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Communication Team

May 21, 2021 Lifestyle

The key to building brand loyalty in fintech.

As a new business getting off the ground, a growing one looking to streamline financial management processes that may have got out of hand, an established business wanting to take advantage of recent innovations to stay ahead – there’s so much to choose from when it comes to dealing with the money that comes in and goes out. How to do it in the most efficient, least painful, most secure way? Actually, not only is there almost too much to choose from, at the rate of innovation in fintech over the last half decade, and in particular over the last pandemic-dominated year, it’s almost impossible to stay on top of knowing what’s even possible with tech integration ‘these days’.

But by now we are all so familiar with the convenience that tech has brought to our lives that we do have instinctive expectations about what should be possible. When it comes to trying to juggle all the areas of your business involving money (most areas!), you’d be forgiven for thinking: why, oh why, isn’t this easier? Why can’t this bit hook up with that bit and speak with that other bit and then just deal with it automatically. Why am I still digging around for this password, that receipt, the one business bank card that someone has taken out again… why am I still turning away payments from customers because I don’t have this bit of hardware or the ability to accept that currency or that card type? At a time in history when AI can translate thoughts into text, why can’t there just be one solution for my business needs?!

And, of course, the answer is that there can be and there is, it’s just that creating the solution is so complex (if we say so ourselves) that it’s difficult to get across just how broad a solution is being offered in an immediately appreciable way. Which means that so far marketing financial service products has looked a bit like getting a small audience to sit down in front of their first ever TV with some popcorn and a nice drink, and then standing in front of it to explain in detail exactly how the TV works and how much they’re going to enjoy it… without ever turning the thing on.

Current fintech product marketing can empty rooms fast, which of course translates as fewer downloads to a dwindling number of interested people. In his article How to build brand loyalty in the finances services sector, Andrew Brennan of international brand & design agency fst – speaks to the feeling of overwhelm the public can experience when faced with a plethora of innovative options that pose as solutions for complex though everyday problems:

“Innovation is happening at such speed, and businesses are making inroads into new territories at an unprecedented rate. So, unsurprisingly, there's been a flurry of investor interest recently all around the world. As a result, the sector is experiencing disruption and progress at an extraordinary pace.

But alongside all the innovation and the proliferation of businesses coming into market, both b2b and b2c, we're also witnessing a surge in complexity. It's inevitable, as sectors roll out and the landscape becomes more complicated, that many people will be overwhelmed by their options.” (Full disclosure – FST has been responsible for our brand strategy and roll-out).

The answer, according to Brennan, is to engage a brand strategy that can cut through the complexity to speak directly to the heart (and imagination) of the human being– one that can ‘switch the TV on’ and let the experience speak for itself. He points out that “A brand strategy that offers clarity where there's confusion and reassurance where there's scepticism can help overcome these obstacles”

We were delighted to be highlighted in the article: ‘…consumer-facing payment system wamo is another good example of a brand that cuts through complexity to offer simple solutions to day-to-day problems. The strategy presents wamo as empowering; it's bright and positive, offering to help people stay on top of their finances safely and securely. It's easy and takes away any sense of panic and confusion.”

In a noisy landscape, getting heard is no small task and we’ve learnt that finding an agency that understands the complexity of a tech product while also being able to translate its usefulness and innovation to potential customers in a fresh, human, appealing way – well, is not easy, but is crucial… and we’re feeling lucky.

© wamo 2020, all rights reserved
wamo and the wamo logo are trade names of wamo Technology Limited and may not be used or reproduced without the consent of the owner. LTD incorporated and registered in the United Kingdom under the company registration number 12352849 and the operational office of which is at WeWork, 199 Bishopgate, London EC2M 3TY. wamo operates the website and the app. wamo is not a bank, the current account is an e-money account. Issuance of Electronic Money and payment services is provided by PayrNet Limited. PayrNet holds an amount equivalent to the money in the wamo current accounts in a safeguarding account which gives the customers protection against insolvency. We are authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (register reference 922901) for the issuing of electronic money. wamo is an EMD agent of PayrNet.