The explosion of the FinTech industry has done much to drive healthy competition with traditional banks and given the consumer more choice than ever.
However, are these businesses doing enough to make themselves stand out from the crowd?
Working closely with the FinTech industry, it is easy to let the logos, company names and impressive tech blind you. It occurred to me that not many of these businesses are doing much to distinguish themselves in a crowded industry.
Even with their bright colours, unusual names and great tech, I imagine that when asked ‘but what do they actually do?’ many average consumers wouldn’t reply with clear USPs for many of the leading names in the industry. There are, of course, some notable exceptions.
The gold-standard is Monzo – the status symbol of the card is instantly recognisable, even to non-account holders. Following not too far behind is Moneybox with its memorable ad campaign but it’s a real struggle to pick out many others without detailed research. The problem here is distinctive branding and a clear message telling consumers what is different about app X vs app Y. You can imagine that in board rooms all over the world, the conversation has danced around the topic of ‘how can we be more Monzo?’
The answer is surely something quite simple – be different! Monzo succeeded because they were first to the table. A good blueprint for success but only if followed theoretically, not literally.
How will you distinguish yourself from the competition by doing exactly the same thing they’ve done? Give the consumer more credit – we can spot a copycat a mile away.
The FinTech world is full of talented people, fantastic ideas and products/services that are genuinely making banking better and easier – it’s now time for these industry leaders to invest in their branding and clear messaging. After all, it’s all well and good having the best idea in the world but if nobody knows about it or understands why they need it, what good is it?
by Dominic Wren
Published date: June 13 2019