FinTech is no longer an experimental initiative. From the obscure back offices, it has come to the foreground, thanks to the digital native millennial generation, who have been dissatisfied with the banking system’s failure to integrate intuitive technologies in their products and services. This demand is growing on a global scale, securing deals beyond the core markets of the US, UK and China. Although crypto prices declined and a large percentage of ICOs failed, the FinTech industry surged ahead in 2018, hitting $55 billion worldwide. From innovative payment technologies to firms targeting immigrants without credit histories, 19 of the top 20 FinTech companies for 2019 have a valuation above US$1Billion.
However, even with the best technological innovation, a product cannot gain traction without reaching the masses. And when it comes to the masses, the “credibility” factor has always been a challenge for FinTech start-ups. In that respect, they lag behind banking giants. People have many misconceptions regarding FinTech solutions, and the ideal and first place to tackle them is through the business website. In fact, a FinTech website is the first step to any marketing strategy.
FinTech Websites and Their Relationship with Credibility
It has been firmly established that business websites drive credibility for a brand; especially if it is a small start-up. Having a well-designed website is a reflection of a company’s professionalism. If its design is uninspiring, customers might think that the brand is not serious or innovative about its work; maybe it didn’t hire the right designers or maybe it simply doesn’t care about the information relayed to consumers. An unedited website often portrays a company as underfunded or suspicious for people and other businesses.
The first thing a potential customer will do is research your company online, which makes it important to create an attractive online image. Clear, informative websites that are not overly preachy or salesy are much appreciated. Customers don’t trust pushy and spammy landing pages. Transparency is also a major factor in building credibility and websites need to inculcate this.
What Will the Best FinTech Website Design Be Like?
There is no one solution fits all strategy here, every business is different and so are the requirements of the website. But, what does stay relevant is the fact that it takes only 0.05 seconds for users to form an opinion about a site, which means whether they want to explore it further or not. Snap judgments on the part of the consumer affects the way the website is perceived, which immediately influences perceptions of credibility. For any given query on a search engine, there are so many results, which is true even for the FinTech sector now. An appealing website design is one part of the conversation, the rest is all about the content, which also needs to achieve transparency.
1. Technology and Safety Protocols
A complex FinTech product will not have many takers if it isn’t explained properly. Even among millennials, FinTech marketing needs to demonstrate how a solution addresses an existing problem effectively. And, you cannot only target millennials, you need to address the previous generations too. Technological advances are making the world a better place, although not all of it is easily understood. Remember Microsoft’s AI chatbot named Tay, which had turned into a social nightmare within a day of its release? Or, the failure in Toyota cars that led to increased acceleration when the brakes were hit? What this essentially means is that people are skeptical about new technology and how it will impact their safety and privacy. So, FinTech PR should address this.
Websites need to establish that the company has adopted robust protocols for keeping the consumer’s money and personal information safe; and it is patient enough to answer critical queries regarding the FinTech platform.
2. Regulatory Compliance
FinTech is not just about cryptocurrencies, after the dismal performance of ICOs in 2018 and overall decline in crypto prices, many people have started to consider the FinTech industry as being unregulated too. It is true that the industry does pose challenges for regulators due to its diversity and disparateness, but measures like introduction of tiered market licensing regimes, reporting of data breaches within 72 hours according to GDPR guidelines and stress tests for the implications of FinTech defaults are being implemented.
A website needs to assure visitors that the product does come under the purview of regulatory framework; having detailed information about the privacy terms policy is a good way to do just that.
3. Team Structure and Contact Details
Who runs the company and what are the credentials of the team members? FinTech users are interested in these details, before they can decide on a solution. Featuring team photos is a great way to add a human face to a brand, while information about the experience of the core team can help build trust.
4. Endorsements and Collaborations
Positive and legitimate third-party endorsements are critical for FinTech websites. Including testimonials from happy customers and links to press releases can work wonders in driving a positive brand image.
If a FinTech software company wants to get noticed and taken seriously, it will need to make significant efforts to create a user-friendly and informative website. Ultimately, those companies that deliver superior customer experiences and maintain a transparent brand stand a better chance of succeeding.