October 6, 2021
Fintechs were already on the rise even before 2020, when the global COVID-19 pandemic forced people all over the world to depend on digital devices for everything from entertainment to banking. As that trend continues in the near future, it’s expected that approximately 65% of Americans will become fintech customers by 2022.
At the same time, fintech companies face unique challenges that, if not attended to, can stand in the way of their growth. In this article, we’ll look at four key steps to building a successful fintech marketing strategy in 2021.
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Fintechs face considerable hurdles; their inherent position as challengers requires a great deal of finesse to help consumers overcome the friction of moving away from traditional banks. To conquer those obstacles, fintechs must take a customer-centric approach to branding. Every detail from a catchy company name to welcoming, comforting brand colors should be informed by an understanding of fintech customers’ unique pain points.
Transitioning from a traditional bank to a fintech can feel like a big decision in light of consumers’ worries about big tech, security concerns, and generalized financial anxiety in an unsure economy. Designing a powerful visual brand isn’t just a savvy fintech marketing technique, it’s also an important way to communicate your trustworthiness to the world. Consumers need to know that their financial apps are completely reliable, and a consistent, communicative brand experience will help drive home that feeling.
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Education is another critical component of overcoming the friction that consumers experience about fintechs. Whether your company has created an entirely new financial concept or you’re setting out to help consumers spend, save, or invest their money more wisely, a robust content strategy will allow you to provide those educational resources and reap the benefits of an informed customer base. Here are a few ways to incorporate content into your fintech marketing strategy:
Creating a one-stop-shop resource is an excellent way to put knowledge at your customers’ fingertips. With a print or digital magazine, you can offer virtually endless content types that keep your audience up to date, provide relevant educational resources, and spark important conversations all at the same time. For example, Canadian investment management platform Wealthsimple created its own brand magazine to educate and inspire consumers on a variety of investment topics.
When it comes to growth-minded content, getting beginners up to speed is just as important as supporting savvy fintech users. Offering primers, explainers, and introductions to relevant financial topics will make it easier for curious new customers to learn to speak your language and even become brand evangelists. Coinbase, a cryptocurrency exchange platform, does a good job of blending beginner-level tutorials with more advanced content to provide resources that suit every stage of the customer journey.
Social media is an obvious content marketing avenue for fintechs, since so many of them (and their audiences) are app-focused and entirely digital. Meet fintech customers where they are by creating social media content that balances platform best practices with a consistent experience of your brand. Cleo, an AI-powered budgeting app, combined its cheeky brand voice with the meme format that Instagram users love to capture attention and become a must-follow account.
Thanks to Apple’s new privacy restrictions, fintechs must take the time to anticipate the types of data they will and will not have access to in the future. Building a fintech marketing strategy only increases the emphasis on data, since challenger banks must simultaneously use data to find new customers and protect the sensitive information that belongs to existing users.
Since the release of iOS 14.5, most users are electing not to be tracked. In the absence of identifiable user-level information, marketers are being forced to revisit their approach and reinvent how to make the most of the data they can still access. Planning ahead will help fintechs build robust marketing strategies that take advantage of data types like contextual and first-party data that are here to stay.
Prioritizing growth requires taking a big picture view of your strategy, no matter how attractive your fintech marketing campaigns are. That’s why it’s a good idea to put scalability front and center, instead of relying on short-term user acquisition efforts that sacrifice sustainable growth for the sake of big numbers today. In order to achieve scalable net-positive growth, fintechs must find the right mix of user acquisition channels. Here are some elements to consider while building your fintech user acquisition channel mix:
Even with the specific challenges that fintechs face in the market today, building a successful fintech marketing strategy is entirely within reach if you follow these steps. It’s also helpful to work with a partner — that’s where Moloco comes in. We’ll work with you to implement everything from dynamic ad creative to transparent e-commerce marketing software so you can get the most out of your fintech marketing strategy. Ready to learn more? Get in touch today.
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