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The fintech ecosystem has seen exponential growth in the last few years. With new technologies and automation in financial services, the industry will reach 305 billion dollars by 2025. There are 10K fintech companies in the USA alone, making the industry a lot more competitive.
Various established players and startups are figuring out new ways to acquire new customers and retain them. But not many brands can overcome challenges and survive in the market. Research shows that 75% of the fintech companies fail in the first year.
Difficulties faced in customer acquisition, reaching out to younger buyers and educating audiences can hinder your company's growth. To tackle all of it, many companies have taken up fintech marketing.
Brands like Monzo, Transferwise, and Klarna understand their customers' problems and focus on solving them with fintech digital marketing strategies like gamification or social media content.
If you want to serve your customers' needs and keep them coming back, try different fintech marketing tactics until you figure out what works for you and your customers. These tactics can help you change how they view and interact with your brand.
Understand your end goals, use data to figure out what your audience is looking for, and then develop your strategies to engage them.
In the article, we have listed top-notch effective strategies that have helped leading brands build million-dollar businesses.
Today, people, especially the millennials and Gen Z, want to learn new ways to spend their money wisely. Data shows that only 33% of the world's adults are financially literate, while others with some basic knowledge of finance face jargon-heavy language difficulties.
The younger lot often head towards influencers for regular advice and updates on the best financial solutions to resolve confusion. Influencers simplify every aspect by answering their queries.
If you're a fintech brand that wants to target the millennial and Gen Z audience, leveraging influencers is a perfect strategy. Considering 92% of the people trust recommendations more than ads, you need influencers to educate your audience.
Zerodha, an India-based stockbroker and trading company, adopted fintech influencer marketing. It onboarded YouTube and Instagram influencers to educate its target audience about the stock market. Content creators made simple videos on smart trading through mobile apps and other subjects like investment in bonds and IPOs.
The strategy helped Zerodha build credibility among its target audience and differentiate itself from competitors.
Also, many companies work with bloggers to execute fintech marketing. Pensionbee, a UK-based fintech company, works with expert financial bloggers having a loyal readership to educate the audience about pension-related topics.
The bloggers post educational articles on their blog pages with the company's name. It helps their target audience understand how the Pensionbee platform works and why it is worth purchasing. The company also invites guest posts from talented bloggers that bring about 10K+ backlinks for the company. These links help Pensionbee rank higher on search engines by driving steady traffic and establishing brand authority.
Working with influencers won't make you sound too salesy but will help you build an authentic brand image.
If you're looking for relevant influencers, affable.ai, an influencer marketing platform, can help you find the right talent. Its database consists of 6M+ influencers from all sectors, including finance. You can pick the influencer with your target audience and run a successful fintech marketing campaign!
Not sure how to find relevant influencers for your fintech brand? Try affable.ai marketing tool.
Finance mixed with games is a perfect combo for livening up your fintech product. Whether your product educates customers, encourages them to save more, or helps them manage insurance, you can make it enjoyable with gamification.
But the challenge is to entertain your audience. Any jargon-heavy website or app can bore people easily. But by adding gaming technology, you can make your users feel exhilarated and encourage them to interact with your product.
Based on your company's purpose and the target audience, you can use gamification fintech marketing in several ways. For example, Cake, Monobank, and Google Pay apps have used gamification to motivate customers to use their apps more and earn rewards.
Fortune City, an accounting application where people keep track of personal expenses, became popular and gained 30 million users as it allowed customers to build a virtual town for every payment. For example, restaurants and diners appear in that town if you spend more on food and drinks.
Customers even earn rewards and coins for using the app. Charts and graphs also give users more detailed data.
Why do you think so many fintech brands religiously create thought leadership content? Because it helps in building brand authority in the industry and conveys your unique perspective to the world.
Expert opinions, videos, or graphics sharing valuable insights are critical parts of fintech content marketing strategy.
Research by Backbay communications reveals that 96% of the leading fintech companies create thought leadership content.
To create excellent thought leadership content for your brand:
For example, Funding Circle, a peer to peer lending company based in the UK, has done an excellent job creating thought leadership content for its audience. With 'How-To' blog posts, case studies, collective review articles, and other content pieces, it educates customers about loans for small businesses.
The company's resource centre covers topics like - A small business guide to bookkeeping, How will inflation affect small businesses and more. It also creates content on other sectors like working out at work, improving work-life, and marketing investments.
Another great example of fintech content marketing is Betterment. It is a US-based financial advisory brand that publishes original research articles, investment tips, and other original content, establishing it as an authority in the investment field.
If you're looking to create excellent thought leadership articles but don't know how, here are a few blog ideas to get you started.
Many fintech brands fail to understand the importance of social media for connecting with their target audience. It is a vital tool for establishing a solid, long-lasting relationship with your audience.
Creating exclusive social media content by platform type will help you reach your audience where they exist. Let's suppose that most of your audience is on Linkedin, then creating educational content like thought leadership articles about the finance industry can help you rope in the interested people.
If your audience is mostly hanging out on YouTube, you can create video content to engage them. Long-form or bite-sized videos with information nuggets perform well in capturing attention.
Similarly, Instagram and Twitter are great channels to share upcoming features, your work process, a snippet of your expert team, industry-relating polls and exciting quizzes, etc.
Here are three social media marketing techniques adopted by top brands to inspire you!
