2020 will always remain an unforgettable year in every sense of the world. The Covid-19 pandemic spread through the globe, disrupting the lives and livelihoods of people from all walks of life. Business operations were halted, economies shrank, and millions of people were forced to remain indoors for months.
Amid all this, businesses were forced to rediscover themselves to ensure business continuity, enhance competitiveness and reduce the impact of the pandemic on their long-term growth. As a result, there was an increased emphasis on innovations to reduce costs and improve customer experience. The fintech industry was no exception. The consumer behavior changed drastically, and the industry went all out to adapt its offerings in tune with them. Here’re some of the digital marketing trends in the Fintech industry.
1. Increased emphasis on quality content
First, there was Apple Pay (2014), then came GPay (2015), and today there are innumerable digital-first financial solutions that cater to the mobile-first generation. These solutions set new benchmarks in providing a fantastic User Experience (UX). While user-friendliness is one of the aspects that appeal to users, they want more than that. Consumers today want concise and customized content to find out how a product or service will help solve their financial problems. In a nutshell, lead messaging and product explanations should be as economical as possible while still delivering the right value proposition.
2. Being perceived as transparent is the need of the hour
When it comes to financial solutions, transparency is the best policy. Customers like Fintech companies that are upfront about what kind of products and services are being brought to the table and how they are doing things differently than their competition. In fact, the mission and vision of the companies and how they are operating in a responsible and socially beneficial way matters a lot. Being transparent, authentic, and engaging on socially conscious topics is vital for brands now more than ever.
3. Thought Leadership is crucial for building customer trust
Thought leadership plays a pivotal role in capturing audience attention and generating brand trust. Consumers appreciate those fintech companies who can portray a strong thought leadership with the following.
- Educating audiences on how the company’s products can solve some of their existing problems and pain points they have with financial products
- Demonstrating how much the company understands them
- Showing how they can steer and improve the market better than anyone else
- Creating transparency around the product offering
- Building community around their owned media content
- Bringing in industry experts onboard to review their products and services
Although owned thought leadership provides a detailed analysis of events and challenges within a particular industry, more and more consumers expect a brand to feature regular guest posts, which review or endorse or highlight the relevance of the company’s products and services that cater to their specific requirements.
4. An amalgamation of brick-and-mortar operations with contactless services
Today customers expect brands to employ cutting-edge technologies to provide unmatched customer care and facilitate fraud detection. Some of the leading technologies being adopted by Fintech brands include artificial intelligence (AI), machine learning (ML) and neuro-linguistic programming (NLP).
5. Employing word of mouth publicity for lead generation
Nothing works wonders on users minds than rewards and referrals. Leveraging their trust with attractive offers and referral schemes encourages them to rope in their friends, relatives, and acquaintances, which brings generate quality leads at lower costs.
The Covid-19 pandemic has led to a paradigm shift in consumer behavior in the Fintech industry, and the demand for Fintech solutions has grown significantly. Customers expect innovative financial solutions that are tailor-made to meet their exclusive needs. In keeping this, Fintech companies need to understand the changing consumer behavior and deliver customized digital marketing campaigns to expand their customer base and maximize engagement.