Fintech Marketing Strategies, Trends and Examples for 2024
By now, you’ve probably noticed that “Fintech,” which stands for financial technology, is making waves. Projected to reach $492 billion by 2028, the fast-growing Fintech space is expanding at a robust CAGR of 16.8%. And what’s more, the global industry revenue has nearly doubled since 2017.
The Growing Adoption of Fintech Apps
In the UK, it has become natural for us to utilise three Fintech apps for various purposes. For instance, managing online payments, handling bills, engaging in investment activities, and budgeting. And this isn’t just limited to the UK; this trend transforms tasks, making them more convenient and efficient for everyone.
Opportunities and Competition in Fintech
Undoubtedly, Fintech presents opportunities for businesses. However, as expected, there is also competition in growth areas. Fast forward to May 2023, this competition has grown the Fintech industry to $179 billion. And on top of that, approximately 30,000 Fintech startups are trying to make their mark.
The Surge of Fintech Applications
And as things rapidly evolve, we are witnessing a surge of applications entering the market. The evidence is apparent when considering that the tally of startups has skyrocketed, more than doubling since 2019.
Fintech covers everything from banking and loans to payments, investments, insurance, and beyond. You’ll find the heavy hitters in finance trying out new tech toys and fresh-faced startups shaking things up with their innovative approaches.
But, despite the expansion of this sector, Fintech brands face two challenges:
- Attracting more customers
- Retaining customers they already have
Though these may seem like a cause for concern, you don’t have to worry; we have something to help with these dilemmas.
Stay tuned to our guide exploring top Fintech marketing strategies for 2024 and beyond.
What is a Fintech Marketing?
Fintech marketing uses specific approaches and tactics to identify and fulfil the distinct needs of financial customers. The process involves generating demand, acquiring customers, and retaining existing ones to propel business expansion.
What’s more, your marketing strategy will improve the overall visibility of your Fintech company online and offline. It must combine a unique blend of traditional practices and modern digital tactics tailored to the financial technology industry. Fintech marketing strategies are essential for brands to stimulate demand, foster customer loyalty, and propel business growth.
1. Content Marketing
Implementing a Fintech content marketing strategy correctly can do wonders for your brand. Content creation is more than enhancing a company’s organic traffic and SEO. Instead, content positions your brand as an industry expert and thought leader. As a result, you can boost consumer confidence and earn long-term trust.
Here are some strategies you can employ when creating valuable content:
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- Develop short, informative videos to educate users and share them across all relevant platforms
- Create evergreen content to increase your brand’s authority. Your blog posts could become a trusted resource for individuals seeking financial guidance
- Ensure your website is mobile-friendly. Focus on servicing the significant amount of time people spend on their mobile devices daily
Next, you must understand your target audience for any successful Fintech content strategy. Customers are tired of the plethora of ‘tips and tricks’ and ‘five things you need to know’ content that seems to flood the industry. More and more people search for valuable content beyond the surface. You are offering solid, in-depth insights from real-life examples and use cases.
The key to effective content is understanding your audience’s needs rather than providing varied content. They crave authentic experiences, not quick fixes. When creating content, consider their challenges and the solutions they seek. Instead of another ‘how-to’ guide, share case studies and discuss wins and losses.
For example, consider the approach of Acorns, a Fintech company that simplifies investment for its users. They provide easy-to-understand educational content and resources to help users make informed investment decisions. This helps their customers manage their finances and builds trust and credibility for Acorns.
2. Cross-Sell to Existing Customers
There has been a significant rise in Fintech app usage, with 86% adoption in the UK. 76% of Brits express confidence in using tech for their financial management. Furthermore, they report benefits such as time-saving (59%), money-saving (42%), and stress reduction (36%).
But, there is still room for further expansion of Fintech apps among consumers. The success rate of selling to a customer you already have is 60-70%. However, the success rate of selling to a new customer is 5-20%. This implies that your most significant potential for sales lies with your existing customers.
You may need to inform customers about the many features of your tech. Why? It’s simple – users might need to learn about all the features, or they might like using other apps better.
Here are some strategies to enhance cross-selling:
- Keep users updated about app features via emails/notifications
- Cross-sell or upsell with related product promotions
- Provide customer incentives
- Highlight popular app features in attractive propositions
- Specific retargeted ad campaigns
If you have a list of potential customers, could you consider launching nurturing campaigns to leverage opportunities with them?
