Fintech isn’t just disrupting the traditional banking models of advertising; it’s changing the traditional marketing template also. However, before we delve any further into the matter, let us first get a firm grasp on what exactly fintech is...
Introduction: What is Fintech
Fintech is an abbreviation for 'financial technology'. The term has a range of business applications, but generally refers to the use of modern information and communication technologies in financial services. The term was first coined by Goldman Sachs analyst Jim Schneider in 1999. The first day that the term was used in print was on 13 November 2014, when the international
news agency Reuters published an article about new business ventures related to banking, payments and financial technology. Fintech is now a diverse field of study with several different categories. Several organizations provide industry categorizations including Fintology (UK), FINTQ (Australia), FinTech 40 (US) and FinTech Valley (Switzerland).
How fintech advertising can impact traditional marketing strategies
Fintech companies are using a lot of ad channels to help them reach their audience. These ad channels include traditional advertising, social media advertising, and online display ads. Traditional marketing strategies have been around for decades but with the rise of fintech companies, there's a new way to advertise that many companies are taking advantage of. Fintech advertisements positively exploit multiple forms of marketing including traditional media as well as social media and online advertising. Fintech companies use these channels because they have the highest engagement rates compared to other advertising methods.
What are the current trends in fintech advertising?
Fintech advertising is one of the top trends in the industry. It is an effective way to attract users to your products and services. The best fintech adverts use the same principles as great ads for any other product or service. There are four key principles that should be followed if you want your advert to be successful. First, don't forget about emotions. Fintech products are about solving problems, not just providing another way to transfer money electronically, so try to convey this through your advert and it will be more memorable for consumers. Second, remember that people can see right through hype – if you oversell your product or service, you will be seen as dishonest and untrustworthy by potential customers. In the US for instance, forex trading, which relies heavily on fintech, never over-promises. Regulated websites in this industry always inform customers about the potential pros as well as the potential pitfalls. Thus
forex trading in USA is seen as an honest and transparent industry. Third, ensure that there is a clear benefit of using a fintech solution.
The potential impact of fintech on the banking industry
FinTech is on the rise and it's transforming the
banking industry and how we bank. As fintech companies provide better services, banks are having to compete with them for their customers. For example, Revolut offers their customers a contactless card that can be used as a credit or debit card worldwide. Subscribers can also use Revolut as a current account and compare rates from around the world, without having to leave their home country. Their app also allows users to manage their money through budgeting tools and personal finance goals. A new study by the European Banking Authority shows that more than two thirds of Europeans would like more digital interaction with their bank and less face-to-face contact. As more customers crave this type of experience, banks will have to step up their game and adapt the methods of the competition by way of improved banking apps which entails providing customers with better rates, easier ways to move and handle their money and quick resolutions to any potential problems. -