Fintechs, financial institutions, and tech giants like Apple, Google, Facebook, and Verizon are in fierce competition to capture spend with engaging, frictionless payment experiences. Many fintech firms zero in on solving specific pain points, which can help them stand out. But the payments space is now so crowded that great technology isn’t enough. It also comes down to the story you tell.
How do you make a differentiating business case to banks and credit unions? How can you build trust and momentum with consumers and B2B customers?
Over the years working with fintech and financial services clients, we’ve seen one thing for sure: your communications need to be as forward-thinking as your technology. If you’re a fintech firm specializing in payment solutions, here’s where we think you should focus right now…
3 most important things fintechs should focus on
1 – Communicate how your solution makes a powerful impact
Payments are the most frequent financial interaction, yet sometimes basic functions still produce friction. Does your fintech payments solution eliminate a problem or meet a niche need? Make sure your brand story showcases the impact your technology can make – both on customer experience and the business bottom line.
Think about instant issuance for debit and credit cards. When many financial institutions still require customers to wait over a week to receive new or replaced plastic, providing an instant virtual card becomes a differentiator. If that’s your fintech sweet spot, your marketing may gain more attention if you focus on how your solution helps a bank earn top-of-wallet.
For example, your content marketing might highlight that up to 47% of consumers say instant access to a payment card is a key driver in choosing a financial institution.1 Or that 70% of cardholders use their instant cards within five days, and instant issue cards are outperforming mailed cards by 53%.2
Whatever function your payment solution provides, focus on communicating the wins it delivers.
2 – Build credibility with a strong fraud and security story
The events of 2020 were a powerful catalyst for widespread adoption of digital payments. But they also sparked an unprecedented rise in payment fraud, with card-not-present (CNP) fraud becoming 81% more likely than point-of-sale fraud.3 For fintechs in the payments space, emphasizing your security capabilities should be central to your marketing communications strategy.
When we think about CNP fraud, imagine the many digital payment scenarios it can touch. Shopping online and paying via PayPal. A business lunch paid from a mobile wallet. Roommates swapping house expenses through Venmo. Buying mobile apps with just a fingerprint or face ID. In countless situations, payments are becoming a nearly invisible part of everyday experiences – but it only works if users feel safe.
How does your fintech payments solution engender trust? For instance, does it strengthen security with biometric authentication or real-time location tracking? To help you get ahead, it’s critical to tell a compelling security story that focuses on building confidence and credibility.
3 – Create communications FIs can use to convey the value to customers
As fintech innovators, you know best how your solution adds value for end-users. If you’re selling to financial institutions, don’t make them do all the explaining. You can power those fintech-bank partnerships by providing creative communications about your solution that a bank or credit union can integrate into their own messaging.
For over a decade helping a top 5 bank with marketing communications, we identified various services that could make a customer’s financial life easier, yet people often knew little or nothing about them. Content existed, but perhaps the messaging was too functional. It didn’t resonate with customer needs or concerns, so they didn’t pay attention. That’s an opportunity missed for driving revenue or improving customer experience, which is why it’s so important to communicate how people benefit from your solution.
As a payments fintech provider, consider enhancing your offerings to include customer-focused content such as key messages, infographics, or explainer videos. It’s a win-win strategy that can help you close sales, and help financial institutions improve the ROI of your solution.