September 15, 2021
Because fintech brands face unique challenges, their approach to digital marketing must be as inventive as the products and services they offer. From consumer education and building trust to regulatory compliance and a competitive marketplace, the road to digital marketing success can look like a steep climb for financial technology companies. But with the right solutions in place, fintech companies can position themselves for immense growth and significant profitability.
In this article, we’ll dive into four of the most effective approaches to digital marketing that fintech marketers can employ, and explore successful implementations of each strategy along the way.
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Fintech Digital Marketing Solution #1: Branding
Fintech Digital Marketing Solution #2: Content
Fintech Digital Marketing Solution #3: Mobile-first Experiences
Fintech Digital Marketing Solution #4: Paid In-app Advertising
One of the main priorities for most fintech companies is getting consumers up to speed and comfortable with complex financial topics while capturing valuable mindshare. Strong, digestible branding goes a long way toward easing that entry for new customers considering doing business with challenger brands. Start with a unique company name that will stand out in search results, but don’t sacrifice memorability for differentiation. A name that consumers can remember (and pronounce) will take your company a lot farther than one that ranks well but that people are hesitant to say aloud.
Swedish fintech Klarna, for example, chose a simple word that rolls off the tongue. It also immediately evokes the company’s Scandinavian roots, which also factor into many aspects of its storytelling, content strategy, and visual presence. In addition to working with major agencies, Klarna also created an in-house brand studio to maximize their investment and create a consistent experience guiding everything from brand look and feel to product positioning. Overall, the company’s branding strategy creates a sense of welcoming and light-hearted familiarity instead of the confusion and intimidation that are often automatic for fintechs.
Want to see these practices in action? Check out Fintech Marketing: The Ultimate Guide.
Because fintechs usually need to educate consumers on new and emerging topics, content marketing is an incredibly valuable tool. From blogs to videos and interviews to explainers, developing a robust content marketing strategy allows fintech brands to speak to various customers with distinct pain points. From the cautiously curious to eager early adopters, fintech digital marketers can create content that spans every consumer profile and stretches across the entire customer journey. The more informed people are about the topics that fintech touches, the easier it will be for those companies to attract, convert, and retain new users.
One company that has mastered fintech digital marketing through content is Coinbase, which offers a marketplace for buying and selling cryptocurrency. The Coinbase website is a one-stop educational shop for consumers to get all their crypto questions answered, with everything from beginner’s guides and definitions to market updates and industry news. Another good example of fintech content marketing is Wealthsimple, an online investment management platform based in Canada that created an entire digital magazine (complete with the corresponding podcast). These content arms serve as powerful complements to each company’s core product and contribute to robust fintech digital marketing strategies.
One of the most effective ways fintechs can compete with traditional banking systems is by creating outstanding mobile experiences. While fintech digital marketing strategies like content and branding helped consumers acclimate to the idea of banking without visiting a branch in person, the most disruptive fintechs are those that do away with brick-and-mortar locations altogether.
There are already 23.1 million consumers using online-only banking services in the U.S. today. That number is estimated to grow to 47.5 million by 2024. These online-only neobanks challenge traditional banking institutions by prioritizing digital interactions, typically to the exclusion of in-person offices. Leading neobanks in the U.S. include Chime, Current, Aspiration, and Varo, while Monzo, Revolut, Starling, and Monese are some of the most popular neobanks globally. These key players are pioneering the landscape by meeting consumers where they already are and delivering the world-class mobile-first experiences they have come to expect.
The COVID-19 pandemic accelerated mobile adoption trends that were already on the rise around the world. Consumers in the U.S. now use mobile devices for an average of 5 hours per day, and 31% of them have used at least one fintech app. That makes in-app advertising an effective fintech digital marketing solution both for online-only brands and companies bridging the gap between more traditional banking and modern technology.
The “invest like a woman” campaign by woman-focused robo-advisory Ellevest exemplifies the importance of pairing striking visuals with a concise and compelling phrase. The image of Wall Street’s Charging Bull statue is a symbol of high-level success that represents the realm of traditional finance, while the “No Bull” slogan clears the way for the company’s feminine approach. Delivering a powerful fintech ad through paid in-app advertising makes the road to user acquisition that much smoother; while users are already primed with their mobile devices at their fingertips, the user who sees the right ad at the right time experiences virtually zero friction and can convert immediately and enthusiastically into a customer right away.
Growth-minded advertisers should take inspiration from these examples of successful fintech digital marketing. For most fintechs — and brands in virtually any industry — the best digital marketing strategy will combine multiple approaches executed across an optimized channel mix. Finding the right strategy for your company takes a keen understanding of your consumers’ needs combined with messaging that puts the most important and unique features of offering front and center.
It also helps to have a partner; MOLOCO can help with that. From dynamic ad creative to transparent e-commerce marketing software, our team will help you achieve maximum growth from your fintech ad campaigns. Get in touch today to learn more.
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