The finance industry is facing a rapid period of change as the result of disruptive tech, regulatory changes and the economic landscape. But how will this impact the ways financial institutions function internally? What can companies do to manage their brand and reputation? And what will this mean for employee engagement and recruitment in the future? Our new series Taking Stock will explore these questions and offer solutions – and this week, we’ll look at what we can learn about content marketing from Fintech companies.
Fintech – a portmanteau of financial technology – has become the buzzword for innovation in recent years, but it’s not just how these startups are disrupting the mainstream finance industry that’s successfully setting them apart. Many have adopted the principles of content marketing to reach new consumers, meet their needs and fundamentally, win their trust – a major coup for an industry that’s considered to be one of the least trusted sectors. So, here are five things traditional finance firms can learn from fintechs to boost their content marketing efforts and get ahead of the game.
Accenture’s 2016 UK Financial Services Customer Survey found that, while banks had made small gains in trust between 2014 and 2015, levels had declined overall, particularly towards insurance companies, IFAs and insurance brokers. For the finance industry to restore its reputation among consumers, firms and companies must be willing to engage with social media tools – and take the opportunity to produce content aimed at igniting two-way conversations. For example, in February, cryptocurrency platform Ripple organised an ‘AMA’ (Ask Me Anything) on Reddit with its Chief Cryptographer David Schwartz. It generated over 500 comments, and after the event, Schwartz encouraged follow-up questions on his personal Twitter account.
Show you’re human
Berlin-based N26 boldly describes itself as a #nobullshit bank, and has built its brand on trying to be relatable to its customers, as well as acknowledging issues within society. For this year’s International Women’s Day, the mobile-only bank produced a series of videos with its female leaders based around this year’s theme #PressforProgress. Hosted on a content page on the website, the videos not only showed a human side to the company, but they also used a creative approach to highlight wider efforts towards diversity and inclusion.
For all the hype around fintech, many companies have some way to go in helping the mainstream understand the significance of their products and services, and the impact these might have in the future. One company that’s doing a great job in educating its customers is Oscar, a tech-focused health insurance firm based in New York. The ‘Oscar Rx’ blog is a resource hub that offers advice, stories and expert insights related to all things healthcare. Topics cover include health and wellness, Insurance 101, employee tips, and the business itself. The articles are also freely available in a monthly newsletter for subscribers.
Similarly, Southerly was approached by NatWest bank to launch a dedicated hub for small business news and advice, to ensure SMEs could learn everything they need to know about running a new business. The content was a combination of videos, interviews, case studies and in-depth articles, and was a value-add for its customers.
Make the most of video
According the wyzowl’s The State of Video Marketing 2018 survey, 78% of marketers say video gives them a good ROI . By 2021, Cisco predicts that we can expect to see video accounting for 82% of all internet traffic, and that’s why it’s rapidly becoming a vital form of content for anyone with digital or tech-based businesses. It’s no wonder, then, that fintechs are leading by example. Funding Circle UK, a direct lending platform, is just one company that’s been proactive in its use of video. Its six-year-old YouTube channel is frequently updated and includes a combination of customer case studies, explainer videos, and TV adverts. But you don’t need big budgets to create video content; live video streaming is also making serious strides as companies have discovered its ability to drive engagement.
Finally, focus on the customer, rather than your services
To show its devotion to its customers, mobile-only Atom Bank created a personalisation feature on its app. It allows customers to create their own logo and colour palette, simply to show how much it values the uniqueness of its customers. With content, any opportunity to put your customer in the frame goes some way to demonstrating how much they matter, and that you’re willing to put them – and their investment – first.