Role of A Perfect Marketer for Any Fintech Brand

Authored by Edwin Daniel, Head of Marketing, Branch Personal Finance App

The Fintech sector has grown rapidly over the years During 2020 itself, the traffic on both investment and money lending apps has increased significantly with banking apps seeing a 26% growth in the past year with a 71% increase in user registration in 2018 and 2019.

With such steep growth graphs in the Fintech space, it is equally important that the marketing strategies adopted by Fintech startups focus on expanding this pool of interested audience that logs into the app. This is where the role of an efficient marketer becomes crucial. The ability to study the client portfolio and offer customized offers to him/her is one of the most important skills that a marketer in the Fintech space must possess.

A marketer can also work as an aggregator for your Fintech brand, helping you to expand your scope of business.

Role of A Perfect Marketer for Any Fintech Brand

1. Provide trust and transparency to your Brand Image- The guiding principles of authenticity for both the marketer and your brand must remain the same. An efficient marketer will help you devise marketing plans for your fintech brand based on the market demand without misleading the audiences through false promises or deceiving infomercials or commercials. Also, marketing strategies must not be formulated to make the consumers overspend leading to financial harm. For instance, in the UK Buy Now Pay Later (BNPL) policy by several fintech providers posed significant harm to the consumers as they would end up spending more than they could bear. 

2. Develops a Strong Brand Ideology- Fintech has a huge potential to help people save money by providing them the opportunity to invest in their dreams. This is an approach that marketers must follow. In the long run, it will also add to the economic growth of the individual. Hence, the focus must be on the bigger picture which will lead to long-term growth for your brand.

3. Customized Marketing- More than anything it is important that your marketer understands the dynamics of the fintech sector and has a keen interest in the space. If you expect someone managing lifestyle marketing to jump to fintech marketing, you may get highly disappointed with the outcome. Fintech is a unique niche that requires a specific approach.

4. Boosts your Market Presence- With hundreds of Fintech companies in the country, your marketer must have round-the-clock insight to alter and reinstate the marketing approach with the changing trends and market statistics. A perfect marketer knows when is the right time for your brand marketing plan to be executed for maximum success. Specifically for Fintech companies, market trends and the country’s economy have a huge impact on the brand’s growth. Hence, these points need to be considered while devising your plan to boost your market presence. 

5. Develops Efficient Customer Relationships- Customer Relationship Management is the backbone of your business, especially in the fintech space, where several customers are unaware of the benefits that the sector has for them. In such a scenario with effective and efficient CRM, your brand can achieve huge profits. Hence, in all your marketing plans, CRM must be given special prominence. The improvement of your net promoter score is essential for increasing the strength of your relationship and loyalty. 

While the space of Fintech is expected to see some new reforms with the application of AI and ML along with other technologies, at the same time the marketers will also have to improve their marketing game to cater to an audience that is more tech-savvy and has several options open before they choose one.