Fintech Branding: What You’re Missing

This is an era where branding is more powerful than ever. No matter what industry you’re in, connecting with the public is what’s going to set you apart from the competition. As a business, you want to reflect an image that embraces culture and enthusiasm for your industry as well as an appreciation for your consumers. As an individual, building an image in the public eye is important for gaining trust. 

Thriving in your branding initiative is giving an image and voice to your organization and profession. Talking about what services you offer and what needs it fills doesn’t cut it for the new age of consumers. There needs to be something people can connect with.

The new era of the fintech industry is still new to people, with the success of PayPal setting the standard for many companies. Consumers want something they can materialize or else there will be uncertainty and hesitation. Branding is the formula to override this, though it takes effort along with trial and error. 

The main focus of branding in the fintech industry focuses on two key areas: one is trust and the other is empowerment. People need to trust fintech companies and feel like they are ahead of those still using traditional banking. 

With that in mind, here are some things your organization can try:

Content With Value

A large portion of the millennial generation does not have investment goals or even know how to properly invest or build a portfolio. Utilizing social media or apps, companies should take time to develop educational and engaging content for these areas. This move checks both boxes, it builds a trusting connection and empowers people by learning. 

Everyone wants to make the most informed decision possible when it comes to their finances. You can invest in all the advertising you want, but the most valuable content to your audience is based on your knowledge.

Go Mobile 

The average person spends around 5 hours per day on their phone and some as high as 12. There is an enormous window for advertising real estate on mobile platforms. Of course, many companies are riding this wave nowadays by building a social media presence and developing advertisements for mobile platforms.

App development is another major player in the mobile landscape. With an easy-to-use app, you can channel your advertising efforts to promote it. 

Transparency

Directness in your messaging strategy with a clear definition for what purpose your business serves is a far easier and less stressful way to market. Overcompensating will never pay well in the long term. Over-delivering on the other hand is sure to gain attention and build a supportive community around your brand. 

With finance, people need someone they can trust. Learning about a banking system that is ahead of its time will get people talking. The engagement aspect aside, innovation is always a driver of excitement. 

What’s Next?

Branding should be a fun part of constructing the layout for company culture. For fintech companies to consistently engage more users, finding ways to appeal to new audiences is crucial. Like anything, there will be things that work and things that don’t but the key is to find what suits you. 

Your business isn’t unique because of the industry, it is unique because you offer X Y and Z that others don’t, or because your long-term goals as a business means X to your customers. Try things, learn from them, try again and discover what about you as a company is going to be relevant to your audience's future.

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!

What To Do Before Expanding Your Business

As an entrepreneur, it’s exciting to think of all the great things that your business could do. As a business grows, continuing to plan and develop is important as you never want to find yourself at a standstill. However, to do this effectively, you must operate within your means. 

This does not mean limiting yourself or being frugal, businesses should always look ahead to see what they can add and improve on. What it does mean, is reviewing your resources and responsibilities before investing in expansion.

This may seem straightforward but any entrepreneur will attest that the temptation to expand is inevitable. The value is knowing what is necessary to expand on and when it’s appropriate to do so. Now what’s also important to note is that running a business will not be smooth sailing. An entrepreneur must be willing and able to handle and plan for contingencies.

This is a complex concept, but there are some things you can do to be prepared:

Vision

Visualizing where your efforts are taking the organization is essential, and making sure everyone is aligned with that vision is just as important. This is what you base your efforts on to legitimize expansion. Now, this may not be some big ultimate vision with flying car parking in your office complex. It starts with short-term goals, where you want to be this time next year or what you need to be prepared for in the next 6 months. 

Having small goals not only pulls you in the right direction, but it also gets everyone in the habit of and hungry for accomplishing tasks. 

Assess Who Is Helping

Organizations should consistently dedicate time to assess how well their needs are being filled by vendors. How are they helping production? Are they reliable? Is there anyone else offering something better? These are the kinds of questions a business needs to have answers to when it comes to where they’re allocating their resources. 

