Competitive Landscape - TrueConnect, Kashable, and Bmgmoney.
I have compared TrueConnect, Kashable and BMG Money and have found in the comparison that while TrueConnect has no negative comments, posts or reviews in social media platforms or external sites, both Kashable and BMG Money had negative reviews. Listed below are the detailed findings of the competitive landscape.
TrueConnect is a benefit program that allows employees to apply for loans up to $3000 without the use of a credit score. The program is offered to employees with no cost involved. The loans are received from an FDIC bank, and are repaid by recurring payroll deductions over a full year to make payments manageable for employees. Repayment of the loans are reported to credit agencies so that employees can rebuild their credit, with free financial counseling also being offered to borrowers.
SOCIAL MEDIA ACTIVITY
TrueConnect is active on both Twitter and Facebook. They make regular posts about the products they offer as well as content about the benefits industry. The content and activity on both Twitter and Facebook are the same. No negative comments, posts or reviews were discovered about the company on social media platforms or external websites media coverage.
A December 2017 press release stated that TrueConnect was officially adopted by The New Mexico Association of Counties’ Board of Directors in order to offer county employees benefits. Members of the New Mexico Association of Counties (NMAC) can now include TrueConnect in employee benefit packages through their NMAC membership.
A February 2017 press release stated that TrueConnect was being added by W.S. Badcock Corporation of Polk County as well as Habitat for Humanity of Saint Lucie County to assist employees in achieving financial prosperity.
Kashable LLC is an online platform that gives employers the opportunity to allow their employees to apply for online loans that can then be repaid with a recurring payroll deduction installment plan. Based in New York New York, Kashable was founded in 2013.
Kashable’s last post on Twitter was on December 1st 2017, with no activity in 2018. They are more active on Facebook, with their last post on March 14th 2018. No negative comments, posts or reviews were discovered about the company on social media platforms.
Kashable received two negative reviews by customers on Supermoney, a site that offers helpful information about financial institutions. Both reviews focus on similar issues that involve recurring loan payments not being logged by Kashable, even though they are noted on the customer’s pay stubs.
An April 2016 article stated that Kashable’s co-founder Rishi Kumar was named as a Top 50 Technology Innovator by Employee Benefits News. Kumar was given a 2016 DigiBenefits Award for the engineering of employee financial wellness lending platforms that is offered to employers by Kashable.
An October 2016 article stated that Kashable would be developing digital lending tools for Hixme, a health benefits startup.
BMG Money offers two programs — LoansAtWork and LoansForFeds. LoansAtWork can be offered as part of an employee benefit package to enable employees to access loans that can be repaid by recurring payroll deductions. LoansForFeds is a reasonable priced loan program designed for Federal Government employees. Loan approval and funding can sometimes take as little as 48 hours and there is no minimum credit score consideration. BMG Money is located in Miami, Florida and was founded in 2009.
BMG is active on Facebook and Twitter, with posts on both accounts in March 2018. There are no negative reviews, posts or comments on either platform. BMG is also active on Instagram, with no negative posts.
There are complaints listed on a national consumer complaint forum, that accuses BMG of payday loan scams in 2012 and 2014, but we couldn’t definitely establish that this is referring to the same company. Regardless, it could have a negative effect on the company’s image.
In a May 2016 article, BMG Money was mentioned as being considered in Broward County’s plan to select a loan provider to be offered in employee benefit packages.
In an April 2017 article, it was stated that BMG Money was being considered as an option for lower income employees of Miami-Dade schools.
In conclusion, of the three companies in the landscape, only TrueConnect had no negative reviews, comments or posts.