Published on June 28, 2022
Financial services technology barely existed 10 years ago outside of global money centers, with many of the biggest players emerging after 2010. Yet market size is expected to reach $330 billion by the end of 2027, with five-year growth at 24%.
Services range from payments and insurance to personal loans and analytics. Industry segments finding applications also run the gamut–banking, trading, insurance and ecommerce. Big names with high valuations have emerged for Chime, Klarna, Kraken, Stripe and even the controversial stock trading platform Robinhood, minting new billionaires.
Although Purpose Brand loves this industry, others consider the subject matter too complicated or just dull. Fintech doesn’t give them big-budget accounts with an existing affinity.
Convenience, speed and reduced cost solidify fintech’s position. Early uses were limited to back-office operations at commercial banks, investment companies and trading firms. By automating many routine functions, technology made the delivery of financial services faster and data tracking easier. In recent years, the scope of fintech has exploded as more applications enter the marketplace.
Fintech companies also have allowed consumers to take ownership of their financial profiles through online banking and mortgage applications, digital loans and stock trading apps. Part of the fintech breakout can be attributed to changing demographics. As millennials age, they bring tech skills and online preferences into the mainstream of banking, capital markets, insurance and wealth management.
From artificial intelligence and machine learning innovators to data, research and visualization service providers to exchange market makers to “old school” banks with mobile apps, fintech firms are everywhere.
Just as the pandemic gave health tech companies a jump start, COVID-19 also boosted fintech applications. Consumers sought out contactless payment applications, at-home online services and e-commerce. At the same time, interest in alternative markets like digital assets gained ground, as did the cryptocurrency exchanges where they trade. Those firms include Binance, Coinbase and FTX.
Top fintech companies are predominantly software, IT, AI and machine learning providers, but also include cloud services, as seen from a BuiltIn list of new startups. They align with businesses from banking and trading companies to retail and real estate.
S&P Global breaks fintech into four categories: digital lending, payments, blockchain and digital wealth management. Each calls for a slightly different marketing strategy and all have a different set of obstacles to be monitored. Shifts in the economy and interest rates have an impact on digital lending and wealth management, for example, and system security is an issue for payment transactions.
Marketers illustrate the best possible outcomes for lenders and borrowers through content that is often based in consumer economics. Clearly explaining a homebuyer’s ability to get a 30-year mortgage when rates climb a point higher is beneficial to all parties involved. Thought leadership also can lead to greater trust, credibility and market share for a lender who provides the explanation and educates borrowers about the process.
Bottom-line fintech marketing strategies heavy up on content and lots of it. Marketers outline the buyer’s journey; decide their content needs, marketing pillars and audiences; and then execute. Data, analytics and tight performance measurement are critical. Strategically, you should always start with the brand. The brand purpose, the brand promise and the brand pillars—everything else should follow its lead.
Fintech PR firms either solely specialize in fintech PR or have a dedicated industry vertical within their agency. Regardless of who you select as your agency of record, look for broad subject matter expertise and application from account managers, social managers, content writers (preferably former journalists and desk editors in the financial space) and media relations people. Look at backgrounds and ask for work examples. Explore if they have won awards in this area. If the agency took the time to apply, that indicates a level of focus and expertise.
Fintech entrepreneurs and startups are abundant and actively funded by the venture capital community. While many fintech firms have been established for a while; others are startups that need PR firms to help build the company’s brand, tell prospective clients their foundational stories and advise against possible reputational risks.
Like other specialized fields, PR agencies successfully serving the fintech sector know how to talk their language. That’s easier said than done in the volatile world of crypto, but there are a plethora of PR options available on B2B sites. Although this list may be helpful—don’t select an agency because they are on a list. In our business, lists can sometimes be deceiving.
Larger PR agencies are wonderful, but if you have a smaller budget you may not get the attention or talent your firm needs to be successful. If you are a fintech entrepreneur or the communications director for a funded startup, a niche PR agency may be a better fit for your firm. Purpose Brand has not only fintech clients but also deep team expertise, which allows them to take on just about any clients in just about any fintech segment.
Regardless, what happens in PR is married to the overall marketing strategy. The leader of the communication ecosystem can be a seasoned senior leader. One competent firm, coordinated with in-house marketing, effectively runs a tight ship on owned and earned media.
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