A Strategy For FinTech Branding

FinTech eventually changes the business model from conventional to a moderate one.

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23 Oct

A Strategy For FinTech Branding

Written by Kreatiklan Tagged as Business and Brands
Financial technology or so called FinTech is the result of a combination of financial services and technology that eventually changes the business model from conventional to a moderate one. We initially had to pay face to face and bring some money, can now conduct money transfer transactions, save money, buy goods, plant shares, saving deposits, or even managing a business via online can be done via a smartphone. These FinTech helps buying and selling transactions and payment systems become more economical and effective. The advantage of FinTech itself is being able to reduce operational costs, simplify the flow of transactions, freeze the flow of banking information.
 
These are the FinTech advantages that surely shifts our experiences in finance,
  • Make financial services more accessible than before.
  • Makes the application and process of loan approval easy and fast.
  • Plays a major role in student refinancing (student loan)
  • FinTech increasingly contributing towards effecting mobile payments
  • Opening the door of investment options for small investors with easy application of personal savings in an organised pattern.
  • Drastic changes in online banking system.
  • Insurance market and its payment became more convenient.
  • The involvements of Artificial Intelligence and big data made it easier to predict.
 
If you need to know the broad classification of FinTech industry, check the graphic below.
 
 
 
The FinTech all services include :
  • Money Loans (P2P lending)
  • Money transfer
  • Investment platform
  • Mobile payment/Online payment
  • e-commerce B2B
  • cryptocurrency (though Indonesia has not approved this payment model)
  • crowdfunding is also part of fintech services
 
These FinTech are growing opportunities since people now are encouraged to be cashless society. More places are offering payment via mobile and smartphone. Indonesia has also applied their transportation on cashless payment with multi-card provided by several local bank. This will shift the trend and make people more aware on FinTech’s benefits. For international FinTech business (who want to operate in Indonesia), Indonesia is a great market since many people are bank-less which resulted from the lack of financial understanding of Indonesian citizens. With the increase in internet users, citizens are faster in getting information without having to check their credibility. This internet user recorded are the low-middle class.
 
Finance are refurbished a lot with many start-ups whose engaged in providing FinTech services. Until this article published, the government has issued an early regulations related to FinTech in Indonesia. The government also provides a list that contains legal FinTech which are acknowledged by the OJK through several online media. Some time ago, we probably heard the news about FinTech customers whose data was spread due to not paying the money back. These issue became one of the weaknesses of FinTech or more specifically peer-to-peer lending — where there is a platform that connects borrowers and financial providers. With substantial interest (usually calculated per day) many cases of customers are being terrorized because they are unable to pay the money and interest on the platform provider.
 
FinTech is relied much in trust and technology which sometimes is regarded as a boring area, having FinTech brand to work, should implement a great visual. Flat design, white colored/pastel colored, is considered boring though it can give impression that user could give their trust on your services. The right amount of character and color should ease the ‘boring feel’. While a visual tonality of cleanliness and consistency helps establish trust with users adding bold colors is okay. To make your brand catches human emotion, all FinTech services should have a simple and easy flow to understand which will improve engagements. And to get better prediction on algorithm and financial guides to user, you should combine the latest technology, like machine learning or artificial intelligence, predictive behavioural analytics, and data-driven marketing, will take the guesswork and habit out of financial decisions. Don’t lose sight of the emotive strength of your brand, no matter what environment it’s in.
 
People’s favouritism is always changing. FinTech should creates a bridge between a competition to always rethink, re-imagine and reinvent. If your FinTech brand needs some guide, Kreatiklan’s team will help you get the right path for your company through a conscientious research. Consider yourself to get a right brand identity by contacting us info@kreatiklan.com or simply hit (+62) 87-780-561-569