There’s no doubt that the fintech industry has disrupted every sector of financial services. Fintech has also exploded in recent years, prompting investors to back fintech companies to the tune of $30 billion.
This gold rush means that financial institutions have to rely on a strong brand to beat back the growing competition.
1. Focus on the Customer Experience
Your customers expect more from your institution than ever before. Are you prepared to meet and exceed those expectations?
Many banks still don’t get it. They’d rather have people go through the hamster wheel of automated options when they call. Your customers just want to talk or text with someone live who can solve their problems.
The customer experience is so much more than providing good customer service. It’s every time a person interacts with your company, whether that’s your website to sign up for an account or integrating your services with their bank accounts.
When you go above and beyond, customers will feel that. That positive feeling is your brand. It’s the emotion that people associate with your company.
2. Understand what Creates Brand Loyalty
As a financial institution, you want to keep your customers for a long time. The banking industry is more competitive, and customers know that they can pull their account at any time and go elsewhere.
You also have to realize that just because customers stay with your firm, it doesn’t mean that they’re not entirely happy or loyal. They feel that it’s more of a pain to switch banks than to stay where they’re at.
You can create brand loyalty by nailing your customer experience. It would be wise to work with the top branding agencies to audit your brand and spot opportunities in the visual representation of your brand.
3. Gamify Your Brand
Gamification isn’t only for retail brands like Starbucks. You can use gamification in fintech, too.
What is gamification? It’s the use of games and incentives to encourage your customers to use your apps and websites.
Save to Win is a website that works with credit union members to build savings. Customers open a savings account, they make deposits, and they have a chance to win prizes.
How can you do that with your brand? Think about your services and how you can make it fun for your customers.
For example, you can create a game where people get chances to play with every deposit or boost in credit scores.
Use games to drive customer behavior. Think about the top customer behaviors you want to see, such as customers spending more time using your app. You can then create games that encourage those behaviors.
Mint started to use gamification in 2012 to drive engagement. It’s safe to say that it worked.
Brand-Building for Fintech Companies
What can fintech companies learn about building a brand? If nothing else, it’s that the customer experience is the brand.
When you exceed customer expectations, you are on your way to building brand loyalty. That can be the cornerstone of your company’s growth.
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