To succeed in the harsh world of digital advertising, you need to focus on more than the industry in which you operate. Marketing strategies constantly require makeovers based on the latest trends, technology development, new analytics, and, more importantly, customer needs.
As financial technology moves forward, it affects all other sectors. Consequently, the consumers’ growing demands are putting a substantial amount of pressure on marketing strategy development. Thus, it is vital to recognize all marketing trends that are impacting the Fintech industry. With the added influence of the COVID-19 outbreak, falling behind the competition may have dire consequences.
How to satisfy the growing demands of customers?
It is a fact that consumers drive everything that happens in the Fintech industry. The new age is here, and there is no more relying on traditional norms of financial transactions. The number one question on everyone’s lips is how to satisfy the growing demands of customers?
As the primary problem at stake, it becomes the focus of all industries. Both from B2C and B2B perspectives, the most vital factor was, and still is, communication. PR sectors are at the first line of fire, combating negative PR with an online presence and ensuring that the company employees, investors, stakeholders, partners, and loyal customers maintain a favorable view of their company.
With the communication channel as the primary weapon in slaying this colossal beast, let’s see what the new demands and requirements of the consumers are worldwide.
B2C and B2B perspectives
Tech-savvy millennials today prefer using mobile devices and browsers to manage all sectors of their lives. More than 80 percent of people use between 2 and 3 apps to keep track of their finances. However, the Fintech industry includes a broader range of types of customers. To satisfy B2C needs and demands, the focus should be on:
- convenient service options
- ease of access for all ages
- the speed of providing a service
On the other hand, the B2B angle shows the different requirements. Businesses require tools and technology that will help them to:
- process vendor and employee transactions with a single click
- easily manage distribution, processing, and multiple currencies
- simplify online credit card payments while removing the tedious process of merchant account fees
As an example of how companies strive to provide exceptional service, Fleetcor provides solutions for both environments. E-Payables aim to process easier payments for domestic and foreign suppliers, and Payment cards are the solution for employee payments on the go.
Additionally, the Fintech market dictates trends focused on resolving the problems that emerged due to the coronavirus:
- Alternative lending is high in demand. Borrowers have the option of using online platforms to find investors interested in making lucrative investments.
- Digital mortgages stand out as the go-to option for purchasing Fintech real estate. The rent-to-own model allows buyers to purchase a property without paying the mortgage, and as an additional benefit, the purchase is not obligatory upon signing the agreement. The second option is Cash-guarantee, where a buyer seeks a company willing to act as a sponsor. This option is perfect for those capable of repaying the debt but cannot get the credit due to credit score problems.
How can PR marketing tip the scale in favor of the Fintech industry?
Developing a clear and concise PR strategy based on the latest marketing trends that are impacting the Fintech industry should be the most effective solution. The general public wants to know what changes in daily actions of managing finances are happening and what the predictions are for the next few years. At the same time, businesses are seeking answers to more efficient ways to manage expenses.
The key is the content
The need for informative, valuable content focusing on Fintech innovations is in demand more than ever. Both consumers and businesses need a guidepost to explain how direction the industry is moving and how different financial technologies can improve financial management.
Rumors vs. facts
With many novelties introduced in the Fintech 2020 report, there is a lot of unknowns as well. Following rumors and incorrect information can be highly damaging to any business. One of the strongpoints of any PR marketing strategy should be to shed some light on any potential misinformation or disinformation and underline the facts.
One of the most crucial marketing trends that are impacting the Fintech industry is encouraging collaboration between companies. Facilitate new partnerships and strengthen connections with people around you. This way, companies are not only transmitting the benefits of financial technologies but also laying the groundwork for new technology development.
Analytics as a power tool
People like statistics. They are not only interesting to read, but also very useful in terms of improving a business. If I tell you that Fintech companies globally collected over $135 billion in investments for the last year alone and that the digital transactions are close to the magical number of $5 trillion in 2020, that speaks volumes about how the Fintech industry is changing the world.
Every PR marketing strategy should focus on providing extensive Fintech analytics and research.
How the insight into the marketing trends that are impacting the Fintech industry affects the PR world?
Being thrown into this rapid vortex of information, technology, and emerging marketing trends that are impacting the Fintech industry will make anyone’s head spin. The PR industry has a challenging task and a battle that is yet to be won. Standard marketing strategies require constant tweaking and improving because customer demands can quickly change again. There is no room for error, and a lot of yesterday’s tactics are becoming obsolete. The main focus still remains on providing informative and correct content of value and clearing out the unknown in the eyes of the consumers and businesses.