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Consider this. India has over 7,000 FinTechs - only running behind the USA and China who have 20K+ and 8K+ respectively. It’s a massive number, and one can only imagine the intense competition in the space. The hunt to acquire customers, retain them and grow revenue is getting tougher and the FinTechs must now think deeply about their acquisition and marketing strategies to ensure that they don’t fall off track.
Alongside this fierce competition, there’s also the challenge of catering to a fast-evolving consumer mindset. Today’s customer doesn’t want to be sold to. So doubling down on the uniqueness of your product - perhaps the most obvious route - simply isn’t going to cut it.
Instead, marketing needs to focus both on the clarity of the offering and fostering a sense of trust in the target audience. The latter being especially key, considering that incumbent banks currently enjoy a monopoly on trust. In fact, according to the World FinTech Report (2018),
“FinTech firms’ primary competitive advantages are their agility to launch and pivot, their laser focus on customer experience, and their freedom from the burden of legacy systems. However, they also face challenges in scaling their business due to a lack of trust, absence of a known brand, an established distribution infrastructure, capital, and regulatory compliance expertise that, historically, are the strengths of incumbent firms.”
The trick, then, is two fold. One, is to position yourself less as a service provider, and more as an ally who has the customers’ best interests at heart (think ‘empathy’ from blog 1 of this series)’. Two, is to build trust with solid proof and transparency.
How to build trust into FinTech marketing
Use trust signals
Building trust is an ongoing process that consists of several steps. First, is displaying trust signals. These could include any information that vouches for your brand. Think social proof such as third-party reviews (91% of consumers trust online reviews to guide their decisions), case studies, and testimonials from past and/or existing clients. Next, showcase any accreditations and certifications from relevant authorities and auditors. Display these where your customers can’t miss them - e.g. on your home page or app landing page.
Interestingly, content too can be used as a trust signal. Well-researched and edited content with sources cited that educates rather than sells can go a long way in building confidence among your audience.
Today’s consumer is perceptive. They can tell if you’re hiding something. So lay it all out there. Include a separate page for pricing on your website, and include a section with commonly asked questions around solutions and billing. Announce your quarterly financials even if you’re not mandated to - it’ll give you a seal of legitimacy. Finally, remember that trust isn’t just about you - it’s also about the clients you work with. Make your list of clients public if possible, and maintain associations only with those who have a clean reputation.
Talk about security efforts
Use language as a tool
As mentioned in Blog 1 of this series, remember that there’s a human being behind the screen - a human being who may or may not be well-versed with financial and tech jargon. Simplify the technology behind your solutions without talking down to your audience, and ensure your tone is casual but not overly so - marketing is all about walking these fine lines.
The second aspect of language as a tool to build trust? Moving away from just using English. Depending on where your audience is, make the effort to market in vernacular languages. It makes customers feel like they’re heard, and that they matter.
Leverage the power of social media
Pick a platform/s based on your product and target audience, and use the space to tell customers things they may not always find on your website or app. Did your CEO read a great book on startups recently? Publish a post around it. Did a team member have a big win this week? Put it on LinkedIn. Putting human faces to companies is a big part of creating trust in a context where interactions can feel faceless and nameless. Social media can also give you insights into users who are regularly engaging with your organic content, and based on the kind of content they’re showing interest in, you can re-target them with a paid ad. Basically, it’s a great way to both sell and connect with people.
Marketing gets a lot less complicated when you realize that people - in many ways - have similar motivations. They want to feel heard, they want their problems to be solved with products they purchase, and they want to feel connected to the brands they engage with. Keep this in mind when marketing your FinTech, and you’ll have a winning formula in no time.