Fintechs, Social Media, and the Humanization of Financial Marketing
The financial technology (fintech) industry has been booming in recent years. While most industries have been negatively affected by the pandemic, the fintech industry has experienced rapid growth. In a world where almost everything has moved online, there are no reasons for financial services to be any different. Banks, credit unions, and other financial institutions have had to incorporate technology in order to compete with newer faces on the scene, like startup unicorns that are really changing the way people handle their finances.
A growing industry means a lot of innovation and opportunity, but it also means a lot of competition. How are fintech companies supposed to stand out from their competitors? In fintech hub cities such as Atlanta, Chicago, Austin, and New York, how does a company catch the eye of an investor? The answer is strong marketing.
In a digital world, every industry knows the importance of a strong online presence. But financial marketing has normally been overlooked. Everyone needs a bank, right? No one wants to see their bank on Instagram or even TikTok? Wrong. Financial institutions need to market themselves correctly to stand out from the pack. This helps them build trust with their clients and distance themselves from the competition.
Here are some tips for marketing your fintech company in 2021:
Content Is King
The best way to market your company is by producing great content that your clients will want to engage with. It’s important to have content that is shareable and consistent—and that aligns with your brand’s values. Another challenge within financial marketing is ensuring that your content is easy to understand. Not everyone is aware of certain industry-specific terminology so it’s important to use language that will be easy for your target audience to digest. Research shows that 70% of companies invest in content marketing, with video and blogs being the top forms of media used for these strategies.
It is important to realize that when it comes to content, quality and consistency trumps quantity. It’s better to have a few well-written blog posts that 100 people read and share than 100 blog posts that no one notices. Make sure that the content you produce appeals to your audience.
A good example is Lemonade.
Here, Lemonade has published a blog that breaks down their pet insurance policy in a way that is not only easy for potential clients to understand but also shareable on many platforms. The blog easily lays out all the features of their pet insurance and explains how it can be beneficial to their clients. This post is written in a way that appeals to anyone who loves their furry friend, not just someone who knows how insurance policies work. This piece of content is great for their website, but it gains traction from being able to be shared in an entertaining way on Lemonade’s social media platforms. This way, their content can be found through multiple sources, whether their readers come from a Google search, a link on another website, or a social media post. The more reach your content gets, the more likely it is to be shared.
Use Humor When You Can
Many people feel like the banking industry is dry and boring. Talking about finances, in general, can be stressful and not that exciting, but that doesn’t mean your social media and content need to feel that way. Staying up to date with the latest pop culture memes can be one of the easiest ways to keep your company connected with Millennial and Gen Z audiences. While you want your social media to reflect what your brand does or offers, it is okay to throw in some posts that can just make someone laugh. These posts may not generate a lead immediately, but more people will be familiar with your brand’s name. You’ll no longer be “some random fintech company.” Now, when those users see your name, they can associate you with the post that made them smile.
Klarna does a good job of using humor throughout their social media, especially on Twitter.
Here’s an example:
The Bernie Sanders meme was seemingly everywhere less than hours after the 2021 inauguration ceremony, and Klarna provided their own take. In addition to sharing versions of the latest memes, Klarna posts consistently during high-volume times and keeps a relatable tone in their posts. They engage a lot with their followers, allowing people to see the Klarna Twitter account as a real person, not just a huge company. They post a lot of content about their CEO and and other C-suite executives, which is an easy way to humanize your brand.
Humanizing Your Brand
The next big part of marketing your fintech company is humanizing your brand. Making your brand relatable builds trust with your clients. One of the biggest obstacles in fintech marketing is the lack of trust users have with mobile payments. Allowing them to see your company as more than just an app or website will help gain their trust.
There are many ways to humanize your brand. The most important part is to really tell your company’s story. This means sharing the true “why” behind your company. Users can connect more to content that shows why a company does something rather than what a company does. There are plenty of apps that let you purchase stocks, send your friends money for food, or personalize your loan payments, but why should a user use your platform over another?
A good way to highlight more than just what your service does is to by highlighting your employees. Spotlighting the staff that clients will be working with can tell more of the company’s story and appeal to the clients’ emotions. You want the to see the real people behind the screen working to help them.
