From online-only banks to buy now, pay later apps to services that will spot customers a few bucks until payday, financial technology companies are changing the way people do business.
No wonder that fintech, as an industry, was worth $226 billion as of 2023 … and projected to explode to more than $917 billion by 2032!
It’s a growing pie, yes. But a growing number of fintech companies are vying for their slice of that pie. Which means it’s as crucial as ever to make sure your fintech marketing strategies are on point.
If you’re looking for marketing strategies that will take your fintech firm to the top regardless of how many other startups hop on board, we have you covered.
5 Marketing Strategies for Fintech Firms
1. Emphasize Innovation and Agility
There’s a very good chance you’re not the only fintech firm in your field.
You probably have competitors. They probably offer similar products and services. Your goal is to identify the innovations you’ve made that make your product or service stand out, then work with your marketing team to promote them.
The job doesn’t end there, either. Fintech companies frequently roll out new features — you’ll need to stay in constant communication with your marketing team to ensure they can be as agile with their efforts as your development team is.
Push the envelope. And don’t be afraid to pivot when necessary.
2. Develop a Customer-Centric Approach
Without your customers, your brand doesn’t exist. So it’s crucial to put the customer first wherever you can.
Consider using feedback, customer journey mapping, customer relationship management tools and good, old fashioned “boots on the ground” research to figure out exactly what your audience wants. Then find a way not only to give it to them, but also communicate that you’re listening.
3. Educate Your Audience
Fewer than half of Generation Xers, Millennials, and Gen Zers are financially literate. Seventy-seven percent of Americans report being “financially anxious.” And only recently have a majority of states required high schoolers to take a financial literacy course to graduate.
Clearly, a little more education is in order.
One of the best things you can do for your audience (and your fintech firm, by proxy) is teach them how to manage their money better. Consider employing gamification tactics that let your customers earn perks or points for reading blog posts, taking quizzes or watching videos.
4. Experiment With In-App Marketing
Attracting new clients is great, but the journey shouldn’t necessarily stop after they’ve downloaded your app and signed up for your products and services.
In-app marketing allows you to upsell or cross-sell to your existing customers. You can let them know about special promotions they might be eligible for, offer a discounted upgrade or inform them about some of your other services they could benefit from.
5. Preach Trust and Transparency (And Practice What You Preach!)
Trust and transparency are important in marketing. In fintech marketing, they’re absolutely paramount.
People work hard for their money, so they understandably want to protect it. That means you’ll need to work hard to gain their confidence.
Be upfront about fees. Make sure customers understand how you’re using (and safeguarding) their data. Be certain you’re remaining compliant no matter where you market. And always deliver on your promises.
Positioning yourself as an honest and trustworthy fintech firm will set you apart from companies that tout low costs but sneak in hidden fees, play fast and loose with consumer data, and frequently promise features that never make it out of beta testing.
It’s Time to Stand Out!
The fintech industry is booming, and it seems like it’s only going to continue to grow. But faithfully executing on a few commonsense marketing strategies can take you from invisible to invincible!
As Cleveland’s premiere financial services marketing agency, Mischa Communications has the ability to take your fintech firm wherever you want it to go. Your pedestal is waiting. Are you ready to climb up?