IMAS FINANCE: Financial Wellness Reimagined and Rebranded

The iMasFinance offering entails its entering into agreements with supportive, progressive companies – “those wanting to invest in their greatest assets, their employees,” the business asserts – by providing financial wellness solutions: complimentary financial wellness training, short-term financial advisory services, housing solutions, personal loans, purchase cards and vehicle finance are all part of the offering.

Customers then become members and, as a financial co-operative, iMasFinance enables each to share in profits through the iMasRewards programme. “They become a part of our organisation through our membership,” iMasFinance explains. “At iMasFinance the core of our existence is shared value,” and, with over R1 billion in benefit rewards having been allocated over just the past decade, this assertion is inarguable.

“We exist to empower our members to live financially well while creating shared value for them, and in so doing be the most rewarding workplace financial services provider, enabling our members to benefit from shared value through providing innovative financial solutions. We are driven by the unique philosophy of putting our members first, and not profits.”

CO-OPERATIVE SPIRIT

The co-operative business model makes iMasFinance unique, in the sense that it holds agreements with corporates spanning the length and breadth of South Africa, allowing it to reach the widest spread of employees with these solutions; the company’s national footprint currently numbers 27 branches across the country.

One point on which probably every senior manager everywhere would agree is that the last two years have placed inordinate strain on organisations in every sector, and across the board. As Eddie Brandt, National Manager: Group Brand Ambassador at iMasFinance details, the company’s own staff compliment is subject to heavy investment itself through employee wellness initiatives as well as workshops designed to empower staff with skills applicable to both their professional and personal settings.

“These workshops focus on work-life balance, emotional and physical wellbeing,” Brandt says, “as well as assisting employees with setting and reaching their goals. We also offer financial wellness workshops at our employer partners and to our own staff,” he expands. “I would encourage employers to invest in the personal wellbeing of their employees as this affects all areas of their lives, including their work performance.”

iMasFinance’s financial wellness workshops are on offer free-of-charge to all employees at corporates with whom it partners, aimed at empowering people to live financially well by applying basic financial principles such as budgeting, managing debt responsibly and saving on a monthly basis. Its famed iMasRewards loyalty programme is, in addition, designed to financially benefit members through quarterly pay-outs as well as a reserve fund on which annual interest is earned.

“Our slogan ‘Your caring financial wellness partner’ speaks to exactly that – we care about our members and their communities, and that is why we focus on providing financial solutions that meets their unique needs,” Brandt continues.

“Not only do our members become part of our organisation through our profit share model, giving them the opportunity to become a part of something bigger, but our products are designed in such a way that we are accessible to all income groups, whilst delivering on our promise of being a responsible financial lender which is also why we invest in financial wellness – to empower South Africans to live financially well.”

BEST OF BOTH WORLDS

Brandt is unwavering when questioned on what he feels to be the primary, and most impactful, developments in local financial services in terms of the future of the sector on the content: digital enablement and financial inclusion. “Managing your finances at anytime from anywhere has become the norm,” he stresses.

“However, financial services have to be accessible in rural areas as well, and that is why we have recently invested in the revamping of our regional offices and national branch network so that we can service our members better in the areas where they work and live.” iMasFinance’s recent commitment over the coming 12 to 18 months to undertake an extensive upgrade programme represents a concerted effort to create enhanced customer experiences, while offering a greater breadth of automated capabilities including access to digital services.

“We often reflect on our current propositions, constantly taking stock of our offerings and look at opportunities to continuously improve to meet our customer’s ever-changing needs,’ agrees Joey Govindasami, Managing Executive at iMasFinance. “Although we live in a digital era, we must still invest in our branches in line with our channel-of-choice strategy, hence our upgrading our branches where customers can personally interact with us and easily access our digital channels.

“In the iMasFinance context value re-imaged means bringing our distinct shared value, in the form of iMasRewards which is underpinned by financial wellness solutions, to our members. We are very excited about the branch revamp in Phalaborwa, which we believe will give our members the opportunity to experience our renewed brand through face-to-face interaction supported by financial education and promotion of digital channels to enable them to easily manage their iMasFinance portfolios.

“This is a significant aspect on their journey to financial security and health.”

Behind the financial co-operative’s rebranding late last year and evolving into iMasFinance was the aim to both expand its reach and enhance its value proposition, epitomising its accelerating digital capabilities. With repositioning and progress the order of the day, iMasFinance’s commitment to its members and employer affiliates remains the central priority and a key strategic focus, the company was at pains to state.

“With a rich legacy spanning over 84 years, iMasFinance has been helping employers with affordable employee benefits by providing solutions that promote financial inclusion,” unpacked Banie van Vollenhoven, Group CEO. “Our business excellence model prides itself in offering solutions that are almost unmatched when it comes to affordability and personal financial services offered in the work environment.”

iMasFinance submits that the new visual identity, consisting of a shield to represent financial security and wellness backed by a striking purple still the prominent colour, relates to their diverse customer base and better expresses the co-operative’s purpose. “The reputation and equity created under our brand is a valuable asset; we are building on this as we pursue new segment opportunities, digitisation and future business growth for the benefit of our members,” added van Vollenhoven.

“The rebranding strategy reflects the Co-operative’s purpose which is to both empower and protect members to live financially well while creating shared value,” he finished. “Our refreshed iMasFinance brand strives to get closer to our members through digital solutions and fulfil their financial needs. We will also continue to empower them with financial health while creating the kind of shared value proposition that is relevant for the African market, and our stakeholders can look forward to enhanced customer journeys experiences.”