Fintech could be described as a tall glass of water. A glass of water that’s been figuratively thrown over the faces of the traditional banking sector. Sorry guys, I guess you had it coming!
The guys in grey suits are being pushed aside by a new generation who want to do things differently. And when it comes to branding and marketing, this mentality of out with the old and in with the better is the fintech industry’s greatest strength.
While the fintech sector is booming, startups and growing businesses still face challenges when trying to convince consumers to switch to their services. So here are six examples of the best fintech branding and messaging, which have helped each company to achieve significant market share.
Want to read more about fintech branding and communications? Read our blog post on the 5 things to avoid with B2C Fintech Branding.
Perhaps the original fintech, launched long before the term was even coined (pun intended). It wanted a major marketing campaign following its separation from ebay, in order to introduce the “new” Paypal to the world. Debuted during the first quarter of the 2016 Super Bowl, the campaign had the perfect strapline: New Money.
In just two words it literally encapsulates the service offering; the new versus the old. And as new money isn’t exactly a compliment when used in other contexts, it also possesses a knowing sense of humor.
Investing in the stock market wasn’t famed for its simplicity. Well, that was until fintech companies moved into this space and began democratizing it for the masses. But when it comes to simplifying the complicated, messaging can sometimes stray into patronizing. This, thankfully, isn’t the case for UK based AI powered investing platform Nutmeg.
Its messaging is simple to understand, explaining the key features of its product in as few words as possible. It supports this simple and economical front end messaging with a much broader content strategy across the site.
Is there anything in this world more tedious than shopping around for an insurance policy? Answer: no. It’s the one thing you know you need but will probably never need to use. This is a point that’s hardly lost on today’s insuretechs. Chief among them is Trov, the US based on-demand lifestyle insurer.
Its millennial focused messaging tackles this issue head on, by articulating its value proposition as “protection for whatever you love, whenever you need it, wherever you go”. So in an instant, it’s explained to consumers how it solves part of the problem of insurance: buying blanket cover for things you don’t need covered.
Revolut is a perfect case study of the evolution of a fintech’s messaging strategy as it’s evolved its product offering. The international banking service began as a cheap and easy way to spend money abroad. And this is what it based its minimalist messaging around.
But as the company has expanded its services, its messaging has kept pace. However, while the messaging has expanded, the brand has maintained its minimalist approach to comms. This helps to emphasize its substance over style. The front end comms is now a simple list of all the features it’s accounts now offer, which traditional banks are hopeless at providing.
Here’s another insuretech that’s taken a radically different approach with its messaging. Laka, a UK based bicycle insurer, has built its messaging around its community values first, its product second. Its community of cyclists pool their money and share the returns each month, based on the number of claims that are paid out.
Operating within a niche market makes this type of community-focused messaging possible. It also reinforces to consumers why this company has their best interests at heart – a vital message for an insurer to get across.
Cryptos are a complicated business for many would be investors. And Coinbase pretty much built it’s messaging around this fact. It explains how to invest in cryptos in the simplest language possible, aimed at the everyday investor, rather than at the hardcore crypto community.
Secondary to its messaging around simplicity is its security. By combining these two themes in its comms, Coinbase is able to remove two of the biggest barriers to crypto investing: confusion and safety.
These six examples show just how broad the fintech industry is. From banking, payments, insurance, stocks and shares, to crypto trading (to name just a few sectors). But while the messaging and comms strategies differ across all these examples, there is one constant throughout; none of them lead with price-led messaging.
This goes to show that if you have a great product then build your fintech PR and messaging around this. Don’t go for the cheap option and only shout about the price. That’s so old money.
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