Names that build trust AND signal innovation

Last week, we learned about naming trends in banking. The biggest banks are mature entities in a mature industry. Out of curiosity, we looked at fintech companies this week. They had this in common:

• The companies are relatively young
• The industry is evolving rapidly
• Trust is important, but innovation is, too

We compiled a list from a couple of different sources of the “top 50 fintech companies.” The types of names are quite different.

Miscellaneous drawer

The biggest category, with 18 names, is made up of misspelled, foreign language, or coined words. These words are unfamiliar to most English speakers. For example, there are misspelled names like Brite. The name Numus has various connections to money, numbers, and coins. There are vaguely Latinate names like Carta, Tala (and Talos), and Varo. There are more aggressive-sounding names like Quontic, Viction, and Kikin.

• These names can sound generic or a little silly at first
• But, they can grow to be meaningful
• And become valuable IP
• With a significant investment of time and/or money
  

English words

There were 16 names in this category. Banks used English words, too, but they used them much more descriptively. The names here are metaphors that can be poetic, like Spruce and Spring. Spruce could refer to the tree or the colloquialism, ‘to spruce something up.’ Spring has a similar double meaning. It could refer to a water source or bounciness or forward movement. There were some confusing metaphors like Glacier and Parafin. Glaciers are slow (and melting to our peril), and paraffin melts at a low temperature.

• These names come with built-in, layered meaning on day one
• But can have negative associations with some people
• And can be VERY difficult to defend as a trademark
  

Compound

There were 10 compounds in the list. Some names sounded like financial service providers: EverBank, Goodmoney, and Wealthfront. Others sounded more like they implied product attributes: BlueBird, Allspring, and Streetbeat.

• These names can be interesting and memorable
• They can be meaningful and more ownable than single common words
• If done wrong, they can feel dated
  

People / place

This was the last category. There were people/place bank names, but again, they were very different. The banks tended to refer to their founders or the place where they were founded. Robinhood refers to a fictional character. Maxwell is a common name that benefits from the associations with maximizing wellness. Dave and Debbie are arbitrary, and Greenwood refers to a historic business district.

• These can be meaningful on day one
• And can be the foundation for a compelling brand story
• But they risk being generic or misunderstood
  

Conclusion

The names in mature markets like banking vary dramatically from those in emerging marketing like fintech. The strategies are different partly because the fintech companies are so much younger and face more trademark competition. But, they also need to signal innovation to funders, employees, and customers from the first day.

Takeaways:

• Different segments of an industry require different strategies
• Coined words can stand out but require an investment to make meaningful
• Trademark availability is irritating, but it has to be part of any naming conversation
• Metaphor names can be rich with meaning, but make sure there aren’t unintended, negative meanings
• People/place names are ripe for reinvention. Greenwood is a good case study