Credit Card with fingerprint ID
Explain your idea in details:
How many times have you been in a store, waiting in line and there is one person in front of you that's paying with a credit card, and they have to confirm transaction with a pin code, than you have to wait for terminal to process it. Imagine if you just put in your card and then put your finger on it and it's all done. Plus, without your fingerprint, nobody can just authorize any kind of transaction. This idea is supposed to combine high-end technology that's already in use with credit cards that already exist. Innovative approach contains fingerprint slot on the credit card, new microchip that can process it but also do simple mathematical operations and memorize your balance, and this would require production and programming of new PoS terminals and operative systems. Key goal here is to speed up the process especially if combined with Pay Pass technology and make it more secure, because fingerprints are unique and you don't have to worry about hiding your PIN code. Nilson Report estimated that losses from credit card fraud topped 21.81 billion dollars, and statistics show that 47% of the world's credit card fraud happens in USA, and 45% of this was online fraud where credit card was not present. One of the methods that's rising is account takeover which can be stopped with this idea because you can't get someone else's fingerprint. Other methods of online fraud can be stopped by OLA. Account takeover, stealing and losing cards and also counterfeit can be stopped by this idea, and these methods together take 51% of the total credit card fraud. One more possibility is - when you are ordering something online using your phone, you can confirm transaction using fingerprint scanner on your phone, after inserting your card number.
Expected impact of your idea on sustainable development
Target group with this idea/ product is basically everyone that's already using a credit card in day to day life or someone who might begin to use it. This idea is supposed to bring more security to it's users. This idea came to life when I was working on a loyalty credit card package for one bank and I asked myself "What do people really want from a credit card. How can I bring value?" and I realized it's security for their assets. For banks this would mean making their service better and attracting new clients. This idea can be combined with existing packages or with new ones, and is supposed to bring more clients and increase the quality of credit cards and safer transactions. Success can be measured by comparing the statistics of the market before and after the implementation of the product. If a bank for example has more customers, that can be due to this innovation, but more precise KPI is number of users of this product and then tracking that number throughout time. Another good indicator is number of transaction conducted using this new technology which would give us insight in our customers habits and usage of the card, and give us information what it is that we should pay attention on or improve. If banking sector is more stable with a sustainable number of credits per year, it's more likely for a monetary system of one country to be stable too. Also, if this product attracts new customers that haven't used credit cards before, it increases number of credits and that increases personal spending that's also important part of the equation of one country's economy. Governments should stimulate personal spending and investments, to go alongside bigger number of credit loans, to increase economy growth.
Plans for implementation and sustainability
The first stage would require research and development of the product with a team of dedicated and highly capable individuals that believe that they could build such prototype. After the prototype is built and fully functional, next stage is finding investors who would like to make investments in further production and development of the product. We would develop product with a key thought in our mind "How to make a product better? Constantly." One part of the gathered capital would be used for R&D because I believe that constant improvement is vital for competitive market, and we would also consider how can we launch new, related products. One part of the capital would be used for marketing of the product and getting businesses that could potentially buy it, informed about all the values that this idea brings to the table and why should they buy it. Also, I count on support from governments because it has implications in monetary systems and can help it's growth through increased credits and then spending and investments. If one bank buys this idea, it's the blue ocean for that organization, but also beneficial for our company because if one bank includes this product in their assortment, other banks have no choice but to follow. If all the banks are launching new product with new technology, that creates an opening for other companies to be born and produce PoS terminals, microchips and operative systems that could make transactions faster, and that's opportunity for us to sell the technology we developed at higher price because demand is bigger. Also that would raise the competition that would come up with similar products, but that can be solved through a patent.
My name is Stefan Bulatovi, I'm 20 years old and I study economics at University of Montenegro Faculty of Economics. I competed and won Case Study 2016 Show which is a competition in solving business problems that companies that sponsor the event give. In the same year, I competed at Case Study Competition in Zagreb, Croatia and me and my team came to finals where we got 4.85/5.00 grade. This year I formed a new team and I competed at Case Study Show 2017 where we got second place, and as a reward we got internship at one of the biggest companies in Montenegro. I'm also a member of AIESEC Montenegro.