Vancouver-based Mogo Finance Technology Inc., an online lender, is taking its digital offering to a downtown Toronto neighbourhood with the opening of its first “financial lounge.”
The physical location was opened in recognition of Mogo’s belief that although millennials have embraced technology, they still “crave interactions and brands need to create real experiences that build long-term loyalty,” according to the firm’s announcement released Tuesday.
The purpose of the space will be to hold events that are open to the public, focus on money management and include collaborations with local influencers and entrepreneurs. No transactions will actually take place onsite.
“At Mogo, that branch is on your phone. There shouldn’t be a need for a bank branch to actually handle any part of the banking transaction,” says David Feller, CEO and founder of Mogo, in a statement. “That’s why we’re not ‘re-imagining’ or ‘updating’ [the traditional branch]. Rather, we’ve fundamentally changed the physical financial space — which banks used to occupy — and opened up new possibilities for what it allows consumers to do and how they can experience a brand.”
Photo copyright: CNW Group/Mogo Finance Technology Inc.