The challenge of authenticity in a world awash with purpose - What the FinTech sector can teach us about ‘living your purpose’ (and what’s missing)
Most brands appreciate the power of purpose.
But a purposeful product does not equal a purposeful brand.
Below I highlight three things that are missing when it comes to living your purpose, and one shining example that shows authenticity.
Let’s start with this...
In the Fintech sector, 70% are born from purpose
Last week I immersed myself in the world of Fintech and challenger banks. I looked at 38. Boy was I pumped. Founders with the vision of a new and better way. Serving the disenfranchised. Intent on making the financial system work better for everyone. Tech products fixated on improving the customer experience.
A purposeful product is not the same as a purposeful brand
A smart entrepreneur who has found a gap in the market might create a purposeful product. But it is not the same as a purpose-driven brand. The differentiator is to prove your purpose drives more than just your bottom line. That it lives and breathes beyond your products & services.
Looking for the proof, is your brand purpose authentic?
So this is what we look for. Evidence that your purpose is not just a brand job, or an entrepreneur's story. Proof that the intent goes beyond recruiting customers and making money.
Despite being overwhelmingly impressed with the sectors desire to solve problems, I was interested to discover some gaps;
A lack of evidence. Beyond customer numbers and testimonials, this was thin on the ground. Few publicised the positive impact their business had on the world. So if you're not quantifying the social value of your business, what makes your purpose believable?
Customers are encouraged to give, but what about the business? 40% were not visibly giving back to society. Despite this, a number made ‘giving’ seamless for their customers. They observed, and responded to the ‘giving trend’. Should they be leading by example?
Non-profit partnerships devoid of brand purpose - Of the 60% who had non-profit partnerships, less than half were aligned with their purpose. This is a missed opportunity to show their purpose in action.
Of the handful that were cause-aligned (purpose tied with non-profit partnerships) one company stood out. That was Monese. Let me explain why I think it is so brilliant, and what you can learn from this shining example.
His brand purpose is born out of a genuine problem - Norris Koppel founded the company after being confronted with the difficulties of moving to a new country and needing to open a bank account
His brand is cause-aligned - his non-profit work is deeply connected to his brand purpose. In fact, he is focused on areas where the problem is the gravest - refugees
He is collaborating with non-profits to better understand the challenge. Working with refugee charities (not just giving to) - he states ‘the problems are complex’
I remember reading somewhere that if everyone is going in one direction, and only a few in the other. Choose the other (read this post here for more on the importance of disrupting the status quo). This is what Monese has done, and it makes them stand out. It makes me believe their purpose is authentic.
If you are interested in creating a transformational, purpose-driven non-profit partnership, then please get in touch.
