When the anti-money laundering compliance concerns of the Designated Non-Financial Businesses and Professions (DNFBPs) and Virtual Asset Service Providers (VASPs) were identified, our team of tech experts and financial crime compliance professionals joined hands to design and develop a smart solution to address these concerns.
The key differentiators needed to tap the DNFBP and VASP segments were noted. A listing was done of the concerns to be addressed and, thus, the likely features that must be imbibed in this new DNFBP and VASP-focused tool.
Before moving into the “Product Life Cycle Management”, the prerequisite was to come up with a solid product name and the interactive logo.
KK Gupta
Founder, RapidAML
Our brand name and logo must be reflective of the solution, something short yet describing the entire value proposition the tool has to offer.
To navigate the branding journey and translate the idea and vision behind the then-proposed software,
a professional digital marketing consulting firm was appointed.
During the detailed discussion with the digital marketing team, the fundamental adjectives to be associated with the solution were identified, which will play a pivotal role in developing a sustainable brand identity.
The ideation, sketching, and brainstorming began.
The first part was to finalise the name for the upcoming solution. Initially, the name agreed by the majority of the participants of this “branding committee” was FacctmLite. This was symbolic of the solution designed for the DNFBPs, a small business. Further, this name gave away the vibe of making their AML compliance journey light and relaxed.
However, when it came to designing the logo for this name, the re-deliberation started. All the above identifiers (reliable, rapid, effective, etc.) were again put in the centre of the table, and the discussion started on why the brand should not be more vocal about its functionalities and the pain points it focuses on resolving.
And that’s when the name “RapidAML” was finalised. An identity made up of two distinct words, defining the characteristic of the solution and the compliance space it focuses on. The word “Rapid” is suggestive of the following properties of the solution:
Tool that supports RAPID deployment
RAPID in enabling accurate compliance
Solution backed by RAPID tech-innovation
RAPID in keeping pace with evolving regulations
An end-to-end solution for empowering RAPID progress to DNFBPs and VASPs’ business
Another term in the name is “AML,” an entire compliance regime in itself, suggesting very distinctively that the solution has been incubated to address the concerns of AML.
This is how the name of the solution describes the solution itself, in just one phrase.
Maanush Dev
UX Design Specialist
Our goal behind creating the brand identity was to ensure that the name and logo reflects the identity of the solution and result in becoming a name associated with trust and confidence for DNFBPs and VASPs in handling their AML compliance.
With a unanimous go-ahead from the “branding committee”, the next step was to design a logo – reflective of the name and attributes of the solution.
Before moving to the logo, the brand colour scheme was to be stamped. The first colour chosen from the palette was PURPLE – a shade signifying creativity and uniqueness. Then was WHITE identified to complement purple, suggestive of the simplicity, trustworthiness, and versatility.
A few logo alternatives were created by the digital marketing consultants for presentation and discussion with the solution owners. Let’s have a look at some of the initial logo drafts for you to compare with the final one appearing on your screen’s top left corner.
The one finalised is a combination of the “upward moving arrow” and the initial letter of the name – “R”.
The arrow is our emotion and commitment to move forward with speed and empower the DNFBPs and VASPs in addressing their AML concerns speedily.
This is how we have evolved in developing our brand identity – too many options, sorting, filtering, discussion and deliberations. The name and logo had been created; now, it was time to build and grow a brand.
Can’t wait to see RapidAML in action?
