How Mogo Transformed Short-Term Lending with Their Customer Community

Customer community platform Get Satisfaction helps Canadian financial services firm Mogo build community and increase brand awareness.

San Francisco, CA — October 28, 2010

The ‘payday loan’ or short-term lending industry is notorious for hidden costs and poor customer support. But Mogo, Canada’s top short-term lender, has used its Facebook page and a customer community to completely overhaul the perception of short-term loans. This commitment has paid off with more than 20,000 customers using Mogo for their short-term loan needs each year.

Mogo differentiates itself from other payday loan companies by guaranteeing full transparency about terms and fees, offering the lowest-cost loans and ensuring high- quality service. If customers aren’t 100% satisfied with a Mogo loan, they can return the original amount within seven days, and they won’t be charged anything.

“Our loan services challenge the status quo of the financial services industry by making it simple and easy for people to access money,” explains Philipp Postrehovsky, Online Community Manager for Mogo. “The transparency we’ve enabled with a Get Satisfaction community and Facebook not only positively impacts our customers, but it also allows people to better understand us as a brand before signing up. This has allowed us to increase conversion.”

Mogo’s CEO first discovered Get Satisfaction on sites such as Mint.com and immediately saw its potential for the business. At the time, Mogo was using a simple web form to gather customer feedback ± but they always saw social media engage- ment as part of their long-term strategy. “With the web form, we were limited to one-to- one communication, which didn’t increase transparency for our customers or help us engage with people already talking about us on other social media sites,” explains Postrehovsky.

Mogo also uses Get Satisfaction’s Facebook app, which adds a ‘Feedback’ tab to their Facebook fan page. This allows Mogo to be “everywhere their customers are,” unifying conversations happening on their website, with those happening on the social web. Operating in a transparent fashion across all online channels builds trust with current and potential customers.

“We encourage people to ask us anything on Facebook or Get Satisfaction. Everything is automatically posted for everyone to see and respond to, and an appropriate person from Mogo responds back quickly and in a fully transparent way,” explains Postrehovsky. “Customers can see that we have nothing to hide, which helps us builds trust and reinforce the Mogo brand. Hard questions give us the opportunity to overcome negative perceptions about the short-term loan industry so that more people will give us a try,” he adds. “And when customers write in about a service issue, we have an opportunity to publicly showcase just how seriously we take our guarantee of quality customer care.”

“No other company in our space is doing anything close to what we are doing from a social media perspective,” concludes Postrehovsky. “And Get Satisfaction plays a vital role in our success in this area.”


About Get Satisfaction

Headquartered in San Francisco, Get Satisfaction helps companies create engaging customer experiences by fostering online conversations about their products and services at every stage of the lifecycle. Companies of all sizes, such as Intuit, Kellogg's and Sonos rely, on the Get Satisfaction Community Platform to acquire new customers, provide better service and build better products. Today, Get Satisfaction powers 70,000 active customer communities hosting more than 35 million consumers each month. For a free trial, visit www.getsatisfaction.com.

About Mogo

Mogo is Canada's #1 short term lender. Mogo aims to become the amazon.com of money lending through better service, no hassles, the lowest price and no hidden fees. As the friendliest loan in town, Mogo is revolutionizing financial services in Canada by offering consumers convenient access to small loans, short terms and easy amounts to pay back. Additional information may be found at: www.mogomoney.com.

Media Contacts

Grace Nasri Bateman Group for Get Satisfaction getsatisfaction@bateman-group.com (415) 503-1818.

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