There are many fast-growing industries in our world today, although none are as fast and essential as the Fintech industry. A study conducted by Juniper Research revealed that in 2021, over 2.5 billion users relied on digital banking services. That’s a third of the world’s population! The study predicts that this number is going to increase to 4.2 billion by the year 2026. If you’re in the Fintech industry, this is amazing news.
It’s probably safe to say that the Fintech industry has arrived. It is important to realise that there is also abundant growth and expansion to tap into. Tech advancements and new innovations are constantly reaching new heights in improving the Fintech user experience. There’s constant moving and shaking in the Fintech industry to continue growing and pioneering new ways of banking and managing the population’s money.
As exciting as this growth is, it also means that the competition within the industry will continue to increase and intensify. It’s why there are many Fintech apps available today. It’s a vastly growing industry. This can be overwhelming, especially for a start-up Fintech company or a small Fintech business wanting to grow.
This is where marketing enters the fray. How do you go about navigating the complicated and heavily-saturated fintech market to grow your business? Or your app? With all of the competition out there today, is there a way to stand out amongst the noise? We believe there is.
What NOT To Do
When marketing a Fintech company or app, there are certain laws and regulations that Fintech businesses are expected to note and follow. Not respecting the regulations may harm your marketing efforts and result in zero, or incredibly slow, progress for your company or app.
For example, making guaranteed promises to customers, especially in the UK, is a big red flag and should be avoided in Fintech marketing at all costs. Not only is it illegal to guarantee financial results through your marketing, but it’s also irresponsible advertising because people may put all of their hope in your company and then the unpredictable market takes a downward turn.
By the same token, giving financial advice through a marketing campaign should also be avoided as you don’t know everyone’s unique financial situation, therefore it would be against regulations to provide advice.
One last thing that we wouldn’t recommend; don’t spam. Nothing will turn a potential customer off quicker than a random message offering them the world. Avoid this tactic at all costs!
At Faben, we are constantly reading up on the laws and keeping up to date with the ever-expanding Fintech industry. This helps us ensure that our marketing offer is valuable to you. We believe we have found the perfect recipe to growing a Fintech company while staying within the prescribed guidelines of the law and digital marketing.
What You CAN Do
As we’ve mentioned above, the more the Fintech industry grows, the more competition there will be. This means that your marketing has got to stand out from the throngs of other companies or apps that are doing similar things. This is well and truly possible with an experienced digital marketing team by your side.
The first thing on your mind should be to add value to your audience through the content you post. Bill Gates once said that content is king, and we definitely agree. Not spammy content, but quality and informative content that peaks your audience’s interests and adds value to their lives.
Finance is a boring subject to a lot of people, but it’s also an important subject to those same people. Therefore, a Fintech company or app needs to be creating content that makes finance more interesting and easier to engage with, especially for those who struggle with financial management. By focusing on this, your company will begin to build trust with more users, which inevitably leads to a deeper retention of users who become customers.
Building your brand to stand out and be unique amongst competitors is another vital marketing tool. It’s helpful to think about what offer or value you are proposing with your business or your app, then centre your entire marketing campaign around that thing.
Ask yourself why people should choose your Fintech services over others that offer the same things. Whatever it is that you’re about, lead with that and customers will follow. We know it’s not that simple, but the idea is important to grasp. Once you’ve figured out what sets your business or app apart from the crowd, do everything in your power to market that one thing.
Wherever you are in your Fintech journey, it’s important to keep your head up and stay positive about the future of your business or app. GlobeNewswire recently found that the global use of mobile wallets is going to see an 11.7% increase by the year 2025, and Accenture recently did a study and found that Artificial Intelligence is going to increase Fintech profits by almost 40% by 2035.
This is good news for the Fintech industry, and even though it means there will be more competition, it also means that there will be much more opportunities for growth. It’s all about how you look at it.
What Are My Next Steps?
What can you do with all of this information? We’d suggest looking for a digital marketing team who deeply understands the Fintech industry.
As we don’t know your specific target market or what you’re offering yet, we can’t responsibly provide you with a specific marketing plan right now. So, instead of offering you a one-size-fits-all package, we’re offering you an opportunity to talk. This way we can build a strategy together that will suit your Fintech business.
We can ensure that our various marketing strategies have one important thing in common: they are all focused on information and value. Whether on social media, on an SEO-focused blog, or CRM platforms, our work is always steeped valuable content and information.
We want to educate and inform your clients and followers to make better financial decisions. If you need a marketing strategy for your Fintech company or app, book a call with us and let’s chat. We’d love to hear your vision and help you achieve it.