The FinTech (Financial Technology) market is extremely competitive with a constant stream of new start-ups and some of the biggest companies in the world. Due to this, your FinTech brand will need to stand out among the competition to be successful, so let's take a look at how to build a successful FinTech brand.
FinTech Branding Components
There are five key components for a strong FinTech brand, and a strong brand has more chance of success than a weak one! Here are the five key components:
A mission statement.
A vision statement.
A set of core values.
A strong visual identity.
Differentiation.
FinTech Branding: Vision statement
Your vision statement is essential as it provides your internal team and your consumers the future plan and overall end-goal of the business.
With branding, it is all about emotional connections and a vision statement is just one element, which can inflict an emotional connection.
FinTech Branding: Mission Statement
A bit like the vision statement, the mission statement has the same effect, however this statement is about the current / short-term objective rather than the future of the business.
FinTech Branding: Set of core values
Your core value are the building blocks for your brand, these are words that define what your brand and business is all about, essentially they describe who you are and what you're all about. These values will guide your company and will come into play for every decision your company will make.
FinTech Branding: Visual Identity
Your visual identity must be strong and connect with your audience. It must encompass the vision statement, mission statement and core values, which int turn gives your brand purpose and meaning and showcases who you are effectively.
For example, if you're business is a digital bank and your core values are reliable, trustworthy, integrity, people-first and responsibility. You will want to make the visual elements (colour palette, logo, type-face etc) relate to the values, so in our example we could look at the colour blue for our brand as that is the colour that gives the feeling of trust.
FinTech Branding: Differentiation
Another essential for your brand is to be different. To make an impact you need to stand out and as the Financial Technology market is incredibly competitive if you're not standing our, then you are limiting your chance of success.
More often that not branding projects are done using an external company due to an outsides perspective, lack of bias and experience. If your FinTech brand needs some branding assistance, then get in touch with us and we would be happy to help make a success of your brand.