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European Union regulators say Apple is violating the Digital Marketing Act, designed to regulate “gatekeepers,” or large digital platforms providing score platform services, such as online search engines, app stores and messenger services

In preliminary findings, the EU states that the iPhone maker’s App Store doesn’t let developers direct customers to alternative ways to make purchases. 

In a statement, Apple said it had made changes over the past few months to comply with the new law.

“We are confident our plan complies with the law, and estimate more than 99% of developers would pay the same or less in fees to Apple under the new business terms we created,” Apple said.

Dig deeper: DOJ lays siege to Apple’s walled garden

The EU also announced it is investigating whether Apple’s technology fee for third-party developers violates the new law.

“Under the DMA, developers distributing their apps via Apple’s App Store should be able, free of charge, to inform their customers of alternative cheaper purchasing possibilities, steer them to those offers and allow them to make purchases,” the European Commission — the EU’s competition watchdog, said in a statement. 

Are you getting the most from your stack? Take our brief 2024 MarTech Replacement Survey

Apple has 12 months to bring itself into compliance or it faces fines of up to 10% of its global revenues. However, the EU has made it clear it hopes ongoing talks with the company will indeed lead to compliance rather than sanctions.

The company is also facing anti-competitiveness charges in the U.S. Earlier this year the Justice Department sued Apple, charging the company with making it difficult for competitors to integrate with the iPhone, resulting in higher prices for customers. Apple denied the charges and said it would vigorously defend against the lawsuit.

The regulators have also been investigating Meta.

Why we care. It’s quite clear that, in Europe at least, the tech giants can’t get away with running their businesses exactly how they please. The culture within the EU leans heavily towards protecting individual citizens rather than corporate profits. Whether that’s good or bad, impactful fines will surely get the tech companies’ attention.

This won’t be the last such finding.

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The digital banking revolution promised a financial dream: Manage everything from anywhere with sleek apps. Fueled by the ease of Venmo and Zelle, I (and many others) dove in, expecting a smooth switch for our personal and business finances.

But after exploring numerous online banks over many years, each promising convenience and streamlined management, reality disappointed. Some were pretty but lacked features, while others prioritized hidden fees over user-friendly functions only after I signed up and moved my money in. Needless to say, I felt frustrated and stuck with a banking experience that wasn’t living up to the hype.

It turned out that there are lessons in this for B2B marketing too.

The expectation

Digital banks use branding and advertising to portray an effortless financial experience. Apps become your bankers, offering budgeting tools, real-time transaction tracking and instant transfers. Gone are the days of waiting in line at a physical branch. 

For businesses, the promise is even sweeter: streamlined payroll processing, simplified expense tracking and potentially lower fees compared to traditional banks. It all adds to a vision of increased control and efficiency over your financial life.

The reality

Despite slick ad campaigns and branding, many digital banks offer a one-size-fits-all approach, failing to cater to the nuances of personal and especially business needs.

What seems like a “free” checking account can turn into a hidden fee trap with minimum balance requirements. Teaser interest rates on savings accounts might vanish quickly, leaving you with a lower-than-expected return.

The disillusionment

In today’s digital age, convenience and transparency are king. We expect our experiences, from shopping to banking, to be flawless and upfront. But what happens when the promises painted by financial institutions crumble under the weight of basic tasks? 

We’re not talking about advanced financial products or mind-blowing innovations. We’re talking about the table stakes — a modern consumer’s fundamental expectations for their bank.

Imagine this: you excitedly sign up for a new bank account, lured in by promises of a “hassle-free” experience and maybe even a financial reward. Instead, you’re met with weeks-long deposit holds, online platforms that feel like navigating a maze and extra fees for simply wanting to move your money internationally. These aren’t “growing pains” or cutting-edge features — these are fundamental banking functions that should be smooth and efficient.

This bait-and-switch tactic in bank marketing is more than frustrating; it’s disrespectful to our time and money. Let’s explore the deceptive world of bank marketing and the hidden costs behind those “too-good-to-be-true” offers.

PatternExpectationsYour ExperienceBranding ImpactInconvenience and DelaysFast and efficient transactionsWeeks-long deposit holds.Perceived as slow, inefficient and potentially unreliable.Friction and ComplexitySimple, user-friendly online platformOutsourced platform with complex passwords and a need to contact customer service for resets. Even tech-savvy users struggle with login issues.Seems unfriendly to new customers and technologically inept.Lack of Customer FocusStreamlined processes for common needs like getting certified checks or transferring money internationallyDifficulty obtaining certified checks during a move. Extra fees for faster international money transfers.Disregards customer needs and life events, creates additional stress during important moments.Disconnected MessagingExcellent customer service that addresses problems effectivelyAdvertises excellent service but lacks the power to solve issues like long hold times and limited solutions (“I will put in a ticket!”).Creates a gap between advertised image and reality, leading to disappointment.Shifting Target AudienceConsistent focus on a specific customer segment (e.g., entrepreneurs)Marketed to entrepreneurs but later abandoned that demographic.Breaks trust and portrays inconsistency. Doesn’t inspire confidence in long-term partnerships.

