The market for fintech applications is proliferating. On average, American consumers use 3 fintech apps to maintain payments, file taxes, pay bills, budget, and invest. The same conditions are noticed globally as well.
Fintechs can cover a huge variety of use cases, and the market alternative is great. But the competition is also growing. For example, in May 2023, there were 11k+ fintech startups in the USA, 9k+ in EMEA, and 5k+ in the Asia Pacific region.
While the benefit brings the success of fintech and banking apps, many groups of fintech apps have grown. This article will discuss modern fintech marketing strategies, examples, and trends.
Let’s explore!
What is Fintech Marketing?
Fintech marketing is a compilation of marketing strategies made only for fintech firms. These businesses are implementing innovative technology to eventually automate and enhance the supply and increase the users using financial services.
When implemented accurately, these fintech marketing strategies help you interact effectively and gain the trust of your customers. These strategies mainly focus on the following objectives:
- Building customer loyalty and building a powerful community
- Driving more traffic towards the website or app
- Expanding your fintech service offerings
- Generating new opportunities to make user-generated content
- Building a strong customer acquisition process, that brings more revenue and sales
Here are the advantages of using Fintech Marketing:
- Educate your audience- using Fintech marketing strategies, you will be helping people manage their finances.
- Reach new people- Almost every user present globally will engage in their fincare transactions.
- Develop trust- Using popular fintech strategies, you can build trust in users.
- Explore information- Fintech marketing lets you explore information, and understand buyer expectations, and their needs. One can use this data to customize the content, services, and products.
4 Top Fintech Marketing Strategies to Use in 2024
Here are the best Fintech Marketing Strategies to use in 2024:
1. Don’t just market, educate
Providing financial literacy to users is necessary. Millennials and Gen Z, both wish to have better knowledge of personal finance.
This situation indicates that when choosing fintech marketing, you should focus on providing financial education to your consumers, rather than just marketing your services.
It can be done by:
- Producing evergreen content such as blogs, or a go-to resource for customized financial advice.
- Creating content that empowers your target audience to take control of their finances, such as budgeting tips, beginner-friendly investing guides, and student loan refinancing options to save money.
- Making bite-sized videos for educating users, and sharing them on Reels, YouTube, etc.
- Making your website mobile-friendly
2. Explore possible opportunities with current users
Even when the use of fintech apps has grown considerably, many people avoid using mobile payment or banking apps. One of the many reasons for not using these fintech apps apart from security threats may be, that they aren’t aware of the features.
You can grow and market your fintech app in the following ways:
- Up-sell/cross-sell relevant offerings
- Notify your existing users timely about the features of your app
- Incentivize your users
You can monitor the popularly used functions of your fintech app and develop a proposition around them. Moreover, you can also run nurturing campaigns on your potential customers to provide them with knowledge about your fintech project and its functionalities. Lastly, consider integrating IDP in fintech to automate document-heavy processes, reducing manual work and enhancing user experience.
The digital KYC system that almost every fintech platform has adopted is making a notable change. With this, customers can share necessary documents over the Internet and sign them whenever required.
To gain the trust of your users or potential customers, you have to make your platform secure. Here’s how you can do it:
- Stay transparent about your benefits and fees
- Show your users that you have HIPAA, GDPR, and ISO certificate to make your project secure
- Explain to them your usage terms and conditions without using jargon
- Notify them if you are using any third-party security provider in your app
- Show them that you have an HTTPS-SSL certificate on your website
4. Incentivize your customers
Incentivizing your existing users and potential customers motivates sales.
For instance,
PayPal in its early days found it hard to gain customers. So, they started incentivizing them to bring organic, and viral success. They gave $10 to modern customers for signing up. Moreover, they also give $10 to their existing customers if they refer a new customer. In this way, they spent 20 dollars for each new customer. Using this marketing strategy, they got 7-10% of organic growth daily.
You can perform the following strategies to incentivize your customers:
- Give joining bonus
- Offer cash backs
- Give referral bonus
- Partner with famous brands and provide discounts, etc.
These are the four most popular Fintech marketing strategies to drive customers to your Fintech app.
5. Use social media
There are more than 4.5 billion users actively using social media. It means that 9/10 internet users are using social sites.
So, by social media marketing, you can reach out to a huge audience. However, social media marketing isn’t easy at all. Despite having numerous followers, your posts hardly generate engagement.
The reason behind this may be that your content isn’t strategic and compelling enough to engage your audience on social channels.
Hence, start with identifying your customers first. Then create or repurpose your content and share it over your social media platforms.
You can also
- Perform paid ad campaigns
- Try influencer programs to reach customers
- Do social listening and understand what customers are finding
- Conduct surveys and polls to get organic views
- Use different customer testimonials for social proof, services, and products
6. Be smart and Automate things
In the above-mentioned points, we covered how well you executed the plan. But knowing that everything is working well is also important. Well, for that, you have to be clear with your goals:
Here are some of the goals:
- Increasing brand awareness
- Reducing uninstalls
- Increasing sign-ups or application downloads
- Bring maximum ROI from existing customers
- Encourage users to use new features
Retaining customers is a strong challenge in the fintech industry. You can resolve this by making it a part of your in-app marketing.
For example, Chime sends automated in-app notifications to customers to notify them regarding new updates made in the app.
These are some of the best points to show why Fintech marketing is important, its current trends, and more.
Final Verdict
Fintech marketing is necessary for educating people with financial knowledge. By following these popular Fintech marketing trends, you can get more customers, retain them, earn trust, and much more. Ultimately, Fintech marketing will bring success to your Fintech app if performed correctly. So, take advice from marketing experts before jumping into this pool. Happy reading!
