As much as the technology is growing, everything around is becoming more and more digitalized every day. From food deliveries to virtual reality, we have experienced almost everything that makes us feel we are living in a completely digital world. E-commerce has grown stronger and with digital services being improved, we have also shifted our financial services to the digital world as well. A clear change can be seen in the business practices of this age and a few years back. Brick and mortar banks are not applicable to today’s world and they have become a thing of the past. With digitalizing of our world, more awareness of consumer rights has been created. Where people are now at more ease using all types of services on mobile or desktop devices, they also expect rather efficient and smooth customer experience. They also want to be smart while managing their funds and investments using digital devices and online services.
FinTech which is short for financial technology has not only made it easier for people to use their funds and investments while sitting on their couch but also started a booming industry. While using a SaaS model, trademark protection in FinTech is crucial. There is no compromise when it comes to reputation in the financial sector, reputation is everything.
Top tips for trademark protection
Here are a few tips for you to protect your FinTech trademark.
- Finding a trademark which is not only distinctive but also fanciful for your FinTech is necessary and you should do a thorough search while looking for your trademark.
- Once you have selected the trademark, you should search and apply for trademark registration in key your key markets. When you research your trademark, you search in certain product categories that are relevant for you, these categories are called trademark classes. Here are the key classes to search based on our research into the hottest fintech startups.
- Class 9 - This class is for software and apps and typically a key class for Fintech startups.
- Class 36 - FinTech includes both technology as well as financial services and this class is for banking, finance and insurance services so this is a core class for you.
- Class 38 - This class deals with software platforms and your trademark will be registered in this class if your solution is a platform or portal service.
- Class 42 - For digital subscription services and you should research this class for any SaaS style offerings in your fin-tech.
- Class 45 - This class includes for example identity verification services which are part of some fin tech solutions. This class is most important if you develop your own identity verification solutions.
- After searching make sure that you apply for trademark registration in your key markets. For the European Union you can apply for trademark protection in all EU countries with one trademark application.
- Once you are done with searching and applying for classes and your trademark is registered, you should keep monitoring for misuse of your brand name to ensure that no one copies your trademark.