Once Upon a Fintech Time
By Vrishali Kekre Deshmukh
In 2016, a fintech giant approached us, to explain the technology behind money transfers that were based on a biometric verification or a UPI handle. We couldn’t believe our ears! Was such a thing even possible? Had it not been for this company’s impeccable credentials in implementing the tech behind the UID (Aadhar) in India, we would probably never have believed their new idea as easily as we did.
Back in 2016, the idea of cashless transactions was unheard of. In many ways, it was a massive leap of faith for us (who knew back then, how cashless transactions would become so integral to our economy). Once on-board, we soon realised that this would be the exact sentiment sweeping over the early adopters (local kirana store owners, who were going to be the fintech service’s agents). And, it would be quite some time before, herd-mentality would kick in and the masses would follow.
Thus, began our journey of finding a brand name for a company, which sought to deal with other people’s money and launch a technology that seemed almost too good to be true.
Targeted towards the unbanked and underserved segments of the country, already mired in skepticism and financial frauds, the question before us was, how were we going to tackle this issue of trust. How do we reach out to an audience who has only heard of a bank as a financial institution but never really held a bank account? How do we make people feel safe and help them on-board?
Once we had identified this problem statement, the answer really was staring back at us. Like Charles Kettering, the famed inventor and head of research for GM, once said “a problem well-stated is half-solved.” It was ultimately a task in deduction, backed by solid logic.
This is our story of building and naming brand BANKIT and here is how, we ensured the success of this new brand:
1. Establishing an emotional connect: A sure shot way to ensure a name is well-received by its intended audience is to tap into their emotions. We came up with the word ‘BANKIT, which tied back to the word ‘Bank’ and allowed us to create instant recognition for the brand’s offerings. The name also leveraged people’s age-old trust in banking institutions.
2. Keeping it uncomplicated: If you try saying the word ‘BANKIT’ aloud, you’ll realise it’s short and simple to say. Straightforward names are easy to use and stand a much greater chance of being remembered, than those that are harder to say aloud. Now, say BANKIT aloud again. Easy to comprehend, isn’t it?
3. Readable and Writable: When a name is pronounced correctly, chances are that it will also be written and read correctly. BANKIT fulfilled this requirement, which in turn enhanced its trust factor.
Today, BANKIT is present in over 23 states, it has 50,000 outlets that offer its services and has achieved a gross transaction value (GTV) of Rs 10,645 Crore.
But, this was not all. We worked extensively to develop brand BANKIT and ensure it touched the lives of its intended audiences. This is how we built brand BANKIT, end to end.