My recent disappointment with online-only banks sparked a realization: Their flashy marketing mirrored a common issue I see in B2B companies — especially martech. Don’t get me wrong, attention-grabbing campaigns are great, but what about building lasting loyalty? 

In B2B, just as with banks, features are table stakes. Imagine if your ideal customer encountered content that empowered them, thought leadership that inspired them and a customer journey that was so smooth it felt like a glide to happily ever after. 

The key? Focusing on your ideal audience, prioritizing user experience design and demonstrating a tangible return on investment. This is how you craft a compelling value proposition that goes beyond features and shows the real difference your product makes. This is the definition of a modern-day brand. 

Dig deeper: Winning the B2B race from sales to profitability

Step 1: Unearthing your B2B brand identity

Your brand identity is the foundation of your B2B strategy. The essence defines who you are, what value you offer and what makes you unique in the marketplace. This involves introspection and asking some key questions:

What are your core values? What principles guide your decision-making and shape your company culture? And I am not talking about the generic words on your web page that no one in your company knows, can relate to, or recite. 

What problem are you solving for other businesses? What unique value proposition sets you apart from competitors?

Who is your ideal customer? Understanding their industry challenges, decision-making processes and pain points is crucial.

What tone of voice do you want to adopt? Do you want to be seen as a reliable partner, a thought leader, or a disruptive innovator?

Many B2B companies fall into the trap of crafting a generic brand identity that fails to resonate with any specific audience. A strong B2B brand identity ensures your vision and execution are in sync.

Step 2: Defining your B2B brand intention

This step goes beyond who you are and focuses on how you will translate your identity into action. Here’s where you craft the foundation for a powerful B2B brand strategy: the simple marketing promise. 

This concept, popularized by marketing guru Seth Godin, boils down your brand intention into a clear, concise statement that resonates with your ideal customer.

The simple marketing promise follows this formula:

My product is for people who believe [belief].

I will focus on people who want [desire].

I promise that engaging with what I make will help you get [desired outcome].

Dig deeper: Why B2B marketing needs brand building more than lead gen

Step 3: Implementation: Closing the gap between expectations and reality 

The digital banking landscape, like most B2B tech and software businesses, is awash with fleeting trends, each promising a quick path to success for both the  B2B customer and the consumer. While transparency in pricing and basic functionalities are undeniably crucial, digital banks and B2B businesses like yours seeking to thrive must venture beyond these rudimentary offerings. 

Success comes from excelling in areas that excite customers and build long-term, trusting relationships where customers gain value. By serving and addressing problems with solutions customers want and need, you ensure success. Sometimes, success is simply when everything works as expected, every time, with no surprises.

Success hinges on aligning your core values with the truths of your customer base, who you are and how you are best equipped to serve. By prioritizing areas that excite and empower your customers and by keeping the promises you make to yourself and your audience, digital banks and  B2B software providers can move beyond trends and establish themselves as trusted financial partners.

My perfect banking blend: Local branch and mobile magic

It may have taken me a few years, but my banking setup today combines the best of both worlds. For in-person needs, I rely on the convenience of a local Chase branch to make sure I can get a certified check when I need it, deposit cash when I have it and use a large network of fee-free ATMs. Has anyone else noticed that ATM prices are creeping up with everything else?

For everyday banking, I love Chime, a mobile-first bank recommended by a friend. It’s designed for the tech-savvy generation with features like early paydays, gas station discounts, you can deposit cash at Walgreens, and in general, there is more transparency to what you spend, what fees are and where your money is going. 

Everything works seamlessly through their app; they even offer unexpected perks like surprise savings. In all my time using it, I’ve never had to call customer service — a testament to their smooth operation. They deliver on their promises and keep surprising me with thoughtful features, making Chime a delightful banking experience. 

Dig deeper: Humanizing B2B: The key to better customer experience

The lesson: Combine convenience with human touch and transparency and deliver on your promises

The ideal banking experience, as shown by my current setup, blends the strengths of both traditional and digital banking. For B2B companies, this translates to providing both user-friendly tools and dedicated support. Here’s how to achieve this:

Prioritize a seamless user experience: Develop an intuitive platform or app that empowers users to manage their accounts easily, similar to Chime’s smooth app with clear features.

Don’t skimp on human support: While digital tools are essential, ensure you have accessible and helpful customer service representatives available, like the in-person help a local branch can provide.

Embrace transparency: Be upfront about fees, services and limitations. Follow Chime’s example of clear communication about features and where your money goes.

Deliver on promises: Consistently meet the expectations you set, avoiding hidden fees or surprise limitations.

Exceed with thoughtful extras: Go beyond the basic functionalities and offer unexpected perks or features that delight your customers, like Chime’s surprise savings program.

The true path to loyalty, in both B2B and consumer spaces exemplified by online banks, lies in cultivating a user experience that empowers. 

By focusing relentlessly on your audience, prioritizing user experience design and demonstrating a tangible return on investment, you can forge lasting relationships and build a loyal customer base that feels valued and empowered. This isn’t just about features — it’s about building a brand they’ll rave about.

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