3. Partnership Marketing
Partnership marketing tactics are all about two businesses teaming up for a shared win. They pool their resources to create a strategic campaign that benefits both. Think of it as doubling your Fintech marketing power while sharing the load.
One business usually takes the lead, while another offers support. Together, they bundle their products, which helps increase sales and improve their brand’s visibility.
But just like any partnership, laying down the ground rules is vital. This requires a formal agreement that clearly outlines the roles, responsibilities, and potential benefits each party will gain. This ensures transparency and sets clear expectations for all involved, paving the way for a successful and rewarding partnership.
Businesses frequently employ partnership and joint Fintech Marketing strategies during their pre-launch phase. This allows them to test the market waters and validate their product concepts.
A notable example is the partnership between N26, a German neobank, and Wise, a British online money transfer service. This move enables N26 to provide its customers with an affordable and straightforward method to send funds straight from their N26 app. As a result, this partnership boosts N26’s services and grows Wise’s customers, benefiting both.
So, to enter into a new market segment or validate your product concept, consider the use case of partnerships. In short, it could be the key to unlocking your next level of growth.
4. Understand Customer Painpoints
Customer pain points refer to the specific issues your customers or potential customers face. These subtle hitches occur during a customer’s interaction with your business. These painpoints can negatively impact their relationship with your brand if left unaddressed.
You can discover your customer painpoints by asking for feedback or speaking with your marketing teams.
Your Fintech marketing plan should have a customer-centric approach, addressing issues like:
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- High-priced subscriptions
- Excessive membership costs
- Poor-quality products needing regular replacement
- Unclear final costs
- Sudden fee hikes after a period
- Can’t find or access customer support
By addressing issues and understanding customers, you can build trust, make customers happy, and grow your business.
5. Referral Marketing
Referral marketing motivates customers to promote a company’s offerings for a reward. Rewards could include discounts or freebies, making it beneficial for them to participate. In return for their help, they get a bonus every time they bring in a new customer.
These kinds of partnerships are super effective in Fintech. They’re like a shortcut to reaching and building trust with your target audience.
Let’s take PayPal as an example; they developed a great referral strategy. For every new person that a user introduced to PayPal, who then opened an account, PayPal gave a cash bonus.
As a result, both parties received this bonus after the new user conducted some transactions. Consider it as “Invite a friend, and you get the benefits” of having a PayPal account.
This strategy worked wonders for PayPal. Not only did it grow its customer base, but it also made people trust it more. They increased the cash bonus by getting extra cash from an investment round, attracting even more people.
So, it’s all about creating win-win situations where everyone benefits – you, your partners, and your customers.
6. Brand Strategy
Imagine your brand’s messaging as your company’s language to chat with its audience. Liken it to having a good conversation – it’s clear, persuasive, and leaves an impression. Branding is the secret sauce that makes people relate to your company and want to use your product.
For Fintech, this messaging is different from traditional financial institutions. The way these products engage their audience is part of their identity, just like their visual style. Every word shapes how people view their Fintech brand, what they think they do, and why it matters to them.
Fintech products often have a human-like, friendly tone: consider it like chatting with a friend. They build trust with their users by making their message clear and easy to understand.
This human touch helps people feel comfortable with digital-only solutions and creates an instant connection. However, it’s vital to remember that unclear communication can rapidly erode trust.
Many Fintech products use everyday language and jargon to explain complex financial terms.
For example, instead of:
- “Request”, use the word “Ask”
- “Assistance”, use the word “Help”
- “Funds”, use the word”Money”
7. Community Marketing
Community marketing is no doubt a game-changer in the industry landscape. This approach allows brands to engage with their target audience and foster deeper connections. This method catalyses growth, addressing customer needs and preferences in a way that feels personal and resonates with them.
When used well, community engagement becomes a vital tool that offers critical insights to boost your brand significantly. But it’s more than selling a product or service; it’s building a community that values your brand.
Revolut and Monzo foster strong brand communities, fuelling product development and growth. This involves asking for customer feedback on products and inviting them to live Q&As and community meet-ups.
For instance, Monzo encountered a trademark dispute over “Mondo” and needed a new name. Therefore, they contacted their 100,000 subscribers via social media and press.
