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Fintechs the world over are benefiting from billions of pounds of investment. Despite that, the fact remains that there's still no match for the resources, experience and brand recognition that traditional, more established financial institutions have in abundance.
The fintech industry faces a few significant challenges if they're to compete with the heavyweights of the financial world.
Here's how inbound marketing practices can be used to overcome two of the most critical.
Convincing new audiences to trust a new, unfamiliar tool or platform with their money requires a fintech marketing initiative that puts education at its core.
Well-researched, educational content has to be the cornerstone of any fintech-specific marketing strategy. It's there to prove to readers that your fintech solution (and the team behind it) is knowledge-driven and trustworthy. Create inbound marketing materials — think blog posts, white papers and infographics — that explain your product and related subjects in simple term.
Fintechs of all shapes and sizes need to convince their target audience that they represent financial expertise, and that they are always on the customers' side. That's precisely the sort of goal that inbound marketing is designed to achieve.
A real-world example is always handy. Long before the launch of what is now the hugely successful Mint personal finance app, the company realised that in order to attract its target audience of young, digital-savvy professionals, it needed to find a way to engage with them online.
To that end, the team built MintLife — a blog that regularly publishes content aimed at young people who want to learn more about personal finance and investments.
The blog is jam-packed with useful, relevant, targeted content, and acts as a fantastic resource for a younger generation that wants to gain better control over its finances. To build further trust and credibility with its target audience, the company also regularly invites finance and technology experts to write guest posts.
Building brand recognition
Building trust is just the start — a necessary first step that all financial businesses need to take. It's also absolutely vital for fintechs to build their brand.
The financial heavyweights may enjoy brand recognition, but many have lost the trust of the people. The Millennial Disruption Index states that 71 percent of millennials would rather go to the dentist than listen to what a major bank has to say. Moreover, many also struggle to see much difference between the undifferentiated offerings of the mainstream players.
That all gives fintechs (especially newly-founded, disruptive ones) the opportunity they need to make a meaningful splash and differentiate themselves from the old guard.
Yoyo Wallet is one such example. The mobile payments app was designed for university students, and the Yoyo team found great success by concentrating much of its marketing spend on case studies. Those case studies educated prospects on the benefits of its solution by showing them real-world examples of past successes.
Education is everything
Educating the reader is what great inbound marketing is all about. New financial services can often be confusing or intimidating for customers, especially if the tech is disruptive. That's not necessarily a recipe for success when you're asking them to hand over their bank details and trust you with their purse-strings.
It's a hackneyed idea, but people do tend to be more wary of what they don't understand. The best way to overcome financial reservations is with education. Provide real value, and you'll alleviate fears, inspire trust, and build a recognisable, authoritative brand.