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Publications
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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...
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Keywords:
Product Innovation;
Impact;
Impact Investing;
Impact Measurement;
Esg;
Esg (environmental, Social, Governance) Performance;
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
- 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...
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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...
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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...
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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...
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- August 2019
- Case
ClearScore, 2018
By: John R. Wells and Benjamin Weinstock
In October 2017, Experian, one of the “Big Three” consumer credit reporting agencies in the United Kingdom made an offer to acquire ClearScore for a total consideration of £293 million. Founded by Justin Basini, Dan Cobley, and Nigel Morris in 2014, ClearScore was the...
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Keywords:
Fintech;
Financial Services;
Credit Card;
Credit Scores;
Startup;
Start-up;
Startup Financing;
Startup Marketing;
＂marketing Analytics＂;
Regulation;
Lending;
Television Advertising;
Entrepreneur;
Entrepreneurial Mindset;
Entrepreneurial Ventures;
Entrepreneurs;
Global Business;
Rapid Growth Stage;
Risk;
Net Present Value;
Testing;
Testing Strategy;
Geographies;
Mergers ＆ Acquisitions;
Finance;
Strategy;
credit;
Business Startups;
Entrepreneurship;
Expansion;
Mergers And Acquisitions;
Financial Services Industry;
United Kingdom;
South Africa
- 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...
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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...
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- January 2019 (Revised November 2020)
- Case
Ribbon Home: iBacking for Real Estate
By: Marco Di Maggio and Sarah Gulick
In November 2018, Shaival Shah, the founder and CEO of Ribbon Home had to decide on the next steps for the company. Ribbon had introduced a program that backs consumers with cash offers without creating a loan structure in order to help them compete with iBuyers, such...
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- July 2018 (Revised July 2018)
- Teaching Note
Argentina Power—Don’t Cry for Me Argentina
By: Nori Gerardo Lietz and Sayiddah Fatima McCree
Teaching Note for HBS No. 218-041. This case concerns a complex potential energy infrastructure investment in Argentina by a global conglomerate shortly after Mauricio Macri (“Macri”) became President of Argentina in 2015. The central issues are (i) why was a country...
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- 2018
- Working Paper
Good Credit and the Good Life: Credit Scores Predict Subjective Well-Being
By: Joe J. Gladstone and Ashley V. Whillans
Can money buy happiness? To examine this question, research in economics, psychology, and sociology has focused almost exclusively on examining the associations between income, spending or wealth and subjective well-being. Moving beyond this research, we provide the...
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Keywords:
Well-being;
Credit Scores;
Consumer Finance;
Emotions;
credit;
Personal Finance;
Welfare;
Happiness
- June 2018 (Revised January 2019)
- Case
Membership Rewards® from American Express
By: Shelle Santana, Frances X. Frei and Lauren G. Pickle
Credit and charge card issuer American Express (Amex) had developed a strong reputation among consumers due in part to its Membership Rewards (MR) loyalty program, first established in 1991. Through MR, all Amex cardholders could accumulate and redeem “points” based on...
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- October 2017 (Revised April 2019)
- Case
Data Breach at Equifax
By: Suraj Srinivasan, Quinn Pitcher and Jonah S. Goldberg
The case discusses the events leading up to the massive data breach at Equifax, one of the three U.S. credit reporting companies, the organizational and governance issues that contributed to the breach, and the consequences of the breach. The case supplement provides...
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- September 2017 (Revised November 2018)
- Case
Chase Sapphire: Creating a Millennial Cult Brand
By: Shelle Santana, Jill Avery and Christine Snively
The launch of the Chase Sapphire Reserve credit card was enthusiastically received by millennial consumers, a cohort that had previously eluded JPMorgan Chase and its competitors. With the one-year anniversary of the launch approaching, managers are focused on...
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Keywords:
Brand ＆ Product Management;
Product Strategy;
New Product Development;
Credit Card;
Customer Acquisition;
Crm;
Millennials;
Marketing;
Marketing Strategy;
Brands And Branding;
credit Cards;
Product Development;
Product Launch;
Customer Relationship Management;
consumer Behavior;
Demographics;
Financial Services Industry;
Service Industry;
Banking Industry;
United States;
North America
- March 2017 (Revised March 2019)
- Case
Ant Financial (A)
By: Feng Zhu, Ying Zhang, Krishna G. Palepu, Anthony K. Woo and Nancy Hua Dai
Headquartered in Hangzhou (China), Ant Financial has grown into a fintech “Unicorn.” The fintech empire that the company established spanned verticals such as mobile and online payment (Alipay), money market fund (Yu’e Bao), wealth management (Ant Fortune),...
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- August 2015 (Revised December 2016)
- Case
Apple Pay
By: Sunil Gupta, Shelle Santana and Margaret L. Rodriguez
On September 9, 2014, in front of a packed audience in Cupertino, CA, Tim Cook, the chief executive officer of Apple, announced the much anticipated launch of Apple Pay. "Our vision is to replace this [wallet] and we are going to start with payments." Cook then invited...
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Keywords:
Marketing;
Technology;
Digital Services And Strategy;
Product Launch;
Launch;
Mobile;
Mobile Payments;
Apple;
Credit Cards;
Finance;
Payments;
Smartphone;
Apple Pay;
Eddy Cue;
Jennifer Bailey;
Ios;
Iphone;
Marketing;
Product;
Mobile Technology;
Product Launch;
Finance;
credit Cards;
Wireless Technology;
Technology Industry;
Banking Industry;
United States;
United Kingdom
- October 2014 (Revised June 2016)
- Case
MasterCard: Driving Financial Inclusion
By: Sunil Gupta, Rajiv Lal and Natalie Kindred
MasterCard CEO Ajay Banga was investing significant time and attention to increase financial inclusion among individuals with historically no access to banking or financial services in countries around the world with large underserved populations. The effort included...
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- 2014
- Book
Consumer Lending in France and America: Credit and Welfare
By: Gunnar Trumbull
Why did America embrace consumer credit over the course of the twentieth century, when most other countries did not? How did American policy makers by the late twentieth century come to believe that more credit would make even poor families better off? This book traces...
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- April 2012
- Article
Bouncing Out of the Banking System: An Empirical Analysis of Involuntary Bank Account Closures
By: Dennis Campbell, F. Asis Martinez-Jerez and Peter Tufano
Using a new database, we document the factors that relate to the extent of involuntary consumer bank account closure resulting from excessive overdraft activity. Consumers who have accounts involuntarily closed for overdraft activity may have limited or no access to...
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