October 4, 2022

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New Product Merges Banking With Social Networking

New Product Merges Banking With Social Networking

As social media and social networking become more popular as marketing tools, many companies are incorporating them into their marketing strategies. One company, edo Interactive, has blended the traditional idea of a debit card with modern social networking technology for its new prepaid MasterCard debit card called Facecard.

Facecard, which is targeted toward Millennials and Generation Y, is using social media to make spending a social experience for its members.

“Facecard is somewhat of a social network today targeting young adults and teenagers providing a financially responsible product,” said Ed Braswell, CEO of edo Interactive. “Our members at Facecard share their experiences and are allowed to gift from one member to another along with peer-to-peer payments.”

On the Facecard website, members can check their balance, create a profile, give money to friends who have a Facecard and upload money.

Braswell said he realizes the importance of social media as a successful tool for companies in today’s world. Facecard has taken full advantage of social media platforms by blogging on their website, Twittering and placing videos on YouTube.

Facecard has also used the popularity of social networking site Facebook to their benefit and have built a widget that allows for Facecard users to sign onto the site and access their Facecard account.

Braswell said he believes social media is especially important when targeting toward a younger generation.

“This generation is tribal in nature, meaning good things travel fast within the group, and the bad news can travel faster,” said Braswell. “The bad news can destroy a company or make recovery long. Most marketers see targeting young folks as a challenge due to traditional media being costly and ineffective…”

Facecard has partnered with different retailers to create something called a Preward, which is essentially a digital coupon that is customized for each user according to their profile information. Retailers send the Preward to targeted customers, who then spend the money at that store or restaurant.

“We have created our own technology for safe and secure demographical marketing techniques, which include age, gender, spending habits, zip code and preference purchasing services to our members,” said Braswell.

Facecard is unlike other debit cards in that it does not allow the user to spend more than the available balance; therefore, there are no overdraft fees, which is why they are targeting a younger crowd to educate them on financial responsibility.

Edo Interactive has created a unique product with Facecard by combining social media and networking with financial services, two things which aren’t traditionally associated with one another.

Braswell says they are frequently updating their social media strategy, as it is something that is extremely important to for their brand.

“It is the lowest cost facility for target marketing and validation of your product offering,” said Braswell. “The viral nature of social networking and social media allows Facecard to target our solution with a rifle and not a shotgun.”

Find more videos like this on The Loveliest Village

Brooke Bloom is a student at Auburn University in Robert French’s class on public relations messages in emerging digital media. You can learn more at http://www.theloveliestvillage.org

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