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.