If your business wants to move forward, you need to be working with businesses that want the same. You become more than a client to your vendors, they become your partners. Partners are major players in the performance of your business so choose wisely. 

Team of Ambassadors

Brands with employees who promote the organization are an attraction for consumers and talent that could work for you. If you are working for a brand, why wouldn’t you promote the services you offer? This will also be beneficial down the line if better job openings come up. If you want to move up in the organization, this could be something that separates you from the rest. Recruiters will be sure to check your social media and if you show that you are passionate about who you work for, that will make them likely to choose you.  

A team is what makes an organization thrive, with the right leadership people can feel empowered by their role.

Adaptation

With every innovation or even unexpected change, there needs to be level-headedness. There are two types of issues, one can be controlled by your behaviour and the other is out of your control. What’s important is only focusing on what can be controlled by behaviour and action because that is how you later influence the outcome of what can’t be controlled at the moment. 

Giving up or holding back due to circumstances is not how a business grows. It grows by paying close attention to what’s going on around your industry and preparing to conform to those needs.

What’s the Takeaway?

Running a business takes a lot of willpower, it becomes like a child. This is why entrepreneurs have to be intentional with every decision made in their business. Deciding to expand is a step to a new level with more opportunities. But this is only the case when that step is taken after concluding it is in the best interest of the company.

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!

Mistakes You’re Making as a Digital Bank Service

Digital banking is a product of the future, and the market for businesses operating in this field is continually growing. A successful digital banking service does not have a niche group they market to. They instead set their horizons on a future where everyone is using this technology and construct a platform made for it. 

This vision of a future that utilizes this kind of banking is the marketing tactic that should be pushed when marketing the service. You probably think of online banking as your TD, Scotia, RBC, Bank of America, Chase, or whichever app/website you can check your balance and make transfers through. Why do you use these services? Did you see an ad for it and become compelled? Hear about it from other people? 

We utilize this technology daily but most of us may not even realize the extent it could reach 10 or 20 years from now. This is the starting point for companies getting into and growing their digital banking services. Not only are you trying to influence clients, but you want to attract investors to your business to give you the means of operating long term. 

With that said, here are some mistakes to avoid:

Not Educating People About Digital Banking

Not every generation can grasp the concept of digital banking. Some still believe it is as simple as a bank that has an app or website they can make changes through (though that’s a common marketing strategy). There are then a handful of people confusing it with the cryptocurrency exchange market. We’re seeing a pattern here… 

Not investing in a simple promotion of what your industry is will be something you regret down the line. Before you promote your services, show the vision in which your service was inspired. 

Lack of Transparency

With traditional brick-and-mortar banks, customers have trust in them. Though they may not realize shareholders are backing these businesses, to the average customer, they are secure. This may make consumers question how safe it is to switch to an online banking service. With no physical place to access a bank account, the business could disappear forever at any moment for all they know. 

As a company operating in this field, you want to be open about your capabilities and reasoning for services. For example, if you are still in the testing phases with your app, be open about that with your customers. It will hurt your company's reputation if you claim to be established while still developing. On the other hand, people may feel inclined to help a new company, especially one that is honest with the development stage they’re at. 

Poor Customer Service

Customer service may be the deciding factor when someone takes your business over another and vice versa. Especially with an online service, quick and efficient customer service is a requirement for building long-term client relationships. Additionally, this will benefit your reputation and get your name out into the market. 

With traditional banks, customers can deal with someone in person and have their needs met, but usually over a longer period. A paperless and quick customer service experience should act as the first floor to your online company's skyscraper. 

Lack of Security 

Stories of security breaches and hackers are a common concern for those looking into digital banking. Rightfully so, which makes it important to not only ensure security but have the means to support the claim. 

A digital banking company with a reputation for strong security is guaranteed to attract attention. It is a strong marketing message and a definite way to sustain a platform of customers.

Conclusion

As a digital banking service, you hold unforeseen opportunities. This is a service of the future and one that requires you to keep up with innovation. The need for banking access will never die out, so how is your company going to make a difference?

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!