Personalising communications in an automated world: Nine ways to scale your FinTech business

June 6, 2019

Shameer Sachdev launched Growth Gorilla in 2017 as a growth marketing agency that helps innovative FinTech startups and scaleups catalyse growth by creating custom Growth Marketing Frameworks.

He takes a closer look at how FinTech is shaking up the digital space and shares nine key pointers that will help your business thrive…

Innovations in financial technology are revolutionising how people, banks, and businesses manage money. Even how individuals engage with their finances is dramatically different than it was five years ago. But as with any big disruption, the road isn’t completely smooth. In an industry built on trust and where people’s livelihoods are at stake, adoption can be slow and scepticism entrenched.

Spotcap recently identified three Cs as vital to overcoming the key challenges to FinTech innovators and startups. We think it’s even simpler than that. There’s really just one big C that all FinTechs must get right in order to win consumer trust grow: communication.

Lacking face-to-face interactions, FinTech companies must find ways to communicate that meet all customer needs and build confidence. They must be clear without eliminating crucial information; transparent without seeming immature, and speedy without appearing perfunctory.

Here are nine ways to use savvy communications to help solidify customer relationships and thrive in FinTech:

  • Humanize the customer experience

Consumers today are used to getting information and service electronically and on demand, but when it comes to financial matters, they still want to feel real people are in charge. FinTechs can create a customer experience that has the right feel by teaching, answering questions, and be available at every step of a customer’s banking journey.

Customer interactions must deliver value and be friendly, flexible, and intuitive. User Experience and User Interface must be streamlined, and content must be original, relevant, and interesting. These factors are essential to building long-term customer relationships.

  • Engage your community

FinTech companies can build more trusting relationships with users by getting involved with their communities. Offer to speak on panels or host networking and educational events; cultivate relationships with policymakers and government representatives; and partner with like businesses.

  • Focus on content

Investing in good content to engage customers and investors can deliver more leads than more expensive marketing methods. Offer compelling content on social media; supplying videos and infographics, and offer professional expertise to establish your company as both knowledgeable and service-minded.

  • Protect your credibility

What customers see and interact with on your website must be not only impeccable, but also clear, authentic, and informative. Be transparent and honest, include photos of your team, and share recognition such as industry awards; certifications; and customer testimonials.

  • Know your audience

A 2017 Millennial Disruption Index found that 71 per cent of respondents said they would rather visit a dentist than their local bank branch.

In truth, people in all age groups want simplicity and seamlessness enabled by digital services, particularly in the personal banking realm. Conducting a stakeholder discovery session for your team is a way to identify your customers’ needs, pain points, and other characteristics.

Once you understand your audience, you can use the appropriate tool to reach them.

  • Embrace social media (and consider chatbots)

Frequently posting information relevant to your brand and sharing quality content can enhance your presence and your following. Chatbots and Messenger are worth a look as alternative communication methods.

Facebook currently has 30,000 chatbots across 200 countries, and some prospects prefer using live messenger/chatbots more to calling. Not to mention you can easily remarket via Facebook Messenger to those that have used FB to communicate with your brand in the past – the open rates are awesome!

  • Educate your audience

Your audience wants to learn, and webinars and blog posts can enhance your customers’ understanding of regulations, processes, and security measures while establishing you as a trusted expert. While creating content may seem a simple task, writing a blog or developing a webinar that influences and drives growth is another thing.

The best financial marketers share brand stories, create explainer posts and educate current and potential customers. A few guidelines include creating a content hub – making you the go-to brand when your target audience has a question relating to your market, asking your audience which financial topics they would most like to understand and posting at least weekly.

  • Align sales and marketing

To develop a true connection with a customer, marketing and sales must be integrated to coordinate how leads are handled through each stage of the customer journey. Marketing automation and inbound marketing software allow sales and marketing to share goals and metrics that are tracked and measured.

This partnering allows companies to make strategic decisions based on their data that can lead to increased revenue.

  • Prioritize retention

Retaining a current customer is far less expensive than it is to acquire a new customer. In addition, satisfied customers refer their friends and family. Be sure to nurture your customers after they onboard with great customer services and tools like education-based newsletters, videos, financial webinars, and blogs.