Fintech has revolutionized the world of finance and continues to do so. It involves using innovative technology to make managing business funds, trading stocks, and controlling personal finances easier.
People could say that Fintech companies compete with banks, but many banks invest in fintech start-ups.
Like all financial services, fintech is regulated at state and federal levels in the United States (US) and by the Financial Conduct Authority (FCA) in the United Kingdom (UK).
Only High-tech Marketing – Modern Technologies For Modern Products
Given the high-tech nature of the fintech industry, marketing based on the latest technology makes sense.
Employing this type of marketing shows that customers can trust a business to operate in modern finance.
It also makes it easier for fintech companies to communicate to their market about what can seem like a tedious subject to many.
They do this by using high-tech solutions in their marketing. Some examples of this are:
- Creating a mobile-friendly website. A website that’s easily accessible using a mobile device makes it easier to reach potential customers 24/7 and in any location.
- Using gamification techniques to appeal to a modern audience that plays video games and casino games online using fintech solutions such as PayPal deposits when they play.
- Marketing using social media channels like YouTube, TikTok, LinkedIn, and Facebook.
Businesses tailor these efforts towards the market they’re appealing to, which for fintech falls into four main categories, B2B for banks, B2B for businesses, B2C for small businesses, and consumers.
Effective branding is more than just designing a logo and deciding on colors. Creating a brand for a fintech business is about showing what they have that appeals to their audience.
Doing this involves choosing brand themes that appeal to the target market and communicating the issues the business’s products and services can solve.
Getting this right helps the company to stand out in a crowded market. Making this happen is essential in a world where every fintech projects a clean and minimalist image.
Communicating an understanding of products and services provides substance behind the image.
The benefits of creating a strong brand include the following:
- creating strong brand recall to encourage return customers;
- encouraging positive and strong word of mouth;
- showing the value of the brand and reducing price sensitivity as a result;
- enhancing customer loyalty.
Search Engine Optimization
SEO is an essential fintech digital marketing strategy. It involves using keywords that direct customers to products and services during their buying journey.
SEO also consists of improving page load times, enhancing mobile accessibility, and using backlinks. These features combine to generate traffic for fintech websites without relying on paid advertising.
Benefits of SEO as part of a fintech digital marketing strategy include:
- building customer trust by using SEO best practices to show they can rely on the business to manage sensitive and personal data;
- reaching financial services customers at the exact point of their journey where fintech products and services can answer their questions and solve their problems;
- attracting customers by publishing fintech articles on the business website that are relevant to search engines;
- enabling industry collaboration in the process of creating backlinks from related websites.
Enhance Your Mobile Experience
Given the high-tech nature of fintech, customers expect related companies to use current technology, including mobile.
So, using mobile in marketing efforts makes sense. On average, people spend around five hours each day using a mobile device.
Fintech companies can optimize their marketing efforts by reaching these people during these hours.
There are several steps a business can take to enhance the mobile experience of potential customers.
These steps include creating a mobile responsive website, keeping content simple and clear, so it’s easy to understand on a smaller screen, and ensuring fast response times.
Benefits of enhancing the mobile experience as part of fintech digital marketing include:
- using the most effective means of reaching potential customers (around 52% of online searches are conducted using a mobile device);
- having access to an audience 24/7;
- optimizing Google search results.
YouTube, Instagram, And More
The use of social media is a valuable marketing tool for fintech businesses if it’s targeted in the right way.
A business must identify its market sector before choosing the social media platforms that are most relevant and effective for that sector.
There are many social media platforms, such as LinkedIn, Instagram, Facebook, Twitter, Pinterest, Reddit, TikTok, and YouTube, so understanding where the business should focus marketing efforts is essential.
It’s also vital to choose messages and media that are most effective on each chosen platform.
Identifying an audience is the starting point of social media marketing for fintech.
Understanding this audience, which platforms they use, and how they interact puts a business in an excellent position to market its products and services successfully.
The benefits of social media marketing for fintech companies include:
- enhancing brand awareness and reputation through direct interaction;
- the ability to build trust through content;
- a chance to directly address customer pain points;
- creating low-cost, high-conversion leads.
Create Your Own Fan Base
Creating a fan community works well for fintech organisations. It’s a powerful way to build brand loyalty. One of the best ways to create a fan base is to involve people in the product creation process by sharing progress and asking for feedback. Businesses can seek this involvement in various ways, including creating beta test groups, hosting Q&A sessions, and arranging community meetup sessions.
The marketing advantages of creating a fan base include:
- creating a lifelong customer base;
- gaining valuable word of mouth;
- understanding the needs and pain points of customers from the start of the development process.
Every Innovation Should Be Explored
Technology doesn’t stand still, so fintech companies benefit from being aware of emerging initiatives that enhance their marketing. Currently, these initiatives include:
- enhanced sophistication in influencer marketing strategies;
- increased use of AI-based marketing platforms such as Jasper, Synthesia, and Descript;
- adoption of short-form videos in marketing campaigns on platforms such as TikTok;
- cause marketing which is a growing trend to attract customers who care about the values and social conscience of a business
Employing the most effective marketing techniques is essential to the growth of a fintech business.
Given the high-tech nature of the business, these techniques should be focused on using the latest technology.
Bearing this in mind, areas for a business to concentrate on include branding, SEO marketing, social media marketing, mobile experience, and building a fan base.
In addition, fintech businesses need to be aware of and use the latest innovations to optimize their marketing efforts.