It’s true of every industry. Creating a stand out brand is the key to long-term consumer loyalty and business growth. But new fintech brands in particular need to not only establish themselves quickly as trustworthy and transparent, but back it up with a social proposition which runs deeper than simply making a profit.
Right from the start, entrepreneurs must focus on finding a truth and building on it. A strong core purpose helps to answer the question: What is our reason for being? Honesty and integrity must be embedded. The financial services sector was quick to recognise the importance of this purpose-based positioning in their mission to restore reputation and trust following the financial crisis in 2008.
The challenge for any brand is to find a point of differentiation that represents not just the overarching mission of the company, but also its inherent purpose – why it exists.
Wise fintech startups will go through this process before their first formal round of investment. This gives them a chance to stress-test the brand, and present a purpose and vision which goes beyond the look and feel (and, let’s be honest, the less creatively minded investors will be glad they’re not paying).
We recently worked with money management app Pariti, which helps people take control of their money, improve their financial health and access fairer financial products when they need them.
They needed to stand out as a voice for simple and transparent finance, by offering a service that fundamentally changes the relationship people have with their money. Their brand promise became ‘Your journey to financial freedom’. Pariti knows where its customers want to go and how it will help them to get there.
Here are five tips for a new fintech brand looking to establish a stand out brand:
- Ask the big questions. Why are you here? Branding by nature is reductive, it’s about defining the very essence of what you stand for – your core purpose and values. Make decisions about what you will invest in doing well and what you won’t do.
- Dare to be different. Every fintech company wants to be known as trustworthy, so finding a point of differentiation can be a challenge. Think specifically about how your brand helps people and its social imperative.
- Decide who your competitors are. In the most brutal sense, who do you want to win customers from and what brand image is right for that market?
- Keep it simple. Many branding initiatives fail because they are too complicated or unintuitive. Remember, branding is about basic psychology – connecting with customers. Make space for your brand to breathe.
- Build belief. Before unveiling your new brand to the outside world, ensure you are ready to do as you say you’ll do. Make your team ambassadors, engaged and energised to deliver on the brand promise.