The FinTech sector has witnessed phenomenal growth in the past 10 years. The industry has become important for all customer-driven processes in digital transactions, be it online shopping, quick money transfers, card-less transactions, loan approvals, digital wallets or currency exchange. The world is transitioning from “big data” to “smart data,” and more impressive technologies for fraud detection and analysis are expected in 2019.
With advancements in technology, marketing strategies will also need to evolve. The need to educate and convince prospective clients to put their trust in new systems will be more important than ever before. Here are a few online marketing trends expected for 2019, especially for the FinTech sector.
Increased Personalisation of Content
In a sector where AI and machine learning technologies are enabling efficient consumer data analysis, the audience will expect more content personalisation from financial marketers. In fact, 74% of global consumers expect financial brands to treat them as individuals, rather than just a figure in some customer segment, according to a research report by Selligent.
This means, marketers will have to carefully analyse consumer preferences and provide dynamic content for every phase of the user’s journey on FinTech websites or platforms. Brands will have to make efforts to form genuine relationships with their audience. The millennial audience is quick to abandon businesses if they find personalisation lacking in any FinTech product. And, it is personalisation that attracts millennials to FinTech, over traditional banking solutions.
Preference for Videos and Other Forms of Visual Marketing
Forming genuine relationships with the customer involves educating them about new technologies and products, and video tutorials have been very helpful in doing this for tech products. Consumers look forward to them now, to understand difficult processes easily.
Videos are perfect for investors who are mobile-centric and always on the move. Along with product videos, brand videos that portray the story of a FinTech company will also be appreciated. We have seen evidence of this in ICO campaigns, where blockchain start-ups have spoken about their vision on platforms like YouTube and Twitter.
Apart from videos, FinTech brands that want to harness the power of social media will resort to high-definition images. GIFs and memes are known to engage the audience with a dash of humour. FinTech brands will need to get creative to survive the competition.
Data Protection Will Be High on the Consumer’s Mind
Financial giants have reported data breaches in 2018, which has made investors skeptical. Data protection and privacy is not only a concern for technology developers anymore, but also marketers, especially if they want to leverage on increased content personalisation. Marketing departments will need to reassure consumers that their privileged information will be used wisely and in their best interests alone.
Mobile wallets and other methods of online payments will need to be marketed in a positive light to gain the customer’s confidence. They will need to create content around such assurances.
Websites Need to Support Voice-Search
By 2020, 50% of all searches online will be guided through voice commands. FinTech brands will likely be leveraging on this trend and developing their marketing strategies accordingly. For starters, websites will need to get prepared for this. Marketers will have to identify the most frequently-asked questions by online investors on search engines, and then convert them into natural language keywords and phrases.
It will be interesting to see how SEO strategies and email newsletters get crafted around the idea of voice search. Examples of such tactics have already been seen in the financial world. JP Morgan has integrated its platform with Alexa, bringing in the next revolution to their products and IT skills. Through phrases like, “Alexa ask JP Morgan” or “Read me the bio of analyst Joyce Chang,” consumers can access many features on its platform.
With tremendous developments in the FinTech sector, these are exciting times to invest and take advantage of financial services. Marketing teams around the world will need to overcome unique challenges to attract and retain customers, which means that we will get to see amazing creativity.