Why financial services brands are changing in a world of fintech

June 27, 2022

57% of global financial services institutions see fintech as the greatest disruptor of our time.
- KPMG

With new fintech market entrants and surging M&A activity in the financial services space, the future of the industry is continuously being disrupted. Traditional businesses are searching for ways to offer financial services in newer, faster ways that bring ease to the consumer experience, creating the impetus for transformation.

Nearly 90% of Americans now use fintech - with boomers the fastest-growing demo.
- Fortune

This dynamic creates the necessity for legacy banks to evaluate their brand, determining if the current state supports the future of their business. While the simple answer may be to pursue a more “tech-focused” brand identity to remain competitive, it’s certainly a balancing act between long-held authority and tech, portraying the right relationship with business partners and consumers.

Greater innovation and the emergence of new fintechs with competitive offers have shaken the status quo of the finance industry. Consumers are demanding more not just in terms of product offerings but in business practices and transparency, too.
- Forbes

Beyond brand identity, implementation becomes key to maximizing the value of fintech acquisitions or product launches. As integration or roll-out strategies are defined, brands must play an integral role. By starting with a comprehensive planning process, financial services institutions can avoid common pitfalls.

A few important questions get us thinking about the role of brand during an organization’s adoption of financial technology:

What role is fintech playing within the existing portfolio of offerings?
How scalable is fintech within the organization?
How does fintech influence the future growth of the organization?
Which audiences will interface with fintech?
What is the internal and external value proposition?
Will the change be treated as a product, sub-brand or assume the masterbrand?
Which branded touchpoints are most impacted?
What is the timeline for change?

With a goal of creating an interconnected brand experience, the questions above help kick-off the brand implementation planning process, aligning goals, timelines, and budgets with the roll-out of brand transformation.

At TenTen group we understand the importance of agility and speed-to market yet are grounded by our understanding of how comprehensive planning enables a successful launch or integration. If your organization is shifting its business and brand strategy to be more relevant, connect with us and learn how we can help with a smooth transformation.

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