In this episode host, Jason Pereira talks to Binna Kim founder of Vested. The company is an integrated agency of Fintech and Financial Services Firm. She jokes about her Jerry Maguire moment when she decided to quit and start her firm.
Episode Highlights:
- 02.00 – Binna talks about how brands needed to speak to their clients. Vested wants to work with the best brand in the Financial sector.
- 03:50 – Jason talks about his personal opinion while sharing an example of his friend who is an art director at a media company and how terrible marketing he has seen.
- 04:55 – Jason continues to share that at times how boring and repetitive few ads are.
- 05:06 – Pointing towards the current awareness, Jason asks, “You must be seeing a lot more willingness from tech-start-ups to be different than before?”
- 05:16 – Binna confirms that more regulations are coming into the picture for Fintech companies.
- 07:17 – Binna shares from her experience that not only the big firms, even the independent firms or small boutiques, come to them and say, “We want our brand to be different; we want to tell a different story.”
- 09:41 – Jason highlights if part of your value proposition is passing on the cost-saving using digital technologies and trying to undercut the competition.
- 09:50 – The reality is you just destroyed the economics of that business to some degree, and you need massive volume to do that, so it’s not surprising that you will have to play sophisticated games.
- 11:44 – Jason enquires, “ On the start-up side when they are coming to you and saying you got the millennials now, how can we appeal those people?”
- 12:45 – Binna shares, “They have a much stronger idea about their brand and the kind of brand that they want.” “It is about the tone that they use for branding.”
- 14:49 – Jason raises a concern that when you are marketing one type of consumer and then you raise the bar and going beyond that, how do you help them navigate that?”
- 15:20 – Binna highlights everybody wants to find out their competitive wedge. During such a situation, understanding your “WHY” is essential.
- 17: 57 – Jason adds that “Lots of companies are now changing their tone and figuring out how to enable relationships.”
- 19:00 – Binna shares there are so much data available, companies are using AI, ML, Data Science to know their customer
- 20:52 – Binna answers a critical question on diversity and inclusion. When it comes to Fintech companies, the change can happen quickly, but it is not happening.
- 22:04 – Many firms are implementing policies and including women in leadership positions, but there is still a stigma.
- 24:58 – Binna shares about the one thing that has come out positively in the pandemic. It has virtually connected people.
3 Key Points:
- Binna and Jason discuss about acquisitions; more traditional financial companies swallowing small Fintech companies; therefor enabling them to serve more affluent customers as big brands back them.
- Binna talks how they have created a brand that is different from the rest. We challenge people to think differently.
- It is essential to ask yourself, “Am I putting my money behind the right kind of company?” Even for Fintech companies, they had to take cold hard look on their “Why”?
Tweetable Quotes:
- “Fintech companies will now have to look more grown-up” - Binna Kim
- “Start-ups are getting more matured in their marketing.” - Jason Pereira
- “If it does not cross the threshold of comfort, you have probably not reached there.” - Jason Pereira
- “More customers are getting to choose who they are going to work with?” - Binna Kim
Resources Mentioned
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