ABOUT

How can we stand out in a competitive market, dominated by a select few brands with millions in funding, to realise our mission of making Open Banking more widespread and accessible?

When the team came to us, they were undeniably passionate and excited at the prospect of launching a new rival in the competitive Open Banking market, but adamant on solidifying a distinct positioning so that they could truly stand out. In our Creative Day, not a single person in the room other than them understood what Open Banking or its benefits were, despite having done research and reading a bunch of articles. Herein lay our opportunity.

Realising the rampant uncertainty around Open Banking amongst people (when we asked around, some thought it was when banks were open 24/7), we knew we had to do some of our own research to truly delve into the mindsets of not just prospective business customers, but end consumers. Following six in-depth interviews with senior stakeholders in financial and retail institutions, and an online consumer survey that spoke to 434 UK residents, we learnt even more than we were expecting to.

Following the eye-opening insights from our primary research, we developed a robust, authentic and evidence-backed strategy and brand positioning to launch this startup to market. We realised that first and foremost, we needed to eradicate skepticism around Open Banking and its benefits (because our research found that 78% don’t know what it is, and 48% felt uncertain even after we’d explained what it was) if we were to aim for industry and society-wide progress.

Our client’s belief is that rather than banks working in silo and gatekeeping people’s financial data, people should be empowered to leverage and share it in return for discounts, personalised offers and more. The benefits are two-way, so it’s a win-win for consumers and businesses alike. We needed to convey this message without using jargon and acronyms, but also without condescending – so our tone of voice became friendly and human, to work towards achieving financial freedom for all.

We were then entrusted with implementing the new brand, which consisted of UX and UI design, social media and marketing strategy, copywriting, animation and more!