Fueled by aspirations to be associated with the digital revolution, many banks, insurance companies and even law firms are strategically identifying their offerings as technology-driven, embracing tech as a core part of their identity. Meanwhile, many tech companies are moving away from this label, acknowledging that technology is simply a medium—not the message—for what they do, and technology alone isn’t a marketplace differentiator.
It’s a larger trend that’s surfacing across multiple industries around the globe. Financial institutions are distancing themselves from simply being known as aiding in transactions and providing monetary services. These organizations are emphasizing that they are now in the business of technology, founded on the belief that they are creating data and metrics that have inherently changed their business model. On the other hand, many companies in the San Francisco Bay Area and beyond are pivoting away from being known as a “tech” company in hopes that consumers view their offering with greater purpose through products and services that truly enhance our lives. For either industry, though, it seems that introducing these new labels will create confusion in the marketplace.