iBag (NSW) – 2014 SMART 100

iBag (NSW) – 2014 SMART 100

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This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

1. THE BEGINNING

This innovation came to life when…

finder.com.au found a growing trend of debt among Australians. We found that approximately four million credit card accounts in Australia were accruing interest charges, and half of those accounts weren’t being paid off in full each month.

The problem didn’t look like it would be helped by responsible spending, with 45 per cent of those who didn’t pay off their balance making three or more unplanned purchases a month.

We needed to design a campaign that would shed light on this issue and change the way Australians manage their money.

2. WHAT & HOW

The purpose of this innovation is to…

Bring attention to Australia’s growing debt problem by genuinely helping people take control of their finances. We wanted to create an extreme measure that people could take to curb spending in the hope this would shed light on wider problems.

It does this by…

Showing people their financial weaknesses. We launched an iBag designed to help curb impulsive spending, followed by a 12 Week Financial Fitness Challenge (12WFFC) with videos and guides to help people manage their finances.

3. PURPOSE & BENEFITS

This innovation improves on what came before because…

Previous technology gently nudged us a reminder of our spending habits. The concept of a programmable handbag is the first of its kind, that shows people their financial weaknesses.

Because the iBag is an extreme measure, the 12WFFC helps people improve their finances in the long-term and get people thinking about the way they manage their money.

Its various benefits to the customer/end-user include…

Letting them track and manage their credit card. The iBag works by monitoring spending through GPS tracking and an RFID system, encouraging the wearer to think before they use their credit card. The 12WFFC teaches financial literacy.

4. COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

Smartphone applications which tried to manage our money but they’ve been hit and miss, being delayed and often unresponsive. Habitual spending went unnoticed until credit card statements appeared.

Aside from smartphones, banking websites tried their best to be mobile-friendly – again, not much success. This is the first product of its kind: independent, reliable and habit-breaking.

Its predecessors/competitors include…

Potentially the anticipated smart-card Coin, a device that corroborates accounts and spending methods. It could be used in conjunction with other devices to curb spending, however as a standalone it cannot offer the same power.

5. TARGET MARKET

It is made for…

People who want to better manage their finances and control their credit card spending.

Our survey found that one in four cardholders do not pay their balance back in full each month, which is potentially four million credit card accounts that people are paying unnecessary interest on.

As the iBag is a drastic measure, we also created the (12WFFC), whereby people can learn how to manage their debts, increase their income and empower their wealth. We currently have 341 paid subscriptions as of April 2014, and over 19,000 visits to our landing page.

It is available for sale through…

If there’s enough registered interest in the iBag it‘ll go into production. Customers can register their interest here and can sign up to the 12WFFC here.

Our marketing strategy is to…

Shock people by addressing just how severe Australia’s credit card problem is through the iBag and the 12WFFC. The campaign took off largely through word-of-mouth, when a journalist participated in the challenge and blogged about her experience each week about her experience.

Upon the release the iBag concept was featured on Time.com, Daily Mail UK and CNN Spain.

Your Turn — VOTE!

The Readers’ Choice Index was created to provide an opportunity for Anthill readers to vote on SMART 100 applications, in one of three ways:

  1. Tweet it: Top left of each page (3 points)
  2. Trigger a Reaction: Facebook ‘Like’, etc (2 points)
  3. Leave a Comment: Anonymous comments excluded (1 points)

We’ll use your vote to create the 2014 SMART 100 Readers’ Choice Index.

FINE PRINT
This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

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