Did you know that only 32% of consumers trust financial technologies?
Marketing FinTech brands is challenging as consumers often portray the financial industry as 'untrustworthy' due to the lack of education surrounding the subject, the fast-paced advancements in technologies, data concerns, and more.
For this reason, FinTechs are misunderstood and left with a bad reputation.
As marketers, our role is to position the B2B FinTech brand and its technologies as credible, trustworthy and reliable. Yet, regardless of our efforts, some customers are still doubtful about investing in FinTech.
So, what can FinTech marketers do to change B2B customer perceptions and cast a positive light on the possibilities of FinTech?
In this TechTalk, our panellists have discussed how to drive customer trust in FinTech. Our host, Stuart Found, was joined by;
People fail to trust FinTech brands because they fear the unknown and lack knowledge of what new financial technologies can offer.
Financial technologies can be challenging to understand because of their complex nature. The information can be too technical and often seen as boring. Although those who are fluent in the tech language see the benefits and the future of FinTech, those who struggle to understand it do not want to be a part of it.
So, FinTech brands must develop solutions to break down these communication barriers and focus on a customer-centric approach that educates their audience about their brand.
“Educating your target audience is needed from FinTechs to ensure the end customer and anyone along the chain fully understands what you’re offering and how it works.
You must do this without boring them with the technical details and instead inform and reassure them that they should trust your brand and you will protect their data and interests.”
- Helen Owen, VP of Marketing at Tribe Payments.
“Educating your target audience is probably the most cost-effective marketing tactic out there. When marketing to other businesses, FinTechs can forget that there are still people who lack knowledge in the complexities of FinTech, or they perhaps need reminding.
Therefore, to communicate the value proposition of your FinTech, content marketing is needed. You must understand your target audience, their pain points, interests, and what they need. You must then cater your content to these pain points and show them why your FinTech brand is the solution to their challenges."
- Ani Petrova, Founder of The Fintech Marketing Hub.
When marketing a FinTech brand, or any brand, there is usually a lot of trial and error at the start. This is especially true for start-ups as you’re adapting to the market, understanding and learning about your audience and gathering analytics to see what they interact with and what needs improving.
When it comes to marketing a FinTech brand, there are several errors marketers make and must correct. For example, a common mistake is not understanding your audience and adapting your marketing strategy to serve them.
Another common mistake seen is overselling. This is where you exaggerate to your audience about how brilliant your offerings are and how your brand is the best in the market.
The FinTech space is incredibly competitive so overselling your services or products can be damaging if you cannot deliver on that promise.
“My biggest champion area is honesty and being completely clear in what you offer. If you oversell your offerings and it does not work out well, you can cause reputational damage.”
- Helen Owen, VP of Marketing at Tribe Payments.
This is especially problematic in an area where consumers are quite hesitant from the very start. So the last thing you want is to oversell a service and create further doubt in your audience.
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