Credit life insurance provider company, Yalu Financial Services, are running a #NothingToHide campaign developed by advertising agency Think Creative Africa.
The campaign and has two phases to it – an unbranded teaser message which ran for two weeks, followed by branded messaging delivered via radio, billboards and street pole adverts in key locations in Gauteng, supported by eye-catching social media content and digital ads. The messaging prioritises two key ideas: the need for greater product transparency from banks, along with better consumer education as to how more obscure financial products, such as Credit Life Insurance, work.
The #NothingToHide hashtag has been popping up all over the media lately, prompting consumers to question just how much local credit providers are keeping from them when it comes to Credit Life Insurance pricing and Terms and Conditions.
‘We expected credit providers to put up some resistance, but we were still surprised by how much they have tried to undermine the process,’ said Tlalane Ntuli, co-founder and Chief Operating Officer at Yalu. ‘Often this happens at the expense of the consumer, who remains in the dark as to their options. Product transparency and consumer education go hand in hand. Only when consumers are aware of how murky things are and how much money they are potentially losing will they demand greater transparency from banks – and only then will Credit Life Insurance providers be forced to improve.’
Yalu isn’t simply challenging banks to be more transparent, it’s also setting the example with a series of radical innovations, including holding a literally transparent, public Yalu Manco meeting in an audio boosted glass boardroom at a mall in Johannesburg. The meeting will also be aired live on Facebook and Instagram. This aspect of the Yalu #NothingToHide campaign has been developed in partnership with communications agency Msuku Media, and will see members of the public watch and interact with Yalu executives as they make key strategic decisions.
‘It’s too easy to call for change, yet sit back and do nothing yourself. At Yalu we see this campaign as our opportunity to set a new transparency benchmark in the South African financial sector. From strategic decisions through to product pricing and the way brands choose to communicate with consumers, change is very obviously required in our financial sector. We’re delighted to be the ones leading the process,’ concluded Ntuli.