Fintech
Redefining fintech strategies for the digital age
Traditional marketing tactics, such as billboards, television commercials and print ads, no longer have the same influence as they once did. Today’s consumers are inundated with information and have become adept at ignoring conventional advertising.
In response, fintech companies are embracing New Age marketing techniques that harness the power of digital platforms, social media, artificial intelligence (AI), and big data analytics to engage and captivate their audiences. Notably, banks have started launching customer-first technology app platforms such as Indie (IndusInd Bank), Kotak 811 (Kotak Mahindra Bank) and YONO (State Bank of India).
One of the hallmarks of New Age marketing in fintech is its emphasis on personalization. By leveraging the vast amount of data available, companies can create highly targeted campaigns tailored to individual preferences, behaviors and needs.
From personalized email offers to tailored financial advice, this level of personalization fosters stronger connections with customers and improves brand loyalty. Fintech brands like ET Money, Grow, Jupiter, FairMoney and Branch have been leaders on this front, providing personalized experiences.
Social media has emerged as a powerful force in the marketing arsenal of fintech companies. Platforms like YouTube, Twitter, LinkedIn and Instagram offer unprecedented opportunities to connect with customers, share valuable content and humanize brands.
By actively engaging with followers, answering questions, and participating in relevant conversations, fintech companies can cultivate a vibrant online community and position themselves as thought leaders in the industry. Influencer-driven content is actually used by many leading apps, such as Cred and Credit Karma, to create consideration in the marketing funnel.
Harness the power of artificial intelligence
Artificial intelligence is revolutionizing marketing in fintech by enabling companies to automate repetitive tasks, analyze vast data sets and deliver hyper-targeted messages at scale. AI-powered chatbots provide instant customer support and assistance, while predictive analytics algorithms help identify trends and anticipate customer needs.
With digital fintech apps using AI for decision making, there is now a wave of marketing driven by this technology. Platforms like Glance (InMobi) are helping fintech brands harness the power of AI in this new era.
Embrace content marketing
In the digital age, content is king and fintech companies are investing heavily in content marketing strategies to educate, inform and engage their audiences. From blog posts and white papers to podcasts and webinars, valuable content is a powerful tool for building brand authority, generating leads and nurturing customer relationships.
Investment platforms like INDmoney, Angel One, Zerodha, Grow and lending apps like Cred, Slice, StashFin and KreditBee use content marketing as a primary element in their marketing strategy.
Address regulatory challenges
While New Age marketing offers enormous opportunities for fintech companies, it also brings its fair share of regulatory challenges. Finding the right balance between innovation and compliance is essential to building trust and credibility with customers.
Fintech marketers must keep up with evolving regulations, adhere to industry standards, and implement robust data privacy measures to safeguard sensitive information. With the imminent end of first-party data and the shift to cookie-free marketing, innovations will be needed to prioritize customer loyalty and retention.
As the fintech landscape continues to evolve, adopting new age marketing strategies is essential to stay ahead of the curve. By leveraging personalization, social media, artificial intelligence and content marketing, companies can create meaningful connections with customers, drive engagement and foster brand loyalty in an increasingly competitive marketplace.
With creativity, innovation, and a deep understanding of their audience, fintech marketers can chart a path to sustained growth and success in the digital age.
(Our guest writer is Prateek Pathak, vice president and head of marketing, brand and performance at Stashfin.)