Transparency is something that the world is starting to embrace. Natwest are pushing a new marketing campaign to say why they are ending the zero credit cards. Essentially every zero percent offer is a hook to get you in and then they hike up the rate. According to a research study, 64% of people do not switch at the end of the zero percent.
Why have Natwest removed 0% offers?
Our customers have told us that three things are most important for them when choosing a new credit card.
We aim to provide clear and simple options which address your needs and reduce the complexity of choice.
We have removed complicated “% of balance” balance transfer fees.
You get the same credit card and rate if you apply online, in branch or over the phone.
I have been a long time believer that transparency is a good thing for good people and good businesses. If you got nothing to hide, you shouldn’t have a problem with transparency in business. It will help the good businesses get better and get rid of the bad businesses quicker.
Transparency makes it easier, it stops you having to remember what you have said to one person and you cant say to another.
Other people open up a lot more if you if are transparent.
Default to transparency
I also stumbled across their open salary policy on their blog which is the most transparent of any company I have ever seen. They explain the open salaries a bit more in the video below. It is also well worth a watch.
In this talk from TEDx Rock Creek Park Marcus Sheridan (aka The Sales Lion) shows how massive companies like McDonalds and CarMax are destroying negative stigmas and inspiring a new way of doing businesses—all where “secret sauce” doesn’t exist—simply by embracing transparency as we’ve never seen it before.
My biggest concern and point I would like to raise is that is you are so scared of what your CEO is going to share on Twitter then I think you have one of two problems
Your CEO should not be your CEO if he does not have the common sense as to what to share in a public place for the world to see
If you are worried that your CEO will release your dirty secrets onto social networks then maybe you should fix the way you do those things as a business so that you do not have to worry about him/her saying things they shouldn’t
If your CEO says he is too busy to use Twitter then he is saying he doesn’t see the point of having an open communication channel with his customers. Let them carry on sitting in their own little protected bubble for a bit longer.
In the USA 34% of people are on Twitter and 50% are on Facebook. How comes out of the Fortune 500 CEOs only 4% are on Twitter and 8% on Facebook?