What Makes a Successful Fintech Brand?
It’s a common misconception that Fintech brands are selling products and services. The reality, however, is far more nuanced. They’re selling experiences, emotions, and beliefs.
That being said, highly known Fintech brands stand out – take PayPal, for instance. PayPal has a clear vision of the experience they want customers to savour when they use their products or services.
Moreover, new innovative technologies such as mobile banking, peer-to-peer lending platforms, blockchain-based payment systems, and user-friendly finance apps are no longer just a novelty – they’re becoming the standard. These ground-breaking fintech products are shaking things up in the traditional banking sector, introducing fresh, digital-only payment solutions that boast a unique look and feel unlike anything we’ve seen from conventional financial institutions.
These brands have not only built a dedicated tribe of customers but also a chorus of brand advocates singing their praises. So, what sets them apart from traditional financial institutions and other fintech offerings?
In this article, we will get up close and personal with the unique factors that make fintech brands stand out. We’ll explore the nitty-gritty problems these brands solve, their distinctive identity and design, their brand messaging, and their goals for user experience.
We’ll also look behind the curtain at successful fintech brands like Plaid, Coinbase, and Xero. Through these case studies, we’ll show you how all these elements combine to create a winning fintech product. Plus, we’ll share some actionable steps you can follow to build a thriving fintech brand.
Sounds exciting, right? Let’s get started!
Table of Contents
The core of a fintech firm’s success is its brand identity. Your brand identity acts as the glue that connects your company’s mission with its target audience.
Why, you ask?
Well, it’s pretty simple. Your brand identity is a beacon, guiding customers to your fintech solution amidst a sea of competitors. It’s what makes you stand out, what makes you unique, and more importantly, what makes you, well…you.
But here’s the kicker – it continues beyond identification and differentiation. A strong brand identity is like a magnet, attracting leads and ultimately driving sales. So, it’s not just about who you are; it’s also about what you can offer and how you can add value to your customers’ lives.
Moreover, a transaction is more than just an exchange of goods or services. Essentially, it’s a bond of trust between consumers and brands. A recent survey indicates that nearly half, precisely 46 %, of American consumers are willing to dig deeper into their pockets to buy from brands they trust. Consumer sentiment echoes similarly in other major markets like Great Britain and France.
So, what does this tell us?
It underscores the importance of building and maintaining a trustworthy brand with your customers. Moreover, it’s about more than just offering high-quality products or services. It’s about creating a genuine connection with your audience, understanding their needs and concerns, and consistently delivering on your promises. After all, trust is the cornerstone of any successful business relationship.
Adhering to a uniform brand representation, in terms of values, imagery, and messaging across all platforms, is brand consistency. It’s something that consumers value highly in a business. It’s so impactful that over two-thirds (68 per cent) of businesses attribute a revenue growth of 10 per cent or more to maintaining consistent branding.
Furthermore, it’s important to remember that your brand identity is not just about your logo or colour scheme. It’s much more than that. Your brand is your voice, your values, your story.
It’s the feeling customers get when they interact with your products or services. It’s your promise to your customers and the experience you deliver.
Traditional Banks vs. Modern Fintech Brands
Compared to traditional banking, the unique selling proposition of disruptive fintech products lies in their customer-centric approach to problem-solving. Indeed, fintech is a vibrant exemplar of how technology and design can revolutionise an entire industry.
To put it simply, fintech products offer superior solutions for managing finances. Traditional banking customers have long been accustomed to waiting in lines, filling out forms, paying transaction fees, and tolerating exorbitant exchange rates. However, fintech firms have shattered these norms by demonstrating that banks can operate without physical branches, offer lower (or even zero) transaction fees, and present services in a user-friendly and understandable manner.
Fintech brands began posing customer-centric questions:
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- Can we leverage technology to address this issue?
- What solutions can be easily accessible for the end-user?
- How can we create a game-changing product that enhances life quality?
This represents the pinnacle of brand strategy – striking the perfect balance between solving problems for target users and consistently communicating the solution across all touchpoints, from communications to identity to user experience.
Brand Communication
Brand communication is crucial in how your content connects with your audience. It transforms your brand into a relatable entity because it’s coherent, persuasive, inspiring, and memorable. Ultimately, it’s what compels users to embrace your product.
The messaging of fintech brands distinctly sets them apart from traditional banking institutions. How these products communicate with their audience forms an integral part of their identity, just as much as their visual elements do. Each word shapes people’s perception of who they are, what they offer, and why it’s significant to the user.
The tone of voice adopted by a fintech brand is typically human-like, friendly, and welcoming. These products use a communicative manner akin to casual conversations between friends, thereby building trust with the user and simplifying the product message for clarity. Human-like interactions are essential to dispel apprehensions about digital-only solutions and to establish an immediate rapport with the audience. Because if the communication confuses, frustrates, or intimidates the user, trust can be shattered instantly.
