From the Unit, "Developing Financial Products and Designing service experiences" I found the 'Core, Actual, Augmented' Concentric circles Services model very interesting. I have decided to apply this model to the debit MasterCard that I use.
The inner most circle is the 'Core service'. This is the main purpose of the debit card itself, i.e. the main benefit of having this financial service, which is 'Cashless Finance'. This means that I do not need to carry a large amount of cash whenever I go out to make purchases. This is a major convinience for me. Other financial products like a credit card also have this same core benefit however this allows me to use my own money.
The middle concentric circle is the 'Actual services'. This is what this particular company offers that makes it different from it's competitors. This includes Brand name, which MasterCard has because of consistently good service and word of mouth. Also the debit card can be used to withdraw money from ATMs. This although not the core benefit is very useful for users of the debit card. Other features include it having a great design and the wide recognition of the card in various shops and restaurants.
The outermost circle is the 'Augmented services'. These are the additional services offered which are not particularly important but may still influence customers to choose a particular service over it's competitor. The debit MasterCard sends me monthly statements which shows the amount of usage of the card over the month. In addition it has very good after-sale service as one can call the company for help to answer doubts etc.
The inner most circle is the 'Core service'. This is the main purpose of the debit card itself, i.e. the main benefit of having this financial service, which is 'Cashless Finance'. This means that I do not need to carry a large amount of cash whenever I go out to make purchases. This is a major convinience for me. Other financial products like a credit card also have this same core benefit however this allows me to use my own money.
The middle concentric circle is the 'Actual services'. This is what this particular company offers that makes it different from it's competitors. This includes Brand name, which MasterCard has because of consistently good service and word of mouth. Also the debit card can be used to withdraw money from ATMs. This although not the core benefit is very useful for users of the debit card. Other features include it having a great design and the wide recognition of the card in various shops and restaurants.
The outermost circle is the 'Augmented services'. These are the additional services offered which are not particularly important but may still influence customers to choose a particular service over it's competitor. The debit MasterCard sends me monthly statements which shows the amount of usage of the card over the month. In addition it has very good after-sale service as one can call the company for help to answer doubts etc.
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