Plaid does an awesome job of highlighting different employees with blog posts. This content is also accompanied by an Instagram post featuring the employee. These posts let clients get to know the employees and why they chose to pursue their careers. They give the company human faces that consumers can relate to.
Here’s an example of one of Plaid’s ‘Plaid People’ posts:
View this post on Instagram
When talking about content marketing, it’s important to remember that there are many types of content. Video has proven to be the most effective when done correctly. 83% of video marketers have stated that video has helped them generate new leads, and 93% of brands say they have gotten a new customer because of a video on their social media feeds. Videos make it easier to tell a story and can be made to target several audiences and be posted on different platforms. Facebook and YouTube are said to be the most effective platforms for video marketing, but that doesn’t mean LinkedIn, Instagram, and Twitter should be overlooked. Videos can be used to educate users on the product, give testimonials, and really make a point about what makes your product different. Video marketing can humanize your brand and really elevate your content marketing overall.
Simplify Your User Experience
People want things to be simple and easy to understand. When someone comes to either use or find out more about your service, it’s important that the experience is seamless. Your website or app should focus on making information easily accessible. If someone isn’t able to find the information they need quickly, they will find it from a competitor. A major priority should be making sure your website is mobile-friendly. It’s great if your desktop platform works flawlessly, but when 52% of web traffic is from smartphone users, your mobile site needs to be flawless as well. The fintech industry has grown so much due to convenience and ease over traditional banking methods, and the only way for your company to stand out is to make your process even easier and more convenient.
One key way that companies are improving user experience is by embracing artificial intelligence. AI can be used to personalize the customer experience, making it more intuitive and predictive. This is thanks to technology’s ability to learn and respond faster to customer data, which helps banks to better understand market trends and habits. A personalized customer experience makes it easier to appeal to multiple demographics and audiences.
As a consumer, nothing is more frustrating than trying to find the answers to your questions and getting stuck with automated customer service that never understands the question you’re trying to ask. When it comes to customer service, brands should try their best to always have direct communication with their consumers. This can mean being able to be reached on Twitter, having a live chat feature, or offering telecommunication appointments. This way, customers know that they’re being listened to rather than sending their questions to a bot. This doesn’t mean that automated messaging can’t be helpful, but if it is going to be used, it needs to be done correctly. The AI behind your chatbots needs to be able to understand and answer your customer’s questions and concerns.
What Is Your Company Doing for Society?
A final way to truly humanize your fintech brand, as well as market yourself, is to show how your company is helping its communities. People care about where the products they use are coming from, how the employees are treated, and the company’s overall corporate social responsibility. If two companies had the exact same product for the exact same price point, consumers would be more inclined to purchase or use the product that came from a company using its platform to do better for the world. While you don’t need to focus the majority of your marketing content and efforts on your community service and support, it’s always good to show your customers what matters to your company outside of good products and a profit.
With the recent winter storm that hit Texas, Oklahoma, and Louisiana, Venmo used their platform to raise money and awareness for those affected by the storm.
Check out their post here:
View this post on Instagram
Companies can also choose to show support for various social causes through their advertising and social media. Klarna did this with various billboards and tweeted a statement about speaking out against labels.
See that post here:
At Klarna we believe it’s ok to be different. We’re proud to stand out and speak out. Consumers are turning to those that better meet their daily needs when they shop, pay and bank. As we support this shift in consumer demands, our priority is to protect and empower – not label. pic.twitter.com/AgsSHoDwEX
— Klarna (@Klarna) January 21, 2021
There are many ways to market your business, and there’s never going to be a cookie-cutter answer for every company. It is most important to understand your customer and identify your target markets in order to appeal to them in the correct ways. One social media strategy may not work for one company, but could for another. Look into really identifying your customer’s pain points and tell your story to let them know how your brand can solve them. Create well-written and shareable content, use humor when you can, and try to incorporate video as much as possible. Make sure your company appears relatable and strays away from the traditional image of banking and stuffy, confusing, and boring. Simplify your user experience and show off what your brand does beyond the fintech industry.
The fintech industry is growing rapidly as the world continues to move digital. Make sure that your company is staying up to date with the latest trends in fintech. Check out our calendar of US-based fintech events made for your company to network, learn, and stay connected within the fintech industry.
Have more questions about humanizing your fintech company?
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