Here’s an interesting way to celebrate the last day of Black History Month. Let’s talk about what banks and fintechs can learn from Beyoncé.
Affectionately known as Queen Bey, the black music and entertainment icon released a single this month called Texas Hold ‘Em, the pop singer’s first ever country music song.
The song, which you can listen to on Spotify (beware of the NSFW album cover image), has sparked a flurry of debate among die-hard country music lovers and pop music fans. Some country music enthusiasts perceive the lyrics of the song as inauthentic and the beat too poppy to be considered country. Others really enjoy the song and are offended that some country radio stations have refused to play the song. The new beat has even caused some pop music fans to start listening to country music. On both sides, however, Beyoncé’s new hit has divided people. Listeners either love it or hate it.
I’m far from a music critic, but I like Beyoncé and because I live in rural Montana, I listen to a lot of country music. However, I can’t stand the lyrics of the new song. I love the beat, but I feel like she used ChatGPT to gather a handful of “country” words– dive bar, tornado, liquor, slow dance, hoedown, whiskey– and poured them all into the song. Has Beyoncé really ever been to a true dive bar? I digress.
While everyone is entitled to their own opinion about the hit single, there are a few hidden lessons in the controversy and conversation surrounding Texas Hold ‘Em. So what can it teach banks and fintechs?
Embrace change
Beyoncé showcased an impressive ability to convert serious pop music fans into country music enthusiasts. Listeners who would have previously never even considered playing a country music song on purpose have gained a new appreciation for the genre. This power to open consumers’ minds highlights the importance of embracing change and adapting to new trends. Despite the challenge of staying on top of trends, fintechs and banks should be open to evolving technologies and customer preferences.
Authenticity matters
Just like how listeners of all music genres value the authentic beat and genuine lyrics of their favorite type of music, so do customers appreciate a genuine experience from their financial services provider. It is easy for consumers to tell when a brand is trying to be something that they are not. Fintechs and banks should strive to be transparent and true to their brand values.
Don’t limit your audience
The song’s polarizing effect shows the power of how music (or products) resonate differently with various audiences. Financial services companies should occasionally revisit their offerings to see how they can expand and fulfill needs of a wider audience range. As long as it is authentic to the brand, banks and fintechs should consider offering a more diverse range of products and services that cater to more audiences, serving their varied needs.
Photo by Emily Bauman on Unsplash