The Feds take new financial product to the millennials

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Downtown Auckland indie shop Federation, with Lassoo Media & PR, has kick-started a new campaign for a new product from leading financial services company FlexiGroup (formerly known as Fisher & Paykel Finance.), specifically aimed at millennials.

The new product, Oxipay, is based on research that shows younger consumers want to manage their money differently.

“With sky-high house prices and student loans affecting many in the 18 to 34 age group, millennials have a very different attitude to money than their parents,” said FlexiGroup NZ ceo Chris Lamers.

“They want to manage their money without racking up long-term debt.

Buy now, pay later
“Oxiplay is a modern financial product where people pay off their online purchases in four instalments on a fortnightly basis. The key difference to traditional layby is they get the product at the front end, rather than having to wait until it’s paid off.”

“Research from Facebook’s IQ unit released in February 2017 shows millennials are diligent in paying down debt, careful with credit cards and keen to accumulate savings. Having seen family and older friends hit by debt during the GFC, 46 percent of this group say financial success means being debt free.”

Kiwis in the 18 to 34-year-old age group are debt-averse, Lamers says.

Oxipay will be available for online purchases only initially but the plan is to launch an app for in-store shopping before Christmas.

“Initially we are targeting sectors like fashion, tech and lifestyle and already we have on board the likes of Hailwood, Pagan Marie, Evo Cycles, PB Tech, Playtech, Breo, iRelax and Bohome + Roam,” Lamers said.. “And we expect this list to grow very quickly as retailers realise the benefits of providing Oxipay as another payment method.”

Digital billboards
An extensive digital and out-of-home advertising campaign, based around Own The Now, will run for the launch of Oxipay, with Auckland independent agencies Federation developing the creative and Lassoo handling the media and PR.


Client: Flexi Cards
Chief Business Development Officer: Stuart Cameron
Acting Head of Marketing: Jacqui Hourigan
Marketing Manager: Tania Pointon
Agency: Federation
CD: Matt Campbell
Creative: Melissa Turkington
Creative: Phil Parsonage
Group Business Director: Callum Hayes
Media & PR: Lassoo
Account Manager: Monique Richardson

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