BMG Money, Inc. is a ten-year old financial services company located in Miami, FL, operating in 34 states—and has made almost $1 bn in affordable and responsible loans to satisfied public sector employees. It is a subsidiary of Banco BMG, the sixth largest bank in Brazil.
BMG's challenge is how to stop the unacceptable and growing number of decent, hard-working public sector employees facing crippling stress and economic injustice due a toxic combination of unexpected expenses and exorbitant loan rates. In California alone, 1.8 million customers take out 12.4 million payday loans per year; 76% of customers take out 7 or more loans per year; 60% take 10 or more loans per year; and payday loan stores are disproportionately located in African-American and Latino neighborhoods. The challenge is to isolate BMG from the stigma of payday lenders.
Ideon was tasked to help BMG Money communicate to public sector and union employers and employees that there is a responsible, affordable alternative to payday loans—and that employers could work with BMG to offer loans to financially underserved and compromised employees to level the playing field particularly for those with low credit scores.
Following an extensive strategic review of the category, brand and opportunity, we shifted BMG Money from the perception of a “What” brand focused on making loans to its reality of a “Why” brand standing for economic justice for those seeking affordable, responsible loans to address unexpected expenses—thereby helping disrupt the vicious cycle of the predatory loans treadmill and replacing it with the virtuous cycle of affordable loans and improved credit scores.
This led BMG to a new mantra “Transforming the way America’s public sector workers access responsible credit,” reflecting BMG Money as the human organization in a transactional category populated with exorbitant loan options.
We articulated this vision and direction in a simple, human brand design that reflects the ease and customer centricity of dealing with BMG Money, across the spectrum of employers and employees.
This pivot from loan centricity to customer centricity will serve BMG Money well as it evolves, develops and becomes known as a national financial services leader.
This branding and BMG’s commitment to fair and affordable loans and customer welfare will shorten the time this shift will take. We’re honored to have partnered with BMG Money in this important, socially impactful initiative.
Thomas C. McCormick, Esq., BMG Money's Chief Growth Officer is a fan, explaining "Thanks. Great work!"