Did you know it takes just 1/10th of a second to form an initial perception of someone? It’s startling but true – users take about 50 milliseconds (yes, that’s a mere 0.05 seconds) to form an opinion about your website.
Numerous fintech products employ abbreviations and industry-specific language to demystify complex financial terminology for the user. For instance, instead of “Request”, a product might use the word “Ask”, instead of “Assistance”, it might use “Help”, and instead of “Funds”, it might use “Money”.
Visual Identity
Visual identity is a crucial aspect of how a company presents itself. It includes all the visual elements associated with the company, from logos to colour schemes to typography. A cohesive visual identity communicates the values, ambitions, and characteristics of the company and its target audience.
Let’s take traditional banks as an example. They usually sport classic logos marked by simple, abstract icons, all in a solid colour. Barclays stands as a poster child for this approach.
This conventional method undoubtedly carves out an image of reliability and solidity. However, it might score low on reflecting innovation or user-friendliness. It doesn’t necessarily resonate with the tech-driven vibe of the modern era. For some, it might even evoke memories of long waiting lines and monotonous paperwork.
On the flip side, we have fintech brands. Known for their vibrant and attention-grabbing logos, they often boast a cocktail of bold colours and distinctive icons. They radiate a digital aura.
Their choice of fonts usually leans towards the friendly side, and interestingly enough, their titles are often presented in lowercase. The brand aesthetic is friendly, inclusive, modern, tech-savvy, fun, and empathetic.
Believe it or not, a well-chosen signature colour can boost brand recognition by 80%!
While traditional banking brands evoke trust through visuals, photography, and the promise of reliable service, fintech products build trust differently. Their tools of choice are clear messaging, user-friendly graphics and illustrations, a visual step-by-step onboarding process, and, most importantly, a brand identity that feels digital and inclusive.
While traditional banks like Barclays continue to foster trust and reliability through their classic visual identities, fintech brands are shaking up the scene with their bold and inclusive aesthetics. Both have their unique strengths, but it’s clear that the future of finance is becoming increasingly digital and user-focused.
The User Experience
User experience (UX) is the all-encompassing term for a person’s interaction with a product, particularly about its ease of use and the overall satisfaction it provides.
Consider traditional banking mobile apps. More often than not, they are simply extensions of the brick-and-mortar banking experience – offering only the bare essentials and still requiring a desktop login or even an in-person visit for comprehensive services. It’s a fact that a staggering 90% of users have abandoned an app due to subpar performance. This is where Fintech products steal the limelight.
The beauty of Fintech lies in their reinvention of the wheel. These mobile apps are standalone products that encapsulate everything a user might need, making life easier for them, not the company. Every single touchpoint within these products is thoughtfully redesigned and enhanced.
But FinTech truly outshines traditional banks in the realm of offering a user interface and user experience. The difference is apparent when comparing a conventional bank and a FinTech product.
So, what does this mean for you? If you’re a Fintech brand, it highlights the importance of investing in UX.
After all, a satisfied customer is a loyal one. If you’re a consumer, choosing products that value your time and effort is a reminder. Because in this digital age, convenience is king.
Fintech Branding Case Studies
These innovative companies have managed to carve out their niches in a competitive landscape thanks to their strategic branding efforts.
Let’s delve into each one:
Plaid
Plaid has positioned itself as a pioneer in the FinTech industry. The brand’s primary focus is simplifying financial services for businesses and consumers, a message that resonates across its branding strategy. Furthermore, Plaid’s conversational tone and use of plain language make it approachable, fostering a sense of trust and reliability.
Moreover, Plaid’s simple and clean design logo reflects its mission to simplify financial processes. Its website employs easy-to-understand graphics and relatable anecdotes, reinforcing its commitment to simplicity and user-friendliness.
Coinbase
Coinbase, a leading cryptocurrency exchange platform, has effectively branded itself as a gateway to the digital currency world. The company employs an authoritative voice, positioning itself as an expert in a relatively new and complex field.
In addition, Coinbase uses clear headlines, numbers, and expert references throughout its content to instil confidence in users. By demystifying cryptocurrency and making it accessible to the average person, Coinbase has successfully aligned its branding with its mission.
Xero
Xero, a cloud-based accounting software platform, has skilfully humanised its brand. It resonates with its target audience – small businesses – by using a conversational tone, injecting humour where appropriate, and asking engaging questions.
Besides, Xero’s use of customer success stories and practical examples further strengthens its connection with its audience. With a vibrant and dynamic visual identity, Xero’s branding effectively communicates its commitment to making accounting less daunting and more enjoyable for small businesses.
In conclusion, Plaid, Coinbase, and Xero have successfully leveraged strategic branding to stand out in the FinTech industry. Their branding efforts provide valuable lessons on the importance of aligning your brand identity with your company mission, understanding your audience, and communicating your value proposition in a relatable and engaging way.
About Goldmine Media
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