William Shakespeare's immortal line that starts with, “what's in a name," suggests that monikers we use don't really matter. That may have been true for Romeo and Juliet but, in business, names matter. If customers can't identify a brand, they're less likely to use it, which, in turn, is bad for business.  

Fintech is a perfect example of an industry where names matter. The fintech sector is competitive, anyone in the industry knows that. According to Adroit Market Research (cited on GlobalNewswire.com), the fintech market is forecast to be worth $699.50 billion by 2030.

Therefore, standing out in an industry worth such an eye-watering amount of money isn’t easy. That's why names matter. If you want a brand to stand out, it needs to be recognisable. The process of creating a brand starts with a catchy name.

Creating An Identity is Crucial in Business

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Specifically, you need to create a brand identity if you’re a fintech entrepreneur. Creating a brand starts with a list of core values. What do you want your company to stand for? You will, of course, have a product you’re trying to sell. However, all products are backed by an underlying ethos.

For example, if you go to HubSpot.com, you can see how major brands, such as Coca-Cola, use branding to give off a certain vibe. Coca-Cola’s red colour scheme “elicits confidence”, according to Hub Spot’s Kathryn Wheeler. Little tricks like this define a brand and, in turn, convey a certain set of qualities to the general public. Wrapped up in this branding exercise are names. What you call your company can make or break its branding.

Names don’t always have to “make sense”. Apple, for example, doesn’t say anything about technology, but it’s now synonymous with the digital age. Therefore, if you’re going to create the ultimate brand and stand out from the crowd, it pays to think outside of the box. This isn’t as easy as it sounds. We’re often bound by certain conventions whether we realise it or not. The good news is that technology can help.

Names Matter in Tech

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For example, businessnamegenerator.com uses the power of artificial intelligence to generate a brandable business name. The software uses keywords to generate thousands of potential names that then get refined based on word structure, length, and style. The software then checks to see if a web domain is available for your preferred names. The end result is a quick route to a brand identity without the usual stumbling blocks of writer’s block and copyright issues.

There’s no guarantee a name will stick or that the public will buy into a brand identity. However, if you’re going to make it in fintech, these are things you have to consider. The product is always important. In fact, it’s the most important thing. However, business isn’t just about having a slick product. If people aren’t buying into your concept, they won’t buy it. Therefore, even if names didn’t matter to Romeo and Juliet, they should matter to you as a fintech entrepreneur.