Understanding the Why
Today, we are announcing a statement outlining the reason and meaning behind Beam’s existence. Some people call it Mission and Vision, but we prefer describing it as something that most people will “get”.
Digging into the Why
In his book Start with Why, Simon Sinek succinctly captures what’s known as the Golden Circle, a framework that defines companies big and small. To learn more about it, check out his TED talk video.
At Beam, whether it is to our customers, employees or shareholders, we make it a priority to communicate clearly the “Why” before we embark on a (potentially lengthy) journey to build the “How” (our proprietary processes and know-hows) and the “What” (our differentiated product, Beam).
While by no means refined, here is a summary that defines who we are:
Defining “Justice”
Apparent or not, it has been the missions of many innovative financial services companies today to center their mission around some forms of variations of the phrase “democratizing financial services.” While their intent is noble, we think using the term “democratizing” is a misnomer.
Democracy means equality; one person one vote. What Beam is after isn’t about equality or democracy; rather, it is about justice. American Capitalism is just, but it is by no means equal. Someone who is more capable and delivers more value to society should be paid more than someone who bums around the street. If they get equal pay, that would be unjust.
Whereas, in banking today, the status quo is not exactly “just”. A high-net-worth client has the privilege to negotiate directly with his/her bank for a better interest rate on his/her deposit. Whereas if you and I go to the bank, we will have to meekly settle with a 0.01% a year, unless we can deposit a minimum balance of $100,000 or, in some cases, a lot more. If a banking service is truly for the people and “just”, why should it differentiate the rich and poor?
Defining “Simplicity”
Over centuries, the banking model has evolved into a behemoth. There are over 5,000 banks in the United States alone, nearly one hundred thousand bank branches (not including ATMs), and a plethora mix of product offerings. We hope to simplify banking to its core. We believe that it’s the simple, not the complex, that inspires.
And with that, we hope to make it easier for you, our Beam customers. Complexity clouds our life. Time to bring back peace of mind when it comes to your banking and personal finance at large.
Why Should You Care
Why should you care? As Beam Journal readers or Beam product followers, we would like to clearly lay out our “Whys” and what we stands for, so YOU can keep us in check as we grow to improve our service. None of what we do is truly just about us, it’s more about YOU. Help us, help you make our collective mission a reality.
Learn more about Beam at our pre-launch website or like or follow us on our Facebook page.
