Social Media

Promoting Your FinTech Company On Social Media

Startups in the financial technology and financial services industries face tough competition. Banking behemoths, innovative startups, and wildcards like cryptocurrency payment applications are all vying for consumers’ attention and money. Look no further than the banking and finance section of your mobile app store to see just how competitive this market currently is. This meteoric expansion is warranted by the market’s enormous potential and promising returns.

The Importance of Social Media in Fintech

For financial technology and financial service providers, social media is a must-have platform, but it also presents constant difficulties. There are a dozen businesses whose attempts at virality wind up as small PR catastrophes for every one that earns free favourable publicity by letting its social media interns “get weird” on Twitter. However, success with even the most conventional methods is not guaranteed. If you bombard your readers with too many advertisements or use too much financial jargon, you risk losing their interest.

However, your target demographic can be found on social media and is eager to interact with you there. Financial technology firms are delivering in terms of content. Over 90% of fintech firms are active on LinkedIn and Twitter, and over a third publish new content on a monthly basis.

The proper way to promote your fintech company on social media

Integrating finance with social media presents a number of obstacles. You may have to spend money on research and development, staff training, and routine upkeep of a fintech social media strategy, on top of dealing with regulatory requirements and cybersecurity worries. In addition, interacting with customers on social media is often extremely different from face-to-face interactions. There’s no need to be concerned about combining social media and fintech, as there’s still plenty of room for innovation and progress in this area.

Studying established firms who have already found success with social media marketing is a great approach to learn the ropes. Let’s take a look at four crucial ingredients to a successful social media marketing plan, highlighted by some fantastic examples from the world of finance.

Construct Credibility as Step One

Many customers have trust issues with banks and other financial institutions. Many customers feel completely disconnected from financial institutions due to prior banking scandals and numerous opaque laws and regulations they must follow. What innovative approaches may a fintech firm take to this problem?

Monzo, a UK-based crowdfunded challenger bank, has seen rapid expansion and widespread client satisfaction because to its “radical transparency” platform. Monzo did so by acknowledging and rectifying errors, opening up its internal communications, and providing clients with copies of its financial statements.

In what ways has Monzo been able to put this plan into action through the medium of social media? For starters, they’re acquiring 100,000 new consumers every month and plotting an expansion into domestic markets within the United States. They were able to connect with consumers searching for a bank we could trust through word of mouth and unconventional advertising because they had built their brand on a philosophy.

Create a human connection with your brand.

The banking industry sometimes gives off a clinical vibe. However, no one wants to feel like they’re nothing more than a number to the companies they do business with. A great opportunity to demonstrate the value of excellent banking connections to individuals and communities may be found in the realm of social media.

This was a discovery made by the National Bank of Scotland. They paid for sponsored Instagram posts to spread the word about their innovative new banking app called Bó. Celebrities such as YouTubers, actresses, and TikTok stars discussed the benefits of Bó to their own finances.

Allow Your Staff Members to Make Decisions

An impersonal tone might result when a brand “speaks” for itself on social media. Official communications and wide messaging may benefit from this approach, and some organisations have found success by treating their brand’s “voice” as if it were a living, breathing character. individuals prefer dealing with actual individuals, rather than impersonal businesses.

In the financial sector, where expertise, experience, and individualised counsel may be your main selling points, employee advocacy may be a very effective social media campaign. Although Morgan Stanley is not known for being on the cutting edge of technology, the firm has recognised that its 16,000+ financial advisers are its most valuable resource. A Twitter-based advocacy campaign was then created to inspire financial advisers to join the conversation.

Evaluate and Listen

Keeping tabs on how your social media marketing is faring in terms of brand awareness and return on investment is essential. Technical connections, such as integrating Facebook SDK to a mobile banking app, may help fintech businesses conduct data- and insight-driven marketing.

Another UK challenger bank, Starling Bank, did the same thing. Sterling is able to acquire valuable insights into their customers’ experiences and habits by integrating Facebook data directly into their mobile app. They could track the efficacy of various ad forms and prevent spamming clients who had already seen a certain ad.

In what way? The price they paid for each app download dropped, and they saw increases Instagram account creation within a month.