Technology has always made things easy, simple, and interesting for us. It has also changed the game for financial services that are usually monotonous and tiresome.
Financial technology (Fintech) is on the rise and is one of the quickest growing competitive markets. In 2018, this industry was valued at over $127 billion. It is expected to reach over $300 billion before the end of 2022. That’s nearly double in only four years.
Today more than 90% of Americans use fintech apps to manage their finances. They use fintech apps more than social media or video streaming subscriptions.
What is Fintech marketing?
Fintech marketing refers to a set of marketing techniques designed for fintech companies, which use new technologies to improve and automate the delivery of financial services to consumers.
Organizations primarily use it to drive better traffic, enhance customer loyalty and boost business growth.
Although fintech marketing focuses on building credibility with your customers and gaining their trust, it’s still essential to create a successful marketing campaign around it.
Reach and Engage: Fintech marketing can bring you new audiences worldwide. Virtually every person uses financial services. Planning your fintech marketing strategy will give you the ability to explore the untapped markets and possibilities. Additionally, it will help you satisfy people’s financial needs.
Educate and Build the Trust: Create financial awareness among your users and build their trust. Make them acquainted with the ease & comfort technology can bring.
Understand your users: Fintech marketing will let you explore, understand and acknowledge the needs and expectations of your users. Tailor your content accordingly.
Best Fintech Marketing Strategies to look out for in 2022
Gamification
Gamification is an ideal strategy to educate and engage the users simultaneously. It refers to incorporating game-like elements into your marketing strategy.
Financial literacy is essential. But only 19% of millennials perceive themselves as financially literate, even though 51% are more likely to use mobile payment apps.
Encouraging Savings: Gamifying savings is one of the most important and easiest ways to enable users to set savings goals and reward them if they achieve the goals.
Financial Literacy: Boost your user’s financial literacy by introducing short videos with exciting and crisp financial content, increasing their awareness and creating a sense of productiveness.
Financial Management: Set financial limits by which they can keep track of their spending and make a proper budget.
Build a Community: Gamified experience will create a sense of unity between members of the same financial service, leading to referrals and recommendations.
As a result, businesses gain a higher level of engagement and brand awareness by gamifying otherwise complex information.
Social Media Marketing
In the age of social media, marketers have access to markets that were once unattainable. All it takes is a well-crafted tweet, a few pictures, and posts to ensure unbeatable success.
To pinpoint the market sector you’re aiming for in fintech marketing, you need to identify which social media channels to use and where to focus your efforts.
- Make sure you identify your target audience.
- Find out which social media platform they use the most.
- Create content tailored specifically to them and the platform they use.
Social media marketing can effectively increase brand awareness, drive leads, and boost revenue if done right.
Online Ad Campaigns
Advertising campaigns for fintech marketing have never been more prevalent than today. Many financial companies face the challenge of not marketing to the times we live in, as the audience is now completely online.
In the 21st century, investing in television and radio ads will not help your product. It is essential to create successful Google, Facebook, Youtube, and other social ad campaigns that consider demographics, interests, keywords, images, and calls to action will be a crucial factor for success.
It can be easy to build an effective advertising-based fintech marketing strategy — all you need is to know the optimization details.
Influencer Marketing
Social influencers seem to be the most talked-about marketing technique these days. However, very few companies are leveraging the potential of social influencers to market their products.
Among the things that make influencers unique is that they have already established a fanbase and the attention businesses seek to promote their product.
Consider collaborating with influencers that reflect your fintech marketing perspective, those who represent the image you wish to portray, and those who have lifestyles that align with your own.
Trends to watch out for in 2022
Create effective mobile experiences
An advantage of fintech companies is their ability to provide quicker and more accessible services with the help of technology.
You need to keep speed and ease of use at the forefront of your mind to create memorable mobile experiences. If a consumer can’t access your website or app quickly and easily, they’ll abandon it in an instant.
Establish a distinct brand for financial services
Financial technology has provided consumers with unprecedented choices ranging from insurance and share dealings to savings and pensions. And while this is undoubtedly a positive development, it means the competitive landscape has become highly charged.
Creating distinctive brand assets will help make the memory structures needed to help financial brands become more memorable. Other sectors, such as retail and healthcare, already have marketing effectiveness and brand-building principles in place.
Provide a unique value proposition
With so much crossover between different brands, you need to clearly define what you stand for. Fintech companies need to create a unique brand and distinguish themselves with a clear value proposition to connect with their audiences.
Your value proposition is a statement that describes the value of your offer, how it addresses your customers’ needs, and what sets you apart from the competition. Customers should see it on websites, social media, and app stores.
Create valuable and meaningful content
Financial products and services seem complex, but the specific situations in which there is a requirement of such products can be confusing.
When it comes to buying a home for the first time, setting up a trust fund for your children, or saving for retirement, fintech brands should support consumers by providing practical, relevant, and meaningful information.
Paypal
Paypal uses various techniques, but one powerful one gives anyone getting money from friends or clients a free and customizable landing page to collect money through Paypal.me. This technique helps freelancers get paid quickly and makes their experience effortless and stress-free.
Cake: The profitable bank app
Cake’s clever AI analyzes all of your transactions and then makes an informed and personalized choice about which cashback rewards are the best for you.
This personalized reward system makes the app more relevant for every user. The reward system also acts as a form of instant feedback. This gamification example is a positive reinforcement that keeps the user coming back.
Emirates NBD fitness app
Emirates NBD is an excellent example of how gamification for the finance industry can benefit the customer’s wellness and wallet. The app encourages users to connect a fitness account to track their daily activities. It has levels and challenges that allow you to earn redeemable points and a progress bar to follow your effort. If a user reaches a goal (12,000 steps a day), they get a 2% interest rate.
Mint
It’s an online platform for managing personal finances. Mint lets you set goals and track your progress. The interface helps you make sense of your financial transactions and personal budget. It will remind you to pay the bills or incur late fees.
Monefy
Monefy is a personal finance application that makes money management easy. The app’s design streamlines expense tracking and helps you save money. It empowers you by breaking down your expenses intuitively and understandably.
Gamification is now the hot trend in all industries, and people implementing it will see significant results and reap the benefits going forward.
Wrapping up
Marketing in the fintech industry can’t be easy, partly due to the complexity of finances and technology. Fintech companies must build trust, educate their audiences, and grow their business online once they successfully reach their audiences. If your marketing strategy is to the point, up to date, and effective, your product will be successful.
The Upshot.ai Advantage:
Upshot.ai is an omnichannel, user engagement, and gamification platform that helps digital product owners and marketers improve product adoption and conversions. Fortune 1000 companies such as GE, UHG, Puma, Sony, ITC, Tenet healthcare are using Upshot.ai and observed a massive increase in product adoption YoY increment in revenues.
Book a demo of the most comprehensive user engagement and gamification platform to achieve your digital product goals. Join our communities for more insights, guides, and best practices that keep you updated with proven strategies and tips to supercharge your campaigns.
