Fintech is hands down one of the most significant financial industry trends of the past decade. The growing inclination towards cashless economies and the rising need of financial companies to reach out to people across different geographical terrains are some of the basic factors that are fueling growth in the fintech industry. Fintech-powered technologies have redefined almost every segment of the financial sector, ranging from insurance and investment to payment gateways across continents. The few that remain are expected to taste the power of fintech over the years to come. However, this promising sector is not entirely free of challenges. Surprisingly, a few of these problems can be easily resolved with the help of inbound marketing? Wonder how company-created Internet content to attract customers (inbound marketing) can help negate fintech challenges?
Customer-centric digital marketing
One of the key fintech challenges in emerging economies is the need for customer-led product development. For fintech companies, the majority of their customer journey takes place on a digital platform. Customers are increasingly using digital devices to search for financial products, mobile apps and payment interfaces for faster, safer and seamless transaction experiences. This makes having a responsive website design, fast loading time and user-friendly interface an imperative for fintech companies. Inbound marketing techniques such as SEO, content distribution strategy based on competitor analysis, and keyword research prove helpful to augment the search potential of fintech brands.
Lower cost per lead
Traditional marketing techniques come with a high price tag, which could quickly reduce the profit margins of companies. Furthermore, conventional marketing methods are not precision-targeted to reach the prospects in the fintech sector.These factors would only add-on to the fintech challenges. Inbound marketing techniques such search engine optimization and social media optimization can help companies in this sector to reduce cost per lead while providing them better quality leads with a higher probability of conversion.
Improved CRM
Inability to curate an appropriate customer relationship strategy is one of the fintech challenges most companies in the sector face. Using inbound marketing, fintech firms can enhance their CRM strategies. It allows empowering customers to do the talking and shift the focus from customer relationship management to customer-managed relationship. When customers become proactive and engage in conversations on social media platforms, share feedback on products, ask questions and offer an opinion on online surveys they become more connected to the company. Also, millennials are accustomed to near real-time user experiences and want things on demand. Hence, inbound marketing on social media platforms and websites with chat boxes for instant responses are the way to go for fintech companies.
Cultivates informed customer-base
Mistrust and lack of transparency towards new age financial enterprises and fintech brands are one of the most common fintech challenges. This stems from customers’ lack of product knowledge and an inherent assumption of payment banks, online money transfers, social media banking and digital wallets being rocket science. This calls for fintech brands to augment the search potential of their websites, leverage mobile app store optimization for app marketing using inbound marketing to enable users to explore new age financial products.
