The original definition of ‘hacker’ is quite different from the modern day understanding of the word. It was used to describe not a digital intruder, but instead the art of taking something apart. Of seeing how something worked or what it could become. A ‘hacker’, in this context, is therefore a creator and an innovator. It is a mentality, a mindset that looks at how a certain issue is handled and says: ‘well yes we can do it that way, but why don’t we try this instead?’
To have a hacker mentality is to take a positive, curious approach to impossible problems and make them viable. Or, to paraphrase Gemma Godfrey, they don’t just keep it simple, they make it simple.
Embraced by both white-label and full-stack fintechs, the hacker mentality means they see how something can always be better. That everything is a continuous improvement on what’s come before. This is also why emergent financial technologies are not just innovative, but energetic and disruptive.
The hacker mentality has made fintech stand out as challengers within a historically sluggish financial world.
That same approach underpins the very best fintech marketing and communications campaigns and strategies. From TransferWise and eToro to the narrative surrounding Level 39 and Innovate Finance, there is an element of revolution embedded into every aspect of these companies’ communications.
Stories are the bedrock upon which any successful marketing campaign lies. Amongst fintech ‘hackers’, the common narrative follows the struggle against and disruption of the status quo. For example, Nutmeg deliberately circles around the issue of financial exclusion in their stories, looking at the extent to which the investment world has been the territory of the old and wealthy, closed to the average person on the street. Setting itself up as the Robin Hood of investment, Nutmeg champions its role in generating greater transparency and inclusivity in a narrative artfully aligning their position as a disruptive challenger offering new choice in the market.
Telling a story turns technology into opportunity. It becomes a ‘life hack’ – a simpler, quicker, better way to do everyday things. In Nutmeg’s case it’s investment, but other platforms work similarly for their industries. Look at the boom of new payment options like Stripe, an online platform allowing companies to accept payments through apps or websites; or the rise of crowdfunders from CrowdCube to Unbound that challenge traditional ways of raising capital.
Challenger narratives not only employ a fintech company’s own hacker mentality, but project it onto consumers – encouraging them to involve themselves in the story.
Yet the brand stories of top fintech companies have another trick to hand. They embrace technology’s ability to make better use of data and frictionless customer experience. Whilst good stories appeal to everyone and can be used to turn the often static world of finance into something accessible and engaging – the combination of good stories with unique data enables fintech brands to generate eye-catching content and stand-out amongst the crowd.
And standing out is integral.
No matter how good a product might be, if no one has heard of it, it’s going to fail. So in an ever more diversified and crowded market, fintechs need to figure out their position fast, to carve their niche with all the deftness of a Rodin apprentice.
The amount of data fintechs possess means they understand their customers – their weaknesses, their needs, their wants. The desire for transparency is a key example, as many of today’s largest fintech companies tap into the consumer’s desire for greater authenticity in the wake of the economic crisis. This translated into an increase in personable, ‘human-to-human’ style marketing over business-to-consumer relationships.
But today’s startups, whilst embracing the millennial appeal for transparency, must also distinguish themselves from each other. To do this, the best mine Big Data, they hyper-target their audience – finding fresh, engaging ways to first learn and net their ideal consumers. A useful example is ‘social listening’, which allows brands to perfect positioning – ie. if uncertain about what will resonate with an audience, platforms like Twitter allow brands to try the same message a variety of ways to see what sticks. This helps with newsletter themes or email headings, brand messaging and even crisis communication strategies.
In other words, fintechs are not just using social media and technology to engage but to inform their business at every level. Facilitating their ability to ‘hijack’ the conversation around key areas, online engagement and data usage to creates a solid footing into trade news and the national stage.
Ultimately this turns fintech companies into strong underdog challengers. Whilst they may not be market leaders, they seize the conversation and become thought leaders.
Their hacker mentality means they lead from second position. Thought leadership is ideal for fintechs. It hijacks the narrative so their extended audience discusses them, hacks into social attitudes so more become open to embracing a technological movement. Moreover, it’s cost effective. Editorial, unlike advertorial, is free. Coverage in a relevant business magazine or esteemed online forum is more likely to be appreciated and acknowledged by potential customers than an advert. With a small amount of creativity, their hacker challenge transforms into a stake in the industry.
The best advice then is to nurture that hacker mentality. As a hacker they can create a story and generate a narrative and cultivate a leading edge. As number two they can make a claim on doing better, doing more, than market leaders. They want to be an Underdog with a bark as big as its bite. But more than that, they want to be innovators, creators. Hackers.