Source: iam Bank
Enterprising, global digital-only bank, iam bank (iam), which launches in September 2017, will roll out free learning and therapy-based financial workshops across the UK and USA to educate and empower consumers around their financial decisions; a move which is the first of its kind.
Starting in summer 2017, each interactive workshop will be designed to support consumers in breaking down financial jargon, understanding their spending behaviour and the value of their money, and identifying clear and achievable goals. As part of this, iam will provide a qualified therapist at each session, so attendees can discuss their financial concerns in a safe and supportive environment.
iam understands the mental health implications that can come as a result of financial distress and aims to help and empower UK and US consumers to achieve financial wellness.Furthermore, everyone who attends a workshop, will be given the opportunity to sign-up for an exclusive iam account, giving them the tools to make their money go further; pay off their debts sooner and build their wealth and savings faster, all through their spending behaviours.
Lee Travers, Chief Executive Officer of iam, who has more than 20 years’ experience in the digital space, is passionate to change the stigma surrounding mental health and lead an open conversation around money.
"I have seen too many people torn down by financial pressures; their minds ruined, often feeling helpless and lost and not knowing where to turn to."
He adds: "We are building iam so that customers no longer need to feel alone. It will be available and accessible to everyone; we want to provide a service that no one else has provided before. At iam you will be more than your money. We will not penalise our customers with negative fees or overdraft charges, as this is neither productive or customer-focussed. Instead, our machine learning technology will keep our members one step ahead, preempting negative scenarios so that we can work together to avoid them," he adds.
Machine learning intelligence and algorithms behind iam will ensure every single member is presented with options and guidance aligned with their needs, behaviors and financial status.