Theme: Celebrating 20 loanly years
Countdown timer
Video:
Narration topics:
Historical overview (Ruthie)
Customer testimonials (Customers)
Message from Chairman (Tony)
Vision (Simon)
Services (Staff)
Cash loans
Auto finance
Loan extensions
Loan consolidations
Agents
Businesses
Expansion private sector (Feli)
Continuous staff training (Feli)
Regulatory compliance (Peggy)
All female team (Feli)
Cloud based platform (Simon)
Reviews (Davinia)
New office (Davinia)
Foundation (Shamara)
B Roll
Staff
Interior
Exterior
New office construction
Drone
Slow motion
Wide
Charities
The following items to be presented in person:
Introduction (Simon)
Loyalty program update (Ray) (include stats for participation)
Financial performance (Bruce)
Balance sheet
Ratios
Credit losses
Risk management (credit, liquidity, concentration)
Mitigation fees
Chairmans message (Tony)
Ruthie’s retirement
Appointment of CFO/COO
Closing / charity (Simon)
This year we are celebrating 20 loanly years since Easyterms started as the in-house finance division of a car dealership back in 2004. It has since grown to become one of the Bahamas’ most prominent private lenders.
Despite our very humble beginnings we grew organically simply by offering exceptional customer service, competitive rates and complete transparency.
About 10 years ago we began offering cash loans, known as Easy Payday loans, and today these account for most of our business.
We originally focused on government sector employees, but last year we began offering loans to the private sector, typically those working for established businesses that allow salary deductions.
We continue to offer auto loans, but consumers have become more sophisticated and enjoy the flexibility of securing their own finance, freeing them to purchase a vehicle from anywhere they choose.
Our customers borrow for many different reasons, including vehicle purchases and repairs, home improvements, bill consolidations, school or medical fees and even for vacations.
At Easy Payday, we offer finance from $500 to $30,000 with terms ranging from 6 to 120 months.
Customers appreciate the flexibility and the speed of our service, often receiving approval within one hour of making an application.
We've also seen an increasing percentage of customers using our online service so there’s no need to visit our office to secure finance. This has also led to an increase in the amount of business we do in the family islands, since historically it's been more challenging for those customers to access credit services.
In 2023, we expanded our support to the family islands through a network of agents to help customers who prefer local personal service. And given that almost a third of our population lives outside of the capital, we think this is a great service that our customers deserve.
We are also encouraging businesses to take advantage of our merchant services, by enabling them to offer finance to their staff and their customers. This allows businesses of any size to provide financial services, helping them to compete without additional financial or operational burden. And the best part is, unlike a credit card merchant account, there is no cost to the business.
It's through these initiatives that we are able to drive further demand from the private sector which accounts for the majority of our workforce here in the Bahamas. So we believe we can help more customers by finding innovative ways to reach new market segments.
Existing customers love the ability to get cash when they need it without changing their repayment, if their salary deduction is already in place.
They also take advantage of our consolidation service, so multiple bills can be combined into a single, easy to manage monthly repayment.
And whilst our competitors offer similar financial products, with Easy Payday we strive to exceed customer expectations by ensuring that every interaction is handled with care, from the very first contact to the final repayment and beyond.
We have an all female team who are highly trained and it shows in their performance and in the relationships they have with our valued customers.
We are proud of them and are committed to consistently investing in their ongoing education and development. Currently over 50% of them are pursuing tertiary level education.
We focus a lot on the Easy Payday experience and pay close attention to every customer interaction. Our bright and pleasant office environment helps our customers feel welcome. We understand it can sometimes feel intimidating when dealing with financial institutions, so we do all we can to help them feel at ease and our Customer Excellence Officer ensures that we exceed their expectations.
Customers can reach out to us by telephone, social media, WhatsApp messages, and email. Online platforms are tools that are a great benefit to our business and this shows in our online customer reviews, with feedback on both face to face and digital interactions with our staff.
We actually have more Google reviews than all of our competitors combined, with an average score of 5 out of 5 stars. You can check it out for yourself, just Google search for Easy Payday.
We also have a large following on social media, with more Facebook followers than any of our direct competitors, and more importantly we have a lot of engagement.
New and potential customers use our social media channels to interact with us. It helps us to have a deeper understanding of our customers wants but most importantly their needs.
Our social media channels include Facebook, of course, followed by Instagram and YouTube; however, WhatsApp recently introduced a channels feature which is included in our messaging.
Our customers don't care how much we know until they know how much we care. So we invest in educational content to help our audience improve their financial awareness. This may seem counter to our business objectives, however we must earn the trust of our customers in order to build lasting relationships with them.
As we refine our policies, we extend our focus beyond legal and regulatory obligations. As responsible lenders, our policies undergo scrutiny through an ethical and humanitarian perspective.
While being accountable to shareholders is integral to our business, adhering to ethical and fairness standards is part of our corporate culture and ethos.
That being said, we operate as a fully regulated entity under the supervision of the Securities Commission of The Bahamas.
Our operations undergo regular inspections, consistently meeting or surpassing all mandated standards. Our most recent regulatory audit resulted in an exceptionally positive report.
We are also registered with the new Credit Bureau which requires us to share credit performance data in order to access customer credit profiles.
This helps with risk management, but also enables us to guide customers in borrowing responsibly.
Once more, our focus remains on building long term relationships with our customers.
So this is where we are today, but what about the future?
Well, earlier this year we made some specific commitments.
First, we aimed to help more people than ever. We have been innovating to increase our reach and our net customer growth continues to increase month over month.
Second, we pledged to enhance our customer experience. We recently created and filled a new Customer Excellence Officer role and the results of our surveys and reviews show that we are trending above expectations.
Third, empowerment through financial literacy. By producing and sharing educational content with our audience we are committed to helping customers improve their financial wellbeing.
Finally, we promised exclusive benefits and rewards. For our 20th anniversary we are giving away 20 gift vouchers every month, and at the year end we will give away a years supply of groceries to one lucky winner. We also support various causes through the Easy Payday Foundation as part of our commitment to giving back.
We are thrilled about the customer-focused innovations currently in the pipeline. In the meantime we're dedicated to continuously improving the customer experience.
None of this would be possible without the tremendous support of our customers and investors. We look forward to the next 20 years and we’d like to thank everybody that’s been part of our journey so far.