FINTECH INDUSTRY
at the forefront of its strategy, with a coherent focus on communicating the convenience, not just the brand.
Innovation in ideas: Marketing has turned passionate about tech and is projecting pioneering products with innovative marketing ideas. For instance, HDFC’ s decision to use AI by adopting humanoids at the retail level or how Visa collaborated with London Fashion Week where front row consumers could directly e-shop from the catwalk are examples of breakthrough ideas. The theme of innovation has also triggered a lot of unusual partnerships. By being open to collaborations beyond the industry environment, brands try to add a unique value to the product and recall quotient.
Social interaction: For the longest time, banking and the‘ serious business’ space shied away from social media. New age FinTech companies, essentially driven by young entrepreneurs have openly welcomed digital marketing and set the old players to follow the movement. Interaction with the consumer on the social media lends FinTech brands an added emotional touch, and a platform to narrate their brand story. Peer-to-peer lending companies make extensive use of this tool and most brands now have a social media centric strategy in place.
Highly customised content: A core component in the branding matrix, financial technology companies are increasingly investing in customised content and optimising their campaigns, while video continues to dominate the engagement parameters. Understanding how intimidating and confusing the financial landscape can be, marketers are also indulging the consumer with financial literary content, industry insights and personalised products. Amidst stiff competition and unpredictable consumer allegiances, strong content can help establish trust, especially when these companies constantly face the risk of security concerns.
These megatrends have undeniably had a huge impact on businesses and overall marketing efforts. From micro-payments to loan on mobiles, FinTech companies are transforming the banking and payment eco-system by bringing everything on a common platform. Whether customers prefer brands that offer specialised services or an integrated‘ one-size-fits-all’ is still a moot point. All said and done, as technology brings to the forefront new products, services and brands, it’ s upon the marketer to be the adhesive that fuses the consumer base with the brand and ensures it sticks; we mean- stays!
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November 2016 41 www. smartgovernance. in