8. Experimental Marketing
Experiential marketing makes fun experiences for customers. On the other hand, traditional tactics talk directly to them. Creating a fun, unique experience is a great way to bond with customers. As a result, customers will likely want to discover more about the brand and its products.
Experimenting allows customers to bond uniquely with a brand through events and interactive experiences. When done right, it can boost engagement and sales.
Moreover, this approach has evolved significantly because of global events like pandemics and changing work environments. Nowadays, people can join these events from home, making them more accessible and distraction-free.
As consumer needs change, so do experiential tactics. In the past, most people had 9-5 jobs; however, today, people work remotely and have flexible schedules. Fintech marketers must be creative to engage those who can’t attend events in person or at set times.
WealthSimple is a firm that has successfully utilised experimental Fintech marketing strategies. They have focused on the “Content is King” strategy, creating engaging and valuable content for their audience. As a result, this approach has helped them achieve high growth in a competitive industry.
9. Social Media Marketing
Influencer marketing is a vital part of promoting your brand on social media. The size of your business doesn’t matter; you can still reach your customers effectively.
How does influencer collaboration work in practice for your brand? Notably, you team up with well-known users on social media – influencers. As a result, they showcase your products and give them their stamp of approval.
Therefore, such a strategy opens the door for people to discover your brand. Also, it helps customers understand what you offer and engage with your brand. Above all, it nudges them towards making a purchase.
If you are not using LinkedIn or Instagram, you must rethink your Fintech marketing efforts. These platforms, along with influencer collaborations, hold many opportunities. Without them, there’s a chance you’re missing out on customer acquisition opportunities.
Now, let’s discuss the potential benefits of social media for your brand. A well-planned influencer partnership approach can do wonders for your business. In short, it can build trust in your brand, turn customers into loyal advocates, and boost leads and sales. As a result, these contribute to your business’s growth and success.
Future Trends in Fintech
Keeping up with the latest trends is essential as the industry grows. Therefore, by knowing these trends, you will stay ahead of the competition and better address customer needs.
Here are some future trends that you should be aware of:
1. Design and User Experience
The focus on user experience and design-driven tactics is rising in the Fintech industry. Indeed, brands know that a smooth, easy-to-use interface can give them a competitive edge. Companies that understand this must invest heavily in user interface and experience development.
As a result, brands are committing to crafting products that stand out for their beauty and functionality. However, their work continues beyond that as they have one main goal. Brands want to simplify and enhance the financial transaction experience for their users. In short, their purpose is to transform financial transactions from being a task into a more enjoyable process.
2. Chatbots
According to Forbes, the increasing use of chatbots transforms customer service as we traditionally understand it. While some worry that automation may replace specific human jobs, this change is typically good for businesses.
But that’s not all: chatbots gather insights into how we behave as customers. Therefore, brands can use this vital information to fine-tune and perfect their Fintech marketing efforts. In short, chatbots are making Fintech not just more efficient but also more human.
3. Artificial Intelligence
Artificial intelligence, or as we call it, AI, is more than just a buzzword in the Fintech industry. Consider AI as that insightful friend who knows your customers better than they know themselves. Moreover, it sifts through heaps of customer data, uncovers patterns, and predicts behaviours. As a result, AI helps craft Fintech marketing campaigns that are as unique as each customer.
Therefore, we will see AI engaging in an even more significant role. As a result, engagement is more targeted, personal, and human.
You can stay ahead of the competition by keeping up with these trends. What’s more, you provide your customers with the best possible experience.
About Goldmine Media
Goldmine Media is a renowned, all-in-one financial services marketing agency. We’ve worked closely with driven clients for over twenty years to achieve their goals.
Our services include:
Global Marketing Services
As a company, we proudly partner with various clients, from major corporations to small and medium financial firms. These partnerships span across the globe, from the UK and abroad. So, be it the UK, USA, UAE, or Singapore, our team is ready to meet your Fintech marketing goals.
Looking for a Top Fintech Marketing Agency to Boost Your Firm’s Online Growth?
Please reach out to Goldmine Media and see how we can drive your business forward, whatever your goals are.
So, if you’d like more information on how we can help with your brand, please contact Goldmine Media. Moreover, you can reach us by calling 0845 686 0055 or emailing findoutmore@goldminemedia.co.uk.
