Marketing for Fintech Brands – the Ultimate Guide 2022

Share :

“Influencers are content creators with built-in distribution: a loyal following that spans across many channels, from their blog to various social platforms. Savvy influencers know to treat their following like their closest friends — and build trust with their audience. It is because of this relationship that influencer marketing, when executed correctly, works to affect purchasing behaviour, particularly for the younger generations”- Kamiu Lee
(Co-Founder and COO, Proper)

Influencer Marketer executing marketing strategies for fintech companies

One of the major challenges in marketing fintech brands is convincing people to trust you with their hard-earned money. Financial technology, abbreviated as FinTech, is one of the fundamental innovations that challenged traditional monetary transactions and regulations. This industry aims to augment the economic processes in the technical arena. The use of smart devices to send, receive, borrow, bank, and other transactions has been made easy. FinTech brands mainly operate through the Internet, consisting of startups and established firms dealing with consumers through online portals. This digital shift in the BFSI sector has opened doors to numerous opportunities as well as challenges. 

However, with the ever-increasing competition, it has become imperative for fintech brands to build their credibility in order to drive sales and conversions. Influencer marketing has proven to address and solve these marketing challenges for fintech brands. It has enabled these brands to reach out to the younger generation, and convince them of the benefits of their offering. Influencer marketing for fintech brands, however, isn’t a walk in the park. One must understand the working of fintech services in order to offer a compelling value proposition to their customers.  A lot of factors need to be considered while crafting an influencer marketing strategy for a fintech brand. This article will shed light on all the various aspects of influencer marketing for fintech brands, the how’s, what’s and why’s.

The term is used for the companies or brands that use software and other modern technologies to provide self-regulating or, better say, automated financial services that are better and easier than the existing traditional ones.

These startups are flexible, adaptive, and fast, especially when staying abreast with the market changes. These brands allow their users to deal independently without running across banks. Since these service providers are a business, they need to accommodate themselves in the market space and leverage fintech marketing to survive in the industry. 

Through this process, they interact with consumers using technology and engaging methods such as social media, content creation, branding, mobile advertisement, and influencer marketing. You need to utilise proper strategies, understand the industry and study their competitors to sustain in a challenging environment in order to reap the maximum benefits from your marketing campaigns.

FinTech brands that operate on a B2B stage have an edge by remaining at the side and letting collaborative brands use their portals to interact with consumers. Considering the example of PayPal that allows businesses onboard to deal with their consumers for the transaction using a cryptic model. This arena is gaining the limelight and is undoubtedly less expensive.

Whereas, FinTechs based on B2C require huge alliances. This might require time-consuming efforts and will undoubtedly require significant investments. The requirements are high and demanding. Addressing the needs of different consumers can also become a hefty task. However, the reach is vast, which is what makes it a lucrative arena. Everything pays off once your brand gets recognition.

Marketing for fintech brands runs deeper than mere advertising through different channels. An overall optimal user experience is the key to a strong marketing foundation for fintech brands. After exploring the field and finally diving into the industry of FinTech, it is crucial to understand the processes of how these brands operate and generate a consumer base. Understanding your brand, and the needs of your prospective consumers plays a vital role in crafting a successful marketing strategy for your brand. Instrumental elements help FinTech brands market their services on a virtual platform through lucrative strategies. What are they? Let us have a closer look.

1. Have a reliable identity

One of the critical factors that play an essential role on a virtual level is the trust quotient. Web networks are as risky as beneficial. Thus, a mass populace fears before putting their assets or money into it. 

Building a reliable and trustworthy identity is crucial and comes at the footing of any financial system. It allows for forming a solid alliance with consumers. Initially, implementation can be a daunting task for owners and might require much effort to convince the users. However, optimising new-age marketing mediums such as influencer marketing can be of great advantage for fintech brands that are just starting out in the market. Word of assurance is one thing. The other is mitigating the risk factors associated with the transactions. While your services handle the latter, influencers can aid your marketing by being credible advocates of your brand. Masses tend to consider influencers as trustworthy personalities and can buy your services based on the influencer’s recommendations.

