Fintech Marketing: Top Techniques to Boost Revenue

The finance industry is quickly changing along with the advent of technology. The new term ‘Fintech’ refers to using computer programs to drive financial transactions, and also perform other banking and financial services. This type of innovation in the industry has changed how financial institutions operate, communicate, and engage with customers. This is done through a form of marketing called called ‘Fintech Marketing’.

Today, many businesses, from startups to big corporations, use fintech to help boost revenue. On the customer end, there have been recent developments in financial technology, including regulatory technology (Regtech) and Insurance Technology (Insurtech).

Because of this, many businesses rely on cutting-edge technology, tailored to specific industries. And having a cohesive digital marketing strategy, for businesses that rely on Fintech Marketing, is crucial.

Why is Fintech Marketing Necessary?

There are around 6.4 billion smartphone users worldwide which are equivalent to more than 80% of the world’s population.

But, how many of these users are aware of fintech? Consider this — only 1.3 billion people used mobile payment methods in 2020. This demonstrates the need for fintech marketing — reaching out to wider audiences.

The number of smartphone users is 6.4 billion, which translates to 81% of the world’s population.

Fintech Marketing Can Help You with the Following:

1. Reach new audiences: Learn about and discover new avenues and markets by meeting people’s financial demands.
2. Educate: Help people know more about managing their money better and carrying out transactions in a faster, safer way. Fintech marketing helps teach people about the benefits of technology and how to use it.
3. Trust. Build trust amongst the people as you encourage them to have faith in technology by showing how it works.
4. Data for decision-making. Open the opportunity for further innovation by providing industry decision-makers a data analysis. You’ll have more insights into your customers. This means you can better understand their expectations and demands. This expertise can customize your content, product, and service offerings.

Now, let us explore some tips you can use to improve your fintech marketing.

 

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Tap the Untapped Market

The surge of Covid-19 in 2020 saw a big increase in the average number of purchases of fintech applications.

There was a big rise in financial app development between 2019 and 2021. In two years, the market saw around 4.7 billion financial application installations. One interesting point is that developing countries had 70% more app downloads than developed ones.

Investors are seeking growth in new areas, several fintech businesses are already using this possibility.

For instance, Columbians use contactless payments through MOVii as it offers a secure digital wallet service. The app is now used to distribute government funding to the general public. Users can choose for this application to buy goods as well as to pay bills.

And then, there is another banking app called Current which raised $131 in funding. It is geared towards independent contractors, and other members of the gig economy. They tapped a different niche to pave a successful growth path. Similarly, you can create and expand your user base by reaching out to untapped markets, and seeing the business grow in these areas.

Go Fully Digital

Fintech businesses use technology to deliver a better service than traditional banking apps. Having a digital plan for a fintech marketing campaign is important. 60% of customers abandon mobile-unfriendly sites, and 79% of visitors may turn to another site to find an answer to their issue.‍ For this reason, you should consider going digital with your fintech products and services.

Ensure your services are available and usable on a mobile device, and your app is error-free. Also your website should be responsive on both desktop and mobile devices. Your Fintech should be technologically up-to-date and accessible over the internet.

Content Powered by Thought-Leadership

Customers are often bombarded with a lot of jargon in financial services. However, some of this is impacted by the types of goods and services used. Therefore, businesses operating in the finance industry have a chance to help consumers. They can do this by delivering relevant and valuable content that is easily understandable. This includes creating thought leadership around various topics, from purchasing a home for the first time, to starting a college fund for your children.

Let us look at the example of the UK challenger bank Starling. They are a fintech company using smart, timely content to help and inform their customers. You can check out their blog and newsletter (aptly called ‘The Murmur‘). This offers a diverse range of content, from new product updates and features to hints, tips, and letters from the CEO.

Publish high-quality content in your marketing funnel, that can help attract and keep your ideal customers. You can also try the RACE framework to plan and manage your content, allowing your consumers’ decision-making processes.

Enhance Customer Knowledge Through Education

Many successful fintech businesses are trying to educate and inform their customers. They go beyond only providing information on how to use their products. As a fintech brand, you can demonstrate how customer issues are addressed using your products and services.

Next up, you can address problems and give key information to guide potential customers. For instance, prospective bitcoin buyers research a lot on cryptocurrencies before investing. Say, if they want to start trading on the BYbit platform, they might read a BYbit review before opening an account. If you are also running a similar business, it is your job to educate customers on the best ways to get started.

There are many ways to engage customers with your brand as a part of a brand awareness exercise. For instance, you can develop a series of bite-sized videos. It should introduce your fintech solution, and give them the confidence they need to begin investing in your ideas.

Keep your content focused on certain areas of customer concern, and keep the language as simple as possible. Knowledge-sharing is a part of customer education that should be key in your fintech marketing strategy. This should reflect in any content you create — articles, guides, case studies, videos, social media posts, etc.

Try bridging the gap between interest and action through educating your customer about a product or service. You can do this by focusing on adding value and educating your customers. Choose areas of interest that are broadly linked to your brand.

Use of Chatbots for Automation

Chatbots are a great way to engage the client in a meaningful conversion. You can adopt chatbots for the following fintech activities:

• Onboarding the customer
• Internal/external money transfers
• Bill payment
• Payee addition/modification
• P2P and recurring payment setup
• Real-time financial market data

There is the option of employing a self-contained conversational bot that offers a full range of online financial services. You can create a custom chatbot using SnatchBot, it enables your fintech business to tailor chatbots that address business needs.

Fintech marketing activities should have a high degree of efficiency and speed. Increase your website’s conversion rate by including an automated chatbot that responds to client inquiries in real-time.

Wrapping Up

One of the many complex marketing areas in the modern world is fintech. It has to deal with clients who are unsure of what they want or need which requires a distinctive approach. So, to be effective, fintech marketing techniques should be simple to grasp by the intended audience. This is possible with excellent content on different platforms.

Keep in mind that no long-term plan can succeed if you don’t constantly examine and adjust accordingly. Unlocking fintech achievement is simply a matter of time if you continue marketing in the right direction.

Please feel free to contact us either here, or through the form below for more information on the different types of marketing techniques.