So lately I’ve been trying to get better about money and budgeting and stuff. And I was thinking, one of the big things that gets people in trouble is that they use their credit card or debit card for everything (seriously, no one my age writes checks), and then lose track of how much they’ve spent. So I was thinking, wouldn’t it be nice to have a way to always be able to get an up-to-date view of your account balances? After all, the banks already have that information, and it’s available through any computer.
There are two ways that I could see it work. The first way is if some sort of small display were incorporated into the card itself, that displayed the balance and updated every time the card was used. The big advantage of this is that you wouldn’t have any separate thingy to lose, and you couldn’t avoid seeing the display every time you used your card. However, it also severely limits the display (if not making it entirely unfeasible) because the card still has to both fit into your wallet and be swipe-able with a current device.
The other way to do it is to have a device that’s separate from the card. I’m thinking, something like the keychain RSA token that I carry for work, so that I can access our systems from home. Something about that size, with a similar display, could easily display the balance of any credit card or bank account, or even toggle between multiple accounts. And it might be easier to integrate something like that with current systems, because you wouldn’t have to change all of the card readers or cards.
That way, it could start out by just working with people’s home computers, and then maybe spread to ATMs or merchants. (Merchants wouldn’t be as likely to offer it, in this case, unless some sort of incentive was built in, and right now I can’t really think of anything. On the other hand, ATMs would seem like a natural fit, as an extension of their current services.)
[EDIT: And smart phones/PDAs too. Yes.]
This would be a case in which design (of a product) could potentially affect people’s behavior, by making them more aware of their spending and less likely to go over budget or overdraw their account.
Just a thought that I had.