During FinTech Stockholm last week we got to listen to many interesting speakers with a range of different topics inside the scope of FinTech. There was a lot of focus on what it is that makes or breaks a business and who are the ones that go from good to great. One topic of discussion was innovative ways of reaching new customers and there is one company leading the way - Lunar Way.
Lunar Way is a Danish FinTech company that acts much like a traditional bank but in a cutting-edge way. Basically, it is a banking-app which simplifies handling your personal finances. They offer Visa and Mastercard Prepaid cards, offered via their partner banks which are connected to the app that visualizes your spendings in a simple way. But it does so much more than that. You can do your accounting, banking, make budgets and they also have outstanding tools for productivity.
Currently Lunar Way also offers features such as Pay my bill (automatic payment of bills), their saving universe “Goals” (helping people to save up for their dreams, simple banking, their Travel Card (the card that takes away fees in five different currencies, and a business Universe that offers a transparent and simple business solution for entrepreneurs and freelancers. We have also heard rumours that they have plans of launching even more products that will help you with your every day finances.
But not only the product is cutting-edge, so is the way they get new customers. We could hardly believe our ears when we heard that they have Snapchat as their number one channel for customer acquisition. They work with a broad network of influencers who tell their followers about Lunar Way in a way that a younger audience can relate to. This also boosts their organic growth.
However, they said that they have had difficulties finding the right path. People want to feel secure when it comes to their finances and finding a voice that is both serious and more fun has been a tricky task.
We also got to listen to Star Stables global marketing director Taina Malén about how they have built a community around their product. Star Stable may seem far away from a FinTech company but there are many ways we can learn from their success. We can also work with influencers (even build up our own ones) that are interesting to our target audience. The principles are the same.
She also talked about the importance of sticking to your core. The ones who will make it are the ones who always stay true to themselves and develop a strong brand voice that stand out amongst competitors.
So what have we learned from this? We have learned that the increasing competition in the FinTech industry will put extra pressure on businesses to stand out. Companies will not just need to have great technological products, but they will need to market them in creative ways to rise above the noise.