Can you say ‘Oops’ 46 million times?

Red faces in Australia’s Reserve Bank today.

There’s a spelling mistake on the new $50 note
The story came from the Hot Breakfast’s Hot Tips, with an anonymous caller letting us know about the microscopic stuff up. The miniature text is part of a speech by Edith Cowan — who features on the note itself — and reads: “I stand here today in the unique position of being the first woman in an Australian parliament. It is a great responsibilty.”

According to The Guardian, 46,000,000 of these $50 notes have been printed, totalling $2,300,000,000. That’s quite a costly mistake. Here are a few more.

The most expensive typing error ever?
Nasa’s missing hyphen; the extra ‘s’ that could cost £8.8 million; and recipes for disaster.

Creative credit cards

Here in the UK, we’ve had credit cards since the 60s, though the term was thought to be first coined as far back as 1887 by the novellist Edward Bellamy. So perhaps this fresh look at their design is overdue.

Portrait bank cards are a thing now
Consider the ways you use your bank card on an everyday basis, whether handing it over to a cashier, swiping it to make contactless payments, or inserting it into an ATM. How are you holding the card as you do all those things? Vertically, I’m willing to bet, or in portrait orientation, to borrow a term. And yet, the vast majority of credit and debit cards are designed in landscape, sticking to a thoroughly outdated usage model. This is the senseless design inertia that the UK’s Starling Bank is rowing against with its newly unveiled portrait card design, which was spotted by Brand New.

There’s more info on the reasons behind the change on the bank’s website.

Introducing our new card
Design usually evolves to solve something or to meet new needs, and bank cards don’t look the way they do by accident. They were designed landscape because of the way old card machines worked, and they’re embossed with raised numbers so they could be printed onto a sales voucher.

But we don’t use those machines anymore, so when you think about it, a landscape card is just a solution to a ‘problem’ that no longer exists. At Starling, we think it’s important that we can justify every decision we make – and we just couldn’t find a reason good enough to carry on using a design based on antiquated needs.

That first article from The Verge identifies a number of other banks and companies that have gone vertical. I’ve had a portrait Co-op membership card in my wallet for ages now, since their rebrand.

creative-credit-cards-2

Speaking of credit cards, here’s an interesting article about how companies across the globe are turning to AI to help assess credit ratings in what they claim to be a fairer and more transparent way. That’s the idea, anyway…

Algorithms are making the same mistakes assessing credit scores that humans did a century ago

It used to be that credit card companies would just be sneakily looking at transaction data to infer worthiness:

In the US, every transaction processed by Visa or MasterCard is coded by a “merchant category“—5122 for drugs, for example; 7277 for debt, marriage, or personal counseling; 7995 for betting and wagers; or 7273 for dating and escort services. Some companies curtailed their customers’ credit if charges appeared for counseling, because depression and marital strife were signs of potential job loss or expensive litigation.

Now the data trawl is much wider:

ZestFinance’s patent describes the use of payments data, social behavior, browsing behaviors, and details of users’ social networks as well as “any social graph informational for any or all members of the borrower’s network.” Similarly, Branch’s privacy policy mentions such factors as personal data, text message logs, social media data, financial data, and handset details including make, model, and browser type.

In these situations it becomes hard to tell what data, or combinations of data, are important — and even harder to do anything about it if these automated decisions go against us.

Show me the money

An interesting debate on the merits and drawbacks of our moving towards a cashless society. Yes, it’s super convenient, for both consumers and businesses, but perhaps not for everyone.

‘Cash is just grief’: why shops and bars want to make you pay by card
From contactless payments at self-service supermarket tills to online banking, it can seem like the digitisation of money is inevitable. But cash is proving curiously resilient. Payments UK reports that it is still used in 44% of consumer transactions and, oddly, as the Bank of England has observed, despite the rate of card transactions soaring and the value of cash payments falling by 10% annually, the volume of cash in circulation is at a record high. The number of British people who deal solely in cash – 2.7 million – is also rising. That oddity is often attributed to low interest rates, people hoarding money after the 2008 crash and a booming criminal economy.

Well, it’s good to see at least one economy booming, right?

Businesses can save time and money with card-only payments, and not having cash on the premises is safer too, but perhaps they like the way we’re more likely to spend more, too?

In a 2016 survey by the financial technology firm ClearScore, 59% of people blamed their overspending on using cards and 72% said that contactless payments make them prone to impulse purchases. […]

“The haptic, physical sensation of handling and spending a £20 note makes you ‘feel it’. With cashless, that is lost somewhat,” says Jez Groom from Cowry Consulting, which researches “behavioural economics”. “The Apple Pay ding you get from your iPhone should be replaced with a vibration calibrated to the amount spent: light for under £10; heavy and consistent for £30.”