BUNQ
OVERVIEW
App Design
Brand Strategy
Fintech
Bunq, Europe’s second larges neobank has been trying to break into the American market for years with no success. Not only was a repositioning of the brand’s USPs necessary, but a total overhaul of the app was required to better appeal to the unique needs of the American audience.
Bunq’s branding was also updated as the word is problematic in vernacular English and the rainbow colour scheme carries with it a polarizing connotation. Their current focus on currency exchange is irrelevant to American consumers but the ability to have sub-accounts each with its own IBAN is unique to the American marketplace and became the focus of the new app design.
Bunq’s branding was also updated as the word is problematic in vernacular English and the rainbow colour scheme carries with it a polarizing connotation. Their current focus on currency exchange is irrelevant to American consumers but the ability to have sub-accounts each with its own IBAN is unique to the American marketplace and became the focus of the new app design.
CHALLENGES
A complete brand and app pivot is a hard pill to swallow, but the current fintech space is crowded and highly competitive. American audiences already use online banking and peer-to-peer payment apps like Venmo, however the rise of “envelope budgeting” amongst younger users provided the perfect opportunity to position Bunq as a strong competitor, if done properly.
The American audience is demanding and specific.
The American audience is demanding and specific.
FOCUS ON SUB-ACCOUNTS & BUDGETING
This is perhaps the most unique feature that Bunq can offer in the American Marketplace: Sub Accounts. These offer a high degree of control over one’s finances and there is a growing demand for this type of budgeting system.
Unique to the American marketplace
Each with their own unique card and account number
Americans are becoming increasingly budget conscious
Can be shared, family, children’s etc...
INTEGRATED SOCIAL PAYMENT FEATURES
Approximately 76% of Americans have used a Venmo, PayPal, Zelle, or Cash App payment app at some point, though usage varies by app.
Necessary feature for the American marketplace
Direct deposit gives them an advantage over competitive P2P digital payment services
Integrated Bunq.me payment allows users to pay anyone, regardless of a Bunq account
TRANSFERRING AMONGST ACCOUNTS
Bunq allows for easy money moving between accounts including sub-accounts with features like “top off” and “automatic paycheck sorter” which will divvy up your paycheck according to your needs
A significant majority of consumers prefer to manage their bank accounts through a mobile app
Additionally, 83 percent of customers say digital innovations in banking are making banking services more easily accessible.
GREEN INITIATIVES WERE MAINTAINED BUT GAMIFIED
While there is a growing segment of socially conscious consumers in the U.S., it is not yet a primary driver for the majority when choosing a bank. This feature will likely appeal to a niche but dedicated audience and can be a strong brand. Therefore it was deprecated to the footer as a 3D gamified featured.
THE NAME "BUNQ" IS PROBLEMATIC IN ENGLISH
“Bunq” is a homonym of “Bunk” which colloquially refers to nonsense, humbug, or foolish ideas. It is an informal term, often used to express that something is untrue, meaningless, or simply silly. This is not a savvy name for a fintech app
Silo is a short, strong name that perfectly describes the function of separating your money into distinct containers for different purposes.
An important Roman goddess who became associated with the protection of funds and was known by the epithet Juno Moneta
A homonym of “cash” and meaning “store away in hiding or for future use.” This perfectly sums up the sub-account budgeting feature.
OUTCOME
What was proposed was ambitious, radical, and comprehensive. New brands were developed and a new app was designed to best capture the unique selling points Bunq could bring to the American marketplace. The app focuses on not only things Americans have come to expect, like credit monitoring and Zelle transfers, but features that users are currently craving, thereby setting up the brand for success in a new and completely different market.