Top 6 FinTech marketing strategies
- July 29, 2024
- By financeAds Marketing-Team
In the fast-changing world of fintech, a thoughtful and well-executed marketing strategy can make the difference between success and failure.
Top players such as Adyen and Revolut have managed to market their financial products and expand their customer base through effective marketing strategies.
In this article, we reveal six essential strategies for promoting financial products.
Strategy 1: Innovative product development
Developing avant-garde products and services can help a fintech company stand out from the crowd. An innovative product can act as a powerful marketing tool that attracts customers’ attention and creates a unique market position.
An example of innovative product development is Bunq. The online bank has developed a range of innovative features that give customers more control over their finances. For example, customers can choose how their money is invested and can personalise their accounts and cards. These unique features set Bunq apart from traditional banks and attract customers looking for a more personalised banking experience.
Another example is fintech company Revolut, which stands out for its sophisticated app that brings international transfers, currency exchange, budget management and crypto trading under one roof. By offering such a wide range of features in a single app, Revolut has created a unique product that appeals to a wide range of customers.
Strategy 2: Customer-centric experience
Providing a customer-oriented experience is a key element of marketing in the fintech sector. By putting the customer at the centre of their services, companies can build customer loyalty and generate positive word-of-mouth advertising.
Fintech company N26 has made customer centricity a core value. Their mobile app is designed to be user-friendly, and their customer service is always available. This has enabled them to build strong customer loyalty and expand their customer base.
Another company focusing on customer-centric experiences is Knab. The company offers customers 24/7 customer service, simple and transparent products and services, and a very user-friendly interface. This approach has helped them build a loyal customer base and differentiate their brand in a competitive market.
Strategy 3: Strategic partnerships
Strategic partnerships can be an effective way for fintech companies to expand their reach and influence. By partnering with other companies, they can enter new markets and expand product offerings.
An example is the partnership between ING and peer-to-peer lending platform Funding Circle. This collaboration allowed the bank to offer its corporate customers a new type of loan, while Funding Circle gained access to a new audience.
Another example is the partnership between PayPal and Uber. PayPal developed integrated payment solutions for Uber, allowing users to pay for their rides directly in the Uber app. This has helped both companies expand their customer reach and services.
Strategy 4: Data-driven marketing
Data-driven marketing helps fintech companies better understand their customers, offer personalised services and design effective marketing campaigns. By collecting and analysing data, companies can refine their offerings to meet the specific needs of their customers.
One company that has successfully applied data-driven marketing is Adyen. This fintech giant collects and analyses customer data to gain insights into buying behaviour and payment preferences. These insights are then used to optimise their payment platform and develop personalised marketing campaigns.
Another company that understands the power of data-driven marketing is Zopa, a pioneer in peer-to-peer lending. The company uses advanced data analysis techniques to assess credit risk, which helps them make tailored loan offers to their customers.
Strategy 5: Affiliate marketing
Affiliate marketing is an effective way for fintech companies to expand their reach and acquire new customers. By working with affiliates, companies can present their products and services to a wider audience.
One company that has effectively implemented this strategy is Skrill. An online payment company that focuses on providing e-wallet services, it has a powerful affiliate programme that offers rewards to members who bring new users to their platform. This has enabled them to significantly increase their user base.
Another example of successful use of affiliate marketing is TransferWise (now known as Wise). The company has built up a wide network of affiliates who promote their services in exchange for a commission on every new customer they attract.
Strategy 6: Social media and content marketing
Social media and content marketing are powerful tools for brand building and customer relations in the fintech sector. By sharing valuable and engaging content, companies can increase brand awareness and build strong relationships with their customers.
A good example of using social media and content marketing is Rabobank. This bank uses blogs and social media to educate customers on financial topics, building trust and promoting customer interaction.
Another fintech company that uses content marketing effectively is Mint, a financial management platform. They offer a blog with useful articles on personal finance, investing and budgeting, providing value to customers beyond their core products and services.
Ready to apply these strategies?
Navigating the complex waters of fintech marketing requires a robust and diversified approach. Whether it is rolling out innovative products, centering the user experience, forging strategic partnerships, implementing data-driven marketing, engaging in affiliate marketing, or using social media and content marketing – each strategy plays an important role in the greater success of your business.
The above examples of companies that have successfully applied these techniques show that effective application of these strategies can yield significant results. The path to success in fintech marketing can be challenging, but the rewards it brings are worth the effort.
At financeAds, we are ready to guide you in implementing the powerful strategy of affiliate marketing, a proven method that can help your fintech business reach its goals and grow further. Let’s work together to expand your reach and take full advantage of the opportunities the fintech world offers!