{"id":11460,"date":"2021-08-13T15:13:02","date_gmt":"2021-08-13T09:43:02","guid":{"rendered":"https:\/\/rocketium.com\/academy\/?p=11460"},"modified":"2022-07-01T01:59:32","modified_gmt":"2022-06-30T20:29:32","slug":"fintech-marketing-strategies","status":"publish","type":"post","link":"https:\/\/rocketium.com\/academy\/fintech-marketing-strategies\/","title":{"rendered":"Top 5 FinTech Marketing Strategies to Build Trust and Drive Conversions"},"content":{"rendered":"\n

History is repeating itself yet again. The FinTech revolution is sweeping across the country, delivering mobile-first digital banking services to grassroots Indian consumers – for the very first time. In many ways, it is similar to the economic liberalization of the 1990s that took the country from an economic outcast to one of the fastest-growing economies on the planet in less than a decade. If it was a debilitating balance of payments crisis that acted as a catalyst back then, the rise of FinTech was spurred by the twin shocks of demonetization and GST. <\/p>\n\n\n\n

Now that almost 80% of Indians have a bank account<\/a>, the market is ripe for FinTechs to innovate and scale. However, when it comes to marketing, much still remains to be done.<\/p>\n\n\n\n

To be sure, FinTechs are taking advantage of the perception gap regarding banks in the mind of the average consumer quite well. For example, 87% of customers<\/a> surveyed by the Financial Brand, an online marketing magazine, say banks were \u201cannoying, boring, or unhelpful\u201d on social media. FinTechs may not have the deep pockets like traditional financial institutions; however, they have shown that innovative marketing strategies can easily make up for it.<\/p>\n\n\n\n

Goals & Challenges of Fintech Marketing<\/h2>\n\n\n\n

The financial services landscape in our country is now a lot different than what it used to be pre-pandemic. The \u2018new normal\u2019 has caused a profound shift in how people think about saving and investing their money. There is a certain uneasiness that will – in all probability – take a while to dissipate. Given the risk factor, the overall public sentiment has coalesced around making the \u2018right\u2019 investment choices. Secondly, as new business models like cryptocurrency<\/a>, peer-to-peer lending, and small-ticket\/microloans proliferate, brand engagement will be a key problem before almost all FinTechs.<\/p>\n\n\n\n

In other words, there is a trust deficit in the minds of consumers that will need to be filled before you can think about scale. From the marketing perspective, helping consumers adopt a \u2018growth mindset\u2019 (as opposed to being risk-averse) in a time of uncertainty will be the big challenge in the 2020s and beyond – one that will require out-of-the-box solutions. There is no one way to achieve this. Many companies are taking an innovative, customer-centric approach to customer acquisition and retention.<\/p>\n\n\n\n

Top 5 FinTech Marketing Strategies for Companies to Build Trust and Drive Conversions<\/strong><\/h2>\n\n\n\n
\"top<\/figure>\n\n\n\n

Here are five interesting marketing strategies that FinTech companies are using, across different niches, to engage their audiences:<\/p>\n\n\n\n

1. Leverage Vernacular Campaign Variations to Improve Financial Inclusion<\/strong><\/h3>\n\n\n\n

As individual consumers and small and medium businesses (SMBs) look for ways to mitigate the effects of missed EMI payments or working capital shortfalls, FinTechs like Khatabook have been focussing on educational content<\/strong> to build trust and position themselves as an alternative to traditional sources of finance. This has worked well so far as SMBs, in particular, have historically been ignored by banks. The reason: poor credit or lack of collateral.<\/p>\n\n\n\n

Pushed into a corner, these SMBs have had no choice but to approach traditional money lenders who reportedly charged up to 24% interest<\/a> on term loans<\/a>. To educate these emerging segments and drive conversions, Khatabook decided to focus on content that was actionable, consumable, and most importantly, multilingual. The reason?<\/p>\n\n\n\n

\"Vernacular-Campaign-Variations-for-fintech-marketing\"<\/figure>\n\n\n\n

In a vast country like India, language barriers can make it difficult for people in one part of the country. For example, people in the Southern states to engage with content featuring languages commonly used in the North or East. Unfortunately, the majority of FinTech marketing teams mostly use Hindi or English when trying to engage customers in different states.<\/p>\n\n\n\n

Khatabook<\/strong><\/h4>\n\n\n\n

Khatabook a digital ledger app provider, realized this first-hand when one of their TikTok campaigns started to underperform shortly after launch. After a deep dive into the causes, they decided to create influencer videos in 15 regional languages. <\/p>\n\n\n\n

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