People around the world are choosing FinTech solutions over traditional banking systems for many reasons. Easy account opening facilities, greater access to innovative and functional products online and lower fees are only some of the factors behind this wide-scale adoption. It is changing the very definition of user-experience in the financial services sector; a welcome proposition in the digital era.
The Global Fintech Software market report 2018-2022 predicts that the market will accelerate at a CAGR of over 7% in the given period, with rising demand for data integration and visual analytics being the key drivers pushing the sector forward.
A technology that supports visual analytics in financial decision making has to be marketed in an appealing manner. For starters, the sector already faces marketing challenges due to trust issues and a lack of big budgets; both of which are strengths for traditional financial institutions.
However, FinTech has the power to integrate advanced forms of technology with day-to-day financial activities, across multiple devices. And, when it comes to devices, people love images.
Complex Technology Made Easier
Consumers enjoy seeing images on their smartphones, which are rapidly evolving in order to cater to the audience base. FinTech, at its basic nature, solves the purpose of anywhere-anytime money management, with a focus on intuitive investor portals, loan approval in seconds, trading tools distributed via APIs and FTP, and real-time capital market analysis.
But technology and automation often come at the expense of lost customer relationships, which is where visual marketing scores big. It helps consumers understand what appear to be intimidating processes in a simplified manner. An explainer video or a well-crafted infographic can filter out complex jargon and help the viewer understand the real value of the start-up’s technology. Did you know, 85% of people are more likely to buy a product after watching its video? So, including a video on landing pages is likely to result in better conversion rates.
For example, Betterment, an online investment company, made this video ad, in which they provided a light-hearted explanation of financial investment requirements. The video was shot with actual employees of the company and is a unique take on engaging an audience.
The Power of Social Media
Social media is powered by high-quality images. According to a 2014 research by Socialbakers.com, 75% of posts on Facebook were images, accounting for 87% of the total interactions with followers. Brands that are able to integrate high quality images into their marketing messages will be able to engage the audience in a better way. Visual marketing strategies on social media platforms will enable FinTech start-ups to deliver relevant and appealing content.
Capturing the Attention of the Young Crowd
Along with the proliferation of smartphones, a change in consumer demographics has been a major factor in designing FinTech solutions and marketing strategies. Millennials across the world have quickly become a very important consumer segment for any customer-facing FinTech product. They live fast-paced lives on their phones and are comfortable investing in financial products outside the traditional finance sector.
FinTech startups that have built products and marketing strategies aimed at millennials, keeping in mind their financial and social preferences, have so far been the most successful ones worldwide. Visual marketing tactics work well with this generation. They prefer fast information and content that can be shared easily on social media platforms. Powerful visuals can often include critical issues in society that need to be addressed. This is a popular way to encourage dialogue with young people; since they appreciate companies that go beyond profit-making marketing motives.
Take for instance, Ellevest, a money management start-up that offers investment solutions specifically for women. As part of their marketing initiative, they put up large posters in kiosks and phone booths across New York, centered on the phrase “Invest like a woman.” The images were powerful and controversial, but served the purpose. Many women supported the campaign and shared these messages on social media.
With changes in consumer taste and digital lifestyle, FinTech marketing strategies are becoming bolder. Visual marketing strategies like documentation videos and product tutorials, will give the sector the much-needed credibility it requires. Access to internet data is increasing, which means images and videos can be loaded and streamed faster than ever before. This opens up new horizons of crafting marketing messages, which no start-up should ignore.