Are we really all in this together? (I think not)
By Lee Travers
“In the unlikely event of a sudden loss of cabin pressure, oxygen masks will drop down from the panel above your head. Secure your own oxygen mask before helping others. Cover your nose and mouth.”
I bet you've heard that so often, you could recite it. Me too...
Yet, as I sit on yet another flight, listening to yet another safety briefing, contemplating why we are putting this financial service business together - it strikes me! It's there all along in these mundane safety briefings telling me to put my head between my legs in the event of an emergency, or which lights to follow as I crawl to the exit (thankfully, never needed!)
All the messaging and marketing from the traditional banks, new challenger banks, Neobanks and Nubanks is about community and getting there together; but that is where they have got it all wrong. When it comes to money, can we really say we are all in this together as one? This is why in populations as large as the US and UK we have seen several loud launches, with huge marketing budgets, holding less than 100,000 accounts. That is a failure in my book.
So, back to the airline safety briefing. What clarity does it bring to the marketing strategy of a diversified financial services business? The key is in the "secure your own oxygen mask before helping others" part.
The message is clear: No-one is of any use to anyone else around them if they are not secure themselves. We are all good people - trying to do our best in life and care about our friends, families and neighbours - but we must first protect ourselves and then build from there.
This is why we are here, this is the focus of iamMoney; to provide a brilliant service, enable your lifestyle and to get you out of debt, cheaply and quickly. We aim to be relevant to your daily life, educating and guiding our customers to be more financially secure.
Then we can breathe easy and build together.