom
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  • November–December 2019
  • Article

Making Sense of Soft Information: Interpretation Bias and Loan Quality
By: Dennis Campbell, Maria Loumioti and Regina Wittenberg Moerman
We explore whether behavioral biases impede the effective processing and interpretation of soft information in private lending. Taking advantage of the internal reporting system of a large federal credit union, we delineate three important biases likely to affect the...  View Details
Keywords: Soft Information; Lending; Banking; Information; Financing and Loans; Banks and Banking; Decision Making
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  • September 2019 (Revised February 2020)
  • Teaching Note

Commonwealth Bank of Australia: Unbanklike Experimentation
By: Ryan W. Buell and Leslie K. John
Email mking@hbs.edu for a courtesy copy.

This Teaching Note explains the theory of the case and teaching plan for the case: Commonwealth Bank of Australia: Unbanklike Experimentation (619-018). In August 2017,...  View Details
Keywords: Transparency; Experimentation; Banks and Banking; Credit Cards; Customer Focus and Relationships; Competitive Strategy; Banking Industry; Australia
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  • 2021
  • Working Paper

Improving Customer Compatibility with Tradeoff Transparency
By: Ryan W. Buell and MoonSoo Choi
Through a large-scale field experiment with 393,036 customers considering opening a credit card account with a nationwide retail bank, we investigate how providing transparency into an offering’s tradeoffs affects subsequent rates of customer acquisition and long-run...  View Details
Keywords: Behavioral Operations; Operational Transparency; Customer Compatibility; Customer Behavior; Consumer Behavior; Decision Making; Operations; Strategy
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  • July 2019 (Revised April 2021)
  • Case

Salary Finance
By: John R. Wells and Benjamin Weinstock
In April 2019, Asesh Sarkar, co-founder and chief executive of Salary Finance Limited, a London-based FinTech, faced tough choices. Sarkar had founded Salary Finance with Dan Cobley and Daniel Shakhani in 2015. The company’s value proposition was quite simple: partner...  View Details
Keywords: Credit; Financing and Loans; Wages; Innovation and Invention; Expansion; Growth and Development Strategy; Organizational Culture; Decision Choices and Conditions; Financial Services Industry
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  • July 23, 2019
  • Article

Is the U.S. on Its Way to Becoming a Cashless Society?
By: Shelle Santana
The rise of digital payments, including credit cards, debit cards, and mobile payments systems, have contributed to the steady shift in payment practices among consumers. According to the FDIC, cash represented just 30% of all payments in 2017, and the percentage of...  View Details
Keywords: Payment Methods; Cash; Credit Cards; Consumer Behavior; Change; United States
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  • 2019
  • Working Paper

Mitigating the Negative Effects of Customer Anxiety Through Access to Human Contact
By: Michelle A. Shell and Ryan W. Buell
It is a well-established result in social psychology that when people feel anxious, they seek advice from others. However, increasingly companies that operate in high-anxiety settings (like financial services, health care, and education) are deploying self-service...  View Details
Keywords: Anxiety; Customers; Emotions; Service Delivery; Interpersonal Communication; Customer Satisfaction; Trust
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  • October 2018 (Revised February 2020)
  • Case

Commonwealth Bank of Australia: Unbanklike Experimentation
By: Ryan W. Buell and Leslie K. John
Email mking@hbs.edu for a courtesy copy.

In August 2017, Commonwealth Bank of Australia was looking for ways to differentiate itself from competing banks and was also trying to improve the financial well-being of...  View Details
Keywords: Transparency; Experimentation; Banks and Banking; Credit Cards; Customer Focus and Relationships; Competitive Strategy; Banking Industry; Australia
Related
  • August 2018 (Revised June 2019)
  • Case

Oaktree: Pierre Foods Investment
By: Victoria Ivashina and Mike Harmon
This case is a setting to discuss “loan to own” investment strategy that is often pursued by distressed investors. The aftermath of the 2007 financial crisis left many companies with poor liquidity and limited ability to obtain credit. One of these companies was Pierre...  View Details
Keywords: Distress Investing; Investment; Debt Securities; Strategy; Restructuring
Related

Are you looking for?

A New Way to Cut Credit Card Debt: Pay Off One Purchase at a Time
A novel approach to repaying debt could help consumers free themselves from crushing credit card balances faster, according to new research. Rather...
→ Search All HBS Web