2. Design an engaging, easy, and accessible UI

The first impression that lands a user to a conclusion about your brand is how you design your website or app. From font to colours, every part of your brand must reflect a credible meaning. Too much sparkle can also ruin the professional impression. FinTech brands need to design their stable, easy to understand, and reliable UI. Every bit of your platform must convey trust and confidence.

3. Interact with your customers

Innovative companies need intelligent interaction. A fraction of the population gets attracted to one’s services, but when they find no engaging or interacting portals, they withdraw their interest. A FinTech brand must welcome its customers and educate them about the benefits to avoid such a situation.

A video that serves as a tutorial on using their service is one of the best things to do at an exceptional level. Regular content creation is another factor that helps your audience understand your motive and goals. Other than that, the clientele is always eager to learn something fascinating about your brand or perhaps the whole industry. 

Numerous enthusiastic readers would love to hear from you through blogs and develop an interest in your technical, and financial services thus becoming your potential prospects.

Taking an example from the existing leading FinTech brands, a little investment in the content generation is worth all of it. To attract significant traffic, you need to serve different consumers with various interests. For example, type consumers who prefer reading might feel inclined to read blogs, and study guides to gain insights and understand the processes. 

While on the other hand, for users who prefer watching videos over reading- to satiate their visual and auditory senses, creating an engaging and educational video will help. Thirdly and most importantly, a huge crowd spends most of their time on social media like Facebook, Instagram, Twitter, and more. 

Putting up interacting social media posts can help attract those consumers. It can be through posts, promotional videos, advertisements, memes, influencers and user-generated content to attract the attention of the masses and share the perks of joining hands with your brand.

1. Share your cause

Remember, the audience you are targeting is empathetic and can help you raise funds or do the lease by supporting you. If you are sharing your profit with an organisation that in some way is helping people or working for any other reasonable cause, you must tell your audience. 

This can procure you dual benefits of simultaneously helping that organisation and will also help you amass a good audience. Before asking your clients for any help, you must share detailed information about your cause, its inception, aim, target, and current status.

Fintech Marketers shaking hands with the client on achieving the targeted campaign results

Tracking your clients’ progress is not difficult in today’s digital world. You can update the user through various information that the user shares with you or inform them through notifications, emails, and offers. You can also lure your clients into perky deals, coupons, and more.

3. Stay authentic

As a FinTech brand, you must be aware of the risks associated with data availability. This is why most consumers hesitate to share permissions to allow brands to get into their systems or install cookies on their devices. 

This acts as a barrier for brands and constraints them from forming a consistent network. Thus you have to ensure that your site is absolutely guarded against third-party involvement, and transactions of information or any other must be encrypted.

4. Avoid being nosy

Being professional is one of the fundamental factors of a brand. When you have two broad and vital categories- Finance and technology- defining your service, you must maintain a standard. When a customer allows notification from your portal, it becomes a duty for you to respect their privacy and avoid invading their space too much. Invasion of too much space might also lead to agitation and withdrawal.

5. Listen to your consumers.

Doing all the talking yourself is not a noble thing to do as a FinTech brand. Accepting that nothing is impeccable and thus addressing the grievances of your audience, listening to their complaints, and helping them resolve their issues will enable them to trust you and your brand.

6. Market how you are better

Marketing person explaining to the clients about USP for finance brand advertising and growth in results

Traditional banks have lengthy procedures, whether money transfer, foreign exchange, loan, or whatever. FinTech brands are known to make these services better and faster; thus, selling your USP to your consumer base will benefit you in the long run.

7. Incentivise your clients

Customers love offers and incentives. Offering them value in return for choosing your service also helps build a strong clientele. Perhaps a coupon on every transaction or credit on a sharing app will help you increase your network.

