Is It Possible For Fintech Companies To Ignore Marketing's Significance?

Posted by rockmartin on April 13th, 2021

Neobanks' growth has posed challenges for the FinTech industry. Neobanks, which provide a digital alternative to conventional banking, are undeniably significant in the development of banking.

Neobanks are virtual, with no physical presence, and are totally decoupled from conventional banking systems. Neobanks, or "digital challengers," like N26 and Revolut, have improved the customer experience, lowered fees, and accelerated the digitization and automation of different processes.

Equally significant is the fact that, considering that these neobanks function exclusively digitally, with minimal or no face-to-face contact with their current and potential clients they are still proving effective in customizing their marketing messages in a way that responds to and activates them, allowing for the growth of trust within their customer base. This raises the question of whether other FinTech companies will benefit from neobanks.

At The End Of The Day, You're Dealing With A Person

Fintech Marketing is often set aside in favor of profits in many FinTech businesses, which is not the best approach for a company to pursue. Sales and marketing must be tightly linked, with each promoting the other's activities and the company's overall success. Despite their mutual obligation, the result has been controversial: sales have the upper hand in enterprise positions, while advertising has the upper hand in consumer-facing positions.

It's critical for FinTech sales and service teams to note that, despite their best efforts, a person is deeply involved in the value chain when it comes to closing a transaction concerning their business goods.

If sales and marketing aren't matched, it's a lose-lose situation for both sides. Irregularity of Marketing For Fintech policy, sales management, and sales force priorities can demotivate employees, signal needless complexity, and even hide the cost of customer acquisition, shrinking profitability.

Fintech companies selling B2B and corporate goods to banks and financial institutions (FIs) need to take a more human-centric marketing approach, similar to how neobanks approach their clients. Understanding human conduct, what platforms they use, and aligning their messages to communicate with consumers is all-important.

For example, when it comes to pricing, consumer awareness, and the current business environment, salespeople are also acutely aware of market nuances. Marketing teams should strive to incorporate these skills into the creation of a brand plan and business narrative.

During the initial discussions of Fintech Marketing strategies, marketing benefits from early engagement and coordination with the sales team. With fierce competition and complicated consumer demands, affiliating sales and marketing strategies is a crucial move and part of the conversation about how FinTech companies can build their business narrative and brand value within the customer groups they seek.

The age of hyper-targeting necessitates deep domain knowledge due to the digitization of everything.

Given how corporate sales considerations have changed, there is an emergence of mindsets as corporate marketers develop networks and methods to communicate on a personal basis. With increased connectivity and hyper-targeting, advertisers must concentrate on giving consumers meaning and creating long-lasting brand interactions.

Fintech Marketing is a situation where experts with deep domain experience in their fields are involved. Senior finance advertisers have collaborated with FinTech projects and financial institutions to tailor marketing strategies and communication to their target customer segments. Given the need for FinTech companies to display their product offerings in an entertaining way and reach out to decision-makers and influencers within financial institutions.

Find more information relating to fintech advertising, and FinTech content marketing here.

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Joined: January 24th, 2020
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