We are seeing a constant change in the business landscape, thanks to rapid advancements in technology and in customer expectations. Even in the highly regulated banking sector, different forces are disrupting the structure, role and competitiveness of these institutions, in the markets and in the communities in which they operate. Over 81% of banking CEOs are concerned about the speed of technological advancements, in comparison to any other industry, says PwC. It is now clear that technology is the most defining factor in the financial ecosystem.
The rise of intelligent banking systems, cardless transactions, quick loan approvals or blockchain ledgers; the young generation is keen on new FinTech solutions. Overall, it is a good time for FinTech companies, and, at the same time, competition levels are high. In this age. when start-ups are seeing higher VC funding and the rate of public consumption of new applications is increasing too, the quest to build a successful FinTech brand is challenging.
Here are some points to consider along the journey.
Product Differentiation Before FinTech Marketing
There is a lot of noise in the FinTech space currently, which means there is little room for confusion. FinTech brands will have to carefully think about what they want their company to accomplish, before jumping into the field. Every new financial need you can think of is being transformed into a FinTech solution. Product differentiation is critical.
So, ask yourselves the big questions. Branding is all about defining the very essence of your company. Which group of people do you wish to help? Determine which facets you don’t want to offer. Also, do not be hesitant about building something that is highly unusual. Innovation is the path to financial inclusion.
Thorough Competitor Analysis
Study the market in detail and identify your competitors. Look into their FinTech marketing strategies; the key here is to avoid repeating their mistakes. You want to win your customers away from competitor brands, and this can be achieved when you focus on their limitations and offer relevant solutions. This will help you decide on the right brand image for that target group.
Applications and Tools
Technology is the focal point of any Fintech software company, and if there is app development in the pipeline, build focus groups to test the prototype. This will result in constructive criticism, to ascertain if it is even desirable for the end user. When the focus groups find problems, such as bugs or navigation issues, you should be able to rectify those issues before wide-scale deployment of the app.
Consumer expectations are high, and they appreciate clean and simple user interfaces. In this competitive market, the higher your app scores on aesthetic value, the better will be its adoption. Data security and privacy are critical aspects of FinTech app development. Be sure to offer your customers an app they can trust.
Acquiring Capital from the Right Investors
After research and custom development, there might be a point when you need more capital to continue the process. A different perspective from an experienced entrepreneur will bring benefits for the business too. For this, pre-accelerators and accelerators are places where you can find mentorship and valuable advice. They offer tracking and consulting programmes too.
After using an accelerator, your brand will reach a stage where venture funding will be needed. There are scores of companies that are being backed by venture capitalists, which means you will need to offer a credible value proposition, different from the rest. This includes a visual prototype and powerful pitch-deck.
FinTech PR: Build Your Brand through Thought Leadership
Successful branding depends on how well you connect with your customer. Engage with people on your social media channels. Provide them valuable content that will enrich their knowledge about the financial industry and, more importantly, will make them aware of their own needs, which they are yet to realise. Create a FinTech marketing strategy, heavily reliant on rapid response, so that your brand gets maximum coverage. You should consider having an agile marketing team that can create strong and compelling opinions and deliver them to the financial media. It is important to recognise the online channels that your target consumers are mostly active on.