Rubix: What is in a Logo?
I am a fan of using imagery to grasp a concept. I am also not a graphic designer. Let’s just get that one out of the way first!
When I chose the name Rubix, I thought of its imagery.
We have many different areas of our life where we deal with other people.
Each area of our life I consider like a face of a Rubik’s cube.
Within each area, we have diversity of who we deal with. Within the area of personal finance, it could be a finance or insurance broker, a bank manager or even your best friend who gives you hot tips on investments. These people we deal with are considered an individual square on the cube.
In financial services, banks (in particular but this relates to most businesses) have built their profitability around providing every single individual square within a certain area of your life (see my first article on the Cost of Custody here). This would be akin to an entire side of the cube being one colour.
So personally, I would look like this:
Core bank accounts: Red (Westpac) and Yellow (ASB).
Insurance: Red (Westpac) Green/Blue (Cigna)
BNPL: Purple (Laybuy, not surprisingly!)
Mortgage: Bright Blue (Money Empire)
Credit Card: Red (Westpac)
Travel Card: Blue (Wise)
I’m not big on shopping around when I am getting good service, and even I have 8 individual squares.
I am what I would consider a transitionary financial user. Because I have utilised services of Brokers and other services, I am one step away from the old “I go to the Bank for everything” frame of mind.
It’s important to note the idea of lock-in here. Having to open new bank accounts (and the difficulty of doing it!) is a huge disincentive to shop around and access the financial services that are the best for me. Almost as though there is some chewing gum under the squares that make them difficult to change.
Rubix embraces diversity on the cube. In fact, we are building for it.
What I like about Web3 is that the customer owns the account (and importantly the assets contained in it), and can take it from one financial experience to another.
Wouldn’t it be great to log in, and see the same balances no matter who you logged in to?
That’s the start. And that’s where Rubix is heading. True bank portability. Removing the chewing gum, so to speak.