8. Quiz, games, and surveys will help too

People love playing free quizzes and games and earn rewards in return. You can engage a crowd through this marketing strategy and boost cross-selling on your platform through other brand links.

9. Tailored services

Understanding your customer through their page activity, interests, and needs, you can customise financial services according to that. Accessible and transparent services are always attractive to consumers. Setting up favourite contacts on top or recent transaction history at the most available corner makes everything viable for the user.

10. Encourage participation

App notifications are a revolutionary method for online brands to retain customers. For a FinTech brand, it is also nothing different but equally beneficial. Sharing information regarding new updates, changes, and new features through push notifications can generate a huge crowd and sell your services at a mass level. Automating this process allows you to set a schedule around staying connected with your consumers and routinely share updates or nudge them to catch up with you if it has been too long.

10. Encourage participation

App notifications are a revolutionary method for online brands to retain customers. For a FinTech brand, it is also nothing different but equally beneficial. Sharing information regarding new updates, changes, and new features through push notifications can generate a huge crowd and sell your services at a mass level. Automating this process allows you to set a schedule around staying connected with your consumers and routinely share updates or nudge them to catch up with you if it has been too long.

11. Build mobile-first experiences

Consumer reviewing his graph results through online mobile application

Traditional financial services have more humongous records than FinTech firms. They utilize outdated methods and restrict mobility to a greater extent. This is why after the advent of fintech brands, most banks have taken the path of online banking, offering their consumers an online portal to operate through their faster and more efficient services.

There is an explosion in demand for digital banking, and thus as a FinTech brand, you must avail the mobile-friendly approach to always remain handy for your consumers. This will help you double down your advantages by developing marketing and product strategy around the portable factor.

12. Expand your paid media channels

There has been a significant rise in the use of technology post the pandemic. Intelligent devices have taken up a great space of our time. From education to transactions, all can be done on one device. 

FinTech also remains closed to this revolution where people prefer banking online. Thus these companies can benefit from managing consumer priorities through in-app ad marketing. FinTechs that collaborate with paid media have a strong chance of becoming a leading enterprise in the industry.

13. Invest in influencers

There are actors, celebrities, and personalities that encourage people to take up something. Similarly, in today’s world, influencers play an influential role in convincing their followers to hire a service, follow a page, and whatnot. Influencers through their platforms directly interact with your potential consumers, and investing in them can help you earn a good profit. 

Finance influencers with mass followers can encourage a huge crowd to leverage your service. This can be regarded as paid promotion of services or simple words advertisements. You can even hire a famous face for your brand to endorse it among the masses.

14. Use social media at a huge level

Social media platforms like Instagram, Facebook, Twitter, and more must never skip out from your list. These platforms have many users; approximately every other person is present on these platforms. Staying consistent on social media, uploading posts, hopping onto trends, and more can help you attract a good crowd to your FinTech brand.

Conclusion

Fintech brands might have services different from e-commerce websites, but they cross-function to benefit both platforms. Both require similar engagement and interaction from consumers. Setting up a Fintech brand can be easy but acquiring a solid clientele, trust, and foundation might require numerous strategies. To survive as a digital financial platform and win over the hearts of your consumers. Follow the strategy or perhaps best practices shared above. This guide will help you think of a feasible solution and how you can keep your consumers at the forefront. 

Confluencr, being a global influencer marketing agency has pioneered influencer marketing solutions that have now become a staple part of the BFSI marketing mix. In India, we work with 4 out of the top 5 discount brokers, leading insurance firms, global consumer banks, cryptocurrency platforms and many other financial investment brands. With the restraints that apply to finance brands, it’s rather tough to create marketing campaigns that can truly promote the offerings. We have aptly leveraged influencers for an industry that needed to find newer avenues, to shed off its primary image as boring or dull, and therefore now attracting a younger audience as well. To similarly implement influencer marketing for your brand, reach out to us at [email protected].

Scroll to Top