In the past few years, if any sector has seen explosive growth and innovation, it is the FinTech sector. And going hand-in-hand are the marketing initiatives of the companies in this segment. To keep up with the burgeoning competition and attain market voice, marketers have experimented with various approaches. Here are some of the megatrends that have and will continue to make an impact in the FinTech sector.
Robust GTM strategy: Being a constantly evolving industry, marketing departments are charting a robust go-to-market strategy that can outperform strong competition and align the brand according to the consumer’s needs. The availability of Big Data and utilisation of predictive analysis are pumping high decibel decisions for customer acquisition and lead conversion. In contrast to the vapid and traditional methods of push marketing, inbound marketing has become the means of engaging consumers and creating traction for the company. Brands are also using Marketing Automation rather creatively.
Still Mobile First: We saw this buzzword arise a few years back and it was more than just a transient trend. With mobile penetration, access to data and Internet-of-Things, we are surrounded by a slew of products and services in m-commerce, e-wallets and cashless payments. This has made it imperative for marketers to target the consumers through the same platform and put handheld devices at the forefront of its strategy, with a coherent focus on communicating the convenience, not just the brand.
Innovation in ideas:
Marketing has turned passionate about tech and is projecting pioneering products with innovative marketing ideas. For instance, HDFC’s decision to use AI by adopting humanoids at the retail level or how Visa collaborated with London Fashion Week where front row consumers could directly e-shop from the catwalk are examples of breakthrough ideas. The theme of innovation has also triggered a lot of unusual partnerships. By being open to collaborations beyond the industry environment, brands try to add a unique value to the product and recall quotient.
For the longest time, banking and the ‘serious business’ space shied away from social media. New age FinTech companies, essentially driven by young entrepreneurs have openly welcomed digital marketing and set the old players to follow the movement. Interaction with the consumer on the social media lends FinTech brands an added emotional touch, and a platform to narrate their brand story. Peer-to-peer lending companies make extensive use of this tool and most brands now have a social media centric strategy in place.
Highly customised content:
A core component in the branding matrix, financial technology companies are increasingly investing in customised content and optimising their campaigns, while video continues to dominate the engagement parameters. Understanding how intimidating and confusing the financial landscape can be, marketers are also indulging the consumer with financial literary content, industry insights and personalised products. Amidst stiff competition and unpredictable consumer allegiances, strong content can help establish trust, especially when these companies constantly face the risk of security concerns.
These megatrends have undeniably had a huge impact on businesses and overall marketing efforts. From micro-payments to loan on mobiles, FinTech companies are transforming the banking and payment eco-system by bringing everything on a common platform. Whether customers prefer brands that offer specialised services or an integrated ‘one-size-fits-all’ is still a moot point. All said and done, as technology brings to the forefront new products, services and brands, it’s upon the marketer to be the adhesive that fuses the consumer base with the brand and ensures it sticks ; we mean - stays!
The author Pratik Seal is Group CMO of AGS Transact Technologies