Instant Financial
Instant Financial created a payment mechanism to help entry-level workers get paid on a daily basis. This idea has revolutionized the relationships that large brands like McDonald’s, Wendy’s, Taco Bell and others have with their staff. Thanks to Instant, employees no longer rely on predatory loans to scrape through. As a result, they are more productive and loyal (and happy). Instant Financial partnered with us to create a brand concept that would appeal to post-millennials and corporations alike. Welcome to the Modern Money Movement.
The Challenge
Instant needed to be relevant to two vastly different target groups; specifically, entry-level employees (18 to 27 years of age) and corporate managers (45 to 60 years of age). We conducted over 30 interviews with staff, managers, procurement officers, and a control group of typical candidates. We also conducted trend analysis and research report aggregation, and statistical and subjective test data interpretation. The objectives were to understand the perceptions and implications of periodic payments versus daily payments.
The Insights
Entry-level employees were flagged as being the most susceptible to predatory loans and in dire need of instant access to their funds. Armed with immediate cash flow, these under-banked individuals were able to take care of their domestic responsibilities in real time, without the requirement to involve third-party lenders. This translated into increased employee attendance, lower instances of theft, higher satisfaction (and therefore retention and referral). In short, employees embraced and benefited from it hugely. This also resulted in quantifiable operational performance increases for the business.
The Solution
We created a new brand concept that was designed to motivate employees and employers alike. The Modern Money Movement is a binding concept that is intend to replace the Victorian notion of paying people weeks after their contribution. The power (cash) is returned to the individual so they can accomplish more and escape the debt cycle. The goodwill associated with that is embedded in the employer/employee relationship. Freedom, transparency and progress are at the heart of this brand.