Can a business function like a democracy?

Can a business function like a democracy? Barclaycard is about to find out. It’s set to launch Barclaycard Ring, a crowdsourced credit card that taps into Millennial preferences. Radical transparency is a key element (“We’re pulling back the curtain that separates banks from customers”), as is the “power of community”: Together cardholders determine how the product is managed, based on financial disclosures from Barclaycard. The bank promises a straightforward offering (e.g., a standard percentage for purchases, transfers, etc.) and monetary “Givebacks” if it reaches a certain profit threshold.

“Community members learn and share, take part in blogs and discussions, weigh in on community topics and even vote on product features and benefits,” explains a video. At a time when an airline is issuing credit cards, new services like Boku turn phones into credit cards, and consumers can even buy with a tweet (via PayPal), experimenting with novel ideas is essential.