With the internet and the mobile internet revolution, the sheer level of innovation and technology is disrupting the way we live. It is a time where efficiency and creativity in terms of strategy and design are required to thrive; a really exciting time for us, Skyne, to be part of it.
I see great momentum in FinTech. It is revolutionising how we do business, transfer money, and do our day-to-day transactions, making flexibility and ease available when it comes to financial services. For those of you who are not familiar with the term: FinTech is innovative finance. It describes the variety of technological interventions and advancements in the personal and the commercial finance. To get a deeper sense of what it is, watch this short video:
When it comes the GCC region, there is a high smartphone penetration rate, approximately 76%. There is also a young, digital population spending increasing amount of time online through their various devices. With this in mind, it wouldn’t be surprising to see the interest and the growth in FinTech within this region. In fact, it is impressive to see what the regional ecosystem has achieved in the past year by launching a number of accelerators, like Sandbox by CBB in Bahrain, Reglab in Abu Dhabi and FinTech Hive in Dubai. The UAE is topping Arab countries, being world 3rd in Islamic Fintech.
Branding of a FinTech company
With the great evolution in the financial services, I believe that when branding them correctly, it can be turned into great experiences. Branding is about using psychology when connecting with customers, understanding their needs and desires is key to building long-term customer loyalty and business growth; creating a standout brand. When it comes to a FinTech brand in particular, challenges in branding might arise.
Tips in FinTech branding
1. Create an emotional connection
A first challenge would be with overcoming the inherent coldness that can be present in finances, making it difficult to humanise and engage with the brand’s audience. This can be tackled by creating a strong human-centric brand experience. To bring that human-centric essence to life, you have to understand the audience’s needs and desires to be able to fully connect with them as a brand on an emotional level.
2. Dare to be different
Another challenge would be finding a point of differentiation for the FinTech brand. Almost every FinTech brand would like to appear as honest, transparent, and trustworthy, but how would the brand standout if it is blending in with the crowd, as in with other FinTech brands? Brands should dare to be different. Differentiating yourself from others in the market in terms of positioning and distinctive online/offline experience would unleash opportunities and enable you to offer a truly valuable experience for your brand’s audience.
A successful FinTech business that has its branding right is the Netherlands based Adyen. Adyen provides businesses with a single platform to accept payments through any sales channel anywhere in the world and serves more than 4,500 businesses to process payments through mobile, online mode, or in-store. This can be seen on their website, once you open the page you get a sense of how easy it can make people’s lives, no matter where they are in the world with their smart, humane introduction.
Your FinTech branding can be the turning point between lingering in obscurity or succeeding in your business. Take the time to make your branding right.
This blog is written by Reema Al Yemni, Brand Strategist at Skyne.