With the internet and mobile internet revolution, the sheer level of innovation and technology is transforming 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.
We see great momentum in FinTech. It is revolutionising how we do business, transfer currency, and do our day-to-day transactions, making financial services more flexible and easier available. In case you are not familiar with the term: FinTech stands for Financial Technology. This includes online currency transfer services, like TransferWise, cashless payments via for instance ApplePay, peer-to-peer lending, crowd funding, robo-advisers and digital currencies, like Bitcoin and Monero. It describes the variety of technological developments and advancements in the personal and commercial financial services industry. To get a deeper sense of what it is, watch this short video:
When it comes to the GCC region, there is a high smartphone penetration rate; over 92% of people in the UAE. In Saudi Arabia, the mobile and internet penetration is estimated to be close to 100%
There is also a young, digital population spending an increasing amount of time online through their various devices.
As a result, the interest and growth in FinTech within this region is already well underway. In fact, it is impressive to see what the regional ecosystem has achieved so far. With Sandbox by the Central Bank of Bahrain, Reglab in Abu Dhabi, FinTech Hive in Dubai, and FinTech Saudi in Saudi Arabia, different FinTech accelerators have been established successfully to connect FinTech startups with leading financial institutions.
Branding of a FinTech company
With the great evolution in the financial services industry, we believe that when branding them correctly, they can be turned into great experiences. Branding is about using psychology to create an emotional connecting with customers. Understanding their needs and desires is key to building long-term customer loyalty and business growth; creating a brand that stands out. 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 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 way to differentiate as a FinTech brand. Almost every FinTech brand wants to appear as honest, transparent, and trustworthy, but how would the brand stand out if it is blending 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 experiences would unleash opportunities, and enables you to offer a truly valuable experience for your target audience.
A successful FinTech business that has done 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, personal introduction.
Your FinTech branding can be the turning point between being unknown to the bigger public or succeeding in your business. Take the time to make your branding right. If you like to discuss this in more detail, feel free to reach out.
This blog is written by Koen van Riel, Marketing & Strategy Director Skyne.