Opportunity
BMG Money, a subsidiary of Banco BMG, originated as financial services company who’s principal mission was to combat economic injustice in underserved communities. The company recognized a growing demographic of public sector employees who were unable to obtain emergency loans due to low credit scores and exorbitant loan interest rates, and wished to remedy this issue.
In California alone, 1.8 million customers take out 12.4 million payday loans per year, which are accompanied by high interest rates that leave the customer financially disadvantaged. In addition, payday loan stores are disproportionately located in economically disadvantaged neighborhoods.
BMG’s goal was, therefore, to communicate to public sector employers and employees that there is a responsible, affordable alternative to payday loans and to level the playing field for these underserved groups.
Solutions
To isolate BMG from the negative stigma surrounding payday lenders, Ideon began with a What to Why rebrand. Changes to the company logo and the existing set of brand assets allowed us to highlight the accessible and customer-centric nature of the bank, and reiterate its essential desire to deliver economic justice.
The firm’s new mantra, “Transforming the way America’s public sector workers access responsible credit,” positions it as a human organization in a transactional category, and ultimately appeals to its audience in a new way
Results
This pivot from loan centricity to customer centricity continues to serve BMG Money as it evolves, develops and gains notoriety as a national financial services leader.
We’re honored to have partnered with BMG Money and continue to support its commitment to fair and affordable loans and customer welfare.
