Posted by Rapidly advancing technologies have transformed the financial space globally in the last few years. In addition, ever-evolving regulatory provisions and adopting ESG norms have pushed the financial industry to adopt new banking measures.
No aspect of the financial sector has remained unaffected by the changes brought forward by digital transformation. Over 90% of famous financial leaders and institutions will seek to continue to adopt more digital solutions. It has helped them make their operations, marketing, and compliance more efficient.
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Fintech: A Digital Step Forward
Fintech is booming, and its expansive reach can’t be understated. It has become more relevant than any other new developments seen by the industry lately. The newcomers are challenging the traditional big banks.
Novel and more efficient banking solutions like mobile banking and e-wallets are being developed and replacing outdated ones. Moreover, new technologies and strategies are being devised for marketing these solutions in a fierce struggle between a multitude of financial organisations to capture the biggest chunk of the market share.
For instance, JPMorgan Chase (JPM) came up with the ‘Mobile First, Digital Marketing’ mantra to cement their position as the digital pioneer in the banking industry. Thus, it is prudent for banking organisations to have a unique marketing strategy that keeps their target customers in perspective.
For instance, Sanjiv Bajaj, Chairman and Managing Director of Bajaj Finserv Ltd., states that bottom-line customer-centric marketing was always a priority. “Our focus is on profit share, not market share. It really doesn’t matter what the topline is. Our aim is to be a large part of the bottom line in the segments we are in,” he said.
Naturally, business models only survive if a resilient marketing agenda propagate them. Read on to learn about the ideas that all top business strategists must adopt in their fintech marketing plan.
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Modify Strategy as per Customer Feedback from the Earliest Stage
Fintech is a lot about providing a seamless experience to the end user, and organisations cannot do that until they know what their customers want. Hearing what customers say is complex, but top business strategists have done it.
Social listening is one option; most marketing professionals use social data for brand monitoring. That’s just one way to understand feedback and is a good way to determine the impact of a soft launch. From there, companies are free to tweak and improve as needed.
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Choose Marketing Channels Wisely
It has become a necessity for businesses to employ customer relationship management (CRM) solutions to streamline communication with customers. Top businessmen from India’s financial sector swear by CRM software, and rightly so. The right tool can help manage the customer relationship at every stage, even when they are just prospects.
Fintechs would be wise to leverage this technology too and go one step further to customise it. This not only helps streamline marketing efforts but also turns these channels into value creators too. Venmo’s model is the perfect example, as it is built with social media as a core component.
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Opt for Automation Over Control with Marketing Processes
Speed is one of the most essential components for financial institutions to scale efficiently. This cannot be achieved if the marketing team is knee-deep in menial manual tasks. A recent survey has shown that organisations that adopted optimisation and marketing automation over control experienced revenue growth of 417%.
There are several areas of marketing where automation drives results. For instance, social media automation can help teams to track campaigns, and automated push messages are a great way to build a regular connection.
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Engage with Right Agencies and Influencers
Outsourcing is the latest trend that digital marketing has brought with it. Outsourcing is more efficient if your team does not possess the required know-how. At this stage, getting on board with an agency that has a mastery of the industry is advisable.
Another trend that’s earning its fair share is influencer marketing. From micro-influencers to celebrities, fintech ought to leverage these voices to build credibility. The right influencer also highlights the brand voice, carrying the message further and clearly.
Proving the efficacy of this model, data from a Qualtrics and Credit Karma study found that 52% of Gen Z users took advice from influencers on financial matters. So, leaving influencers out of the mix would mean that fintechs are certainly leaving money on the table.
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Training and Upskilling the Sales Team to Achieve Desired Results
The marketing space is constantly evolving with an infusion of new technologies and practices. To stay relevant, marketing teams need to be trained in new skills. Upskilled teams, with their knowledge capabilities, can venture to explore uncharted possibilities.
This is essential for a company to achieve the desired growth, especially in an age of innovation. Some of the more popular campaigns in fintech leverage age-old tactics like FOMO and gamification but with a modern spin. This element of ‘new-age’ is only possible if marketing specialists know the foundations and are trained to build on them.
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Explore New Forms of Content to Market
New forms of content are now on different platforms, and fintech may not have leveraged these new developments. Various forms of content carry huge potential, altering how brands connect with their customers. Immersive Augmented Reality (AR) and Virtual Reality (VR) remain unexplored spaces for many, and these are the future.
Campaigns like the Burger King ‘Burn that Ad’ AR campaign was a game-changer, even if it felt gimmicky. Fintechs should be willing to go beyond the standard mediums and explore technology fully when it comes to marketing.
A robust marketing strategy is necessary for a competitive environment where 75% of fintech companies fail in their first year and traditional banks face survival crises. The answer to this comes down to building a strong connection with your customer base. Top businessmen from India’s financial sector can employ these techniques to establish this connection and add value to their customer base.