Financial Technology (FinTech) Branding
The fintech industry has been growing rapidly, becoming one of the largest business markets, dominated by industry giants like Stripe, Revolut, and many others. While it is a highly competitive market, that doesn’t mean you can’t carve out your own space in it. Here are some tips to help you do just that!
Tip #1: Study your competitors
See what the industry giants do best so you can know what makes a great fintech brand. More importantly, look at what they’re not doing or not providing for consumers, so you can fill that gap.
Tip #2: Try Niching
Most fintech brands generally offer a similar wide range of services, so instead of also focusing efforts on providing a wide range of services, try being known for providing a few services but doing them exceptionally well, positioning yourself as an expert and the best possible choice in a particular area. Though this method means fewer revenue streams, it also means stronger brand recognition and brand equity. With strong brand equity, you can consider premium pricing, as people are usually willing to pay more for a brand they hold in high regard.
Tip #3: Finding Your Audience
Finding your audience is a great way to establish your brand and find a space in the fintech market, driving success. Take a look at “Revolut” for example. Their primary audience group is individuals aged 18-34, those in Gen Z and Millennials. Revolut simplifies its messaging by using simple terms instead of typical “financial terms.” Their campaign “Your Way In” challenged stereotypes in finance and showed people how they can also be a part of a world that was usually too complicated or simply inaccessible to most people. Revolut breaks down many financial concepts and terms that most people probably wouldn’t understand and distills them into something understandable. This makes people feel included and at ease when trying to understand complex financial concepts. They also have a strong presence on social media, which helps in connecting to their audience. Knowing their audience is one of the many things that has made Revolut so successful today.
Tip #4: Build Trust
Building trust as a fintech brand is imperative. Provide clarity in your approach; don’t confuse users or overcomplicate things. Use clear and concise language in your brand collateral and messaging. Don’t employ hidden fees or use any deceptive business practices.
Tip #5: Appropriate Logo
Your logo is going to be the first thing people see when interacting with your brand. It must be bold, clear, and distinct. It must be memorable and appropriate for the financial industry. The logo should also invoke a sense of trust and security.
Tip #6: Colour Palette
An appropriate colour palette is very important for any brand but especially for a brand in finance. Typical colours used in finance are greens, blues, greys, and black and white. Greens are usually used to imply financial growth, blues evoke trust, stability, and security, while black, white, and greys usually evoke a feeling of sophistication and class.
There’s much more that goes into building a fintech brand, however, these were just a few tips to consider.