1. Zopa, a UK based peer to peer lending company, creates and shares the comics series #MoneyTalks to educate its audience about finance-related topics. The company frequently conducts fintech digital marketing campaigns to attract its target audience.
2. Curve, a London-based digital wallet app, has disrupted fintech marketing by posting bold and fun content to engage and interact with the audience. Their content contains mostly questions and one-liners that the audience finds entertaining.
3. Paytm, an Indian fintech company, creates exclusive Instagram reels with animated characters to entertain and engage its followers.
You can target your audience on every platform by repurposing content across platforms. It can boost your reach and keep your audience coming back for more.
The financial sector operates on trust. People who have been using traditional banking methods are less reluctant to switch to online and digital methods due to the possibility of theft or fraud, misuse of privacy, etc.
Social proof is a compelling fintech marketing strategy that helps build the consumers' trust.
But how do you build quality social proof? Try these 5 techniques:
1. Ask your customers for feedback and ratings to reveal what they like about your product
2. Create case study content explaining how your past customers have benefited from your product or service
3. Encourage customers to give a video review of your product
4. Get bloggers and influencers to review your product on their websites and social media channels
5. Take the help of fintech news sites like Payments Di, Finextra, The Paypers, etc. and ask them to publish positive reviews
This fintech marketing strategy allows you to establish close relations with your customers and improve the user experience.
For example, Fundbox, a San Francisco based financial platform that helps small businesses to optimise their cash flows, uses social proof fantastically. The website's homepage showcases the number of companies the platform has served, customer testimonials, and ratings.
Other brands like Lemonade and Venmo also use social proof as a marketing strategy.
For decades, PR agencies have provided top-notch marketing and advertising services for every type of business, including fintech companies.
Brands reach out to experienced PR firms for fintech advertising that could elevate their brand's image. These agencies use strategies like public affairs, media relations, and digital and traditional marketing to introduce brands to mass audiences. Fintech PR agencies like Believe Advertising, Firecracker PR, and Net Reputation help businesses build credibility and beat competitors.
Here are a few examples of the top fintech PR campaigns that have elevated global fintech businesses.
Example 1) Pockit - PR Campaign with Hanbury Strategy
Pockit is a British fintech company that provides financial services for the low income or people without access to banking facilities in the UK. The company released a report in 2019 highlighting what it is like to be unbanked in the UK.
The report highlighted some hard-hitting figures reflecting upon the problems faced by low-income people. After Hanbury Strategy circulated the news to media houses like the BBC, it went viral. This fintech PR strategy made Pockit earn numerous mentions.
Example 2) Mobikwik - Partnership Announcement with Edelweiss Tokio Life insurance.
Mobikwik, an India-based digital wallet company, announced its partnership with Edelweiss Tokio life insurance in 2019. Under this partnership, customers were offered bite-sized group insurance. The users could avail of loans worth Rs 1 lakh, Rs 3 lakhs, and Rs 5 lakhs with annual premiums of only Rs148, 443, and 738, respectively.
This record-breaking fintech marketing campaign by Mobikwik encouraged many low-income citizens of India to download the app and sign up for loans. The company has over 108M users today and a market value of $700-750. The campaign gave Mobikwik 60+ media mentions and new users.
Gemini, a US-based crypto exchange platform, has cracked the right way to leverage influencers as a part of its fintech marketing strategy. Since cryptocurrency has become a topic of conversation among the millennials and Gen Z, Gemini uses influencers to spread awareness and generate buzz about it to attract its target audience.
Top TikTok and Instagram influencers like Loren Gray, Paul, and Charli have partnered with Gemini to help the brand reach a wider audience and build credibility. Influencers create content and postpaid ads by Gemini on their social channels with the #Geminipartner hashtag, educating the audience about cryptocurrency while promoting the platform.
Bitpanda, Austria's first unicorn brand founded in 2014, is a platform for crypto exchange and securities trading. The company expanded its services to France in 2020 with a record-breaking campaign to attract the French audience.
During the Covid-19 pandemic, Bitpanda launched its #SocialDistanceInvestment campaign, one of the best fintech marketing campaigns in 2020. With 'if you can't enjoy it now, invest it' as the campaign's slogan, the company launched a YouTube video ad encouraging French audiences to make smart investments for the future.
Bitpanda covered this announcement on their website and even promised a €20 cashback on customers' first investment.
The company launched the campaign with Grey Group, a US-based advertising agency. It executed referrals, ambassador programmes, and content marketing strategies to reach its targeted customers.
The Canadian investment management platform, Wealthsimple, creates game-changing fintech advertising campaigns to inform and educate its audience interactively.
In 2020, Wealthsimple aired a video on Facebook and YouTube, 'Half a Million Mikes', that bagged over 10M views. The video hooked the viewers with a strong story and earned their trust.
The video lightens the company's founder, Michael Katchen's grit and determination to make good financial services available for everyone and not just a few people. It also highlighted why Wealthsimple cares so much about its customers. The video instantly established an emotional connection between the brand and the viewers, winning their trust.
Wealthsimple has gained a stronghold in the market with its fintech marketing tactics and has gained 2M+ users.
Begin your next campaign with one of these top fintech marketing strategies to win customers and get ahead of your competitors.
But, if you're still confused about which strategy would suit you best, start with fintech influencer marketing. It is a game-changing marketing strategy adopted by 93% of the brands worldwide to drive sales and boost ROI. Get all set to rule the fintech market!
To learn more about influencer marketing and how it can benefit your brand, check out this exhaustive guide!
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