Modern marketing in fintech is set to drive revenue, change perceptions and increase market share.

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The dynamic landscape of modern marketing has evolved into the realm of fintech. Marketing is critical to a company’s mission, success, profitability and trajectory. Gone are the days when marketing played a secondary role to sales functions. Instead, we are witnessing a change in the role of marketing. Reports show that the success of fintech will depend on: factor alignment influenced by a strong marketing team. Marketing is intended to amplify product development, increase sales and build partnerships. It is intended to orchestrate public relations initiatives, strengthen brand identity, attract top-tier talent and cultivate customer relationships. Read on to hear examples of how modern marketing will fuel fintech.

Marketing as a revenue driver

Marketing is at the heart of revenue growth,” says Payal Raina, founder of B2B fintech marketing community. He urges companies to reject the idea that this is a “cost driver.” He emphasizes that marketing is “an engine of growth.” He says marketing “is at the forefront of innovation and at the heart of the organization.” The entire team should connect the company’s mission, vision, and monetary goals.

Marketing as an educator

Sonia Mazzotta-Morrison is a founder of Break, a fintech digital services agency. He believes that marketing should play an educational role. He explains that fintech products must “be accessible to be adopted.” He explains that fintech contains a lot of jargon that needs to be “broken down and translated.” Users of any system can navigate it better and reap its benefits if they clearly understand its impact on them.

Marketing for personalization

Rashee Pandey agrees, saying that greater understanding allows for “hyperpersonalization.” She is the associate director of membership and growth at Innovating finance, the UK industry body for fintech. According to her, “effective marketing plays a crucial role in continuously demystifying financial products and services for consumers.” She emphasizes the need for consumers to feel confident that their financial needs are being met, regardless of who they are and their financial situation. Marketing has the potential to personalize and educate consumers throughout their financial journey. This includes presenting tailored products, cutting-edge solutions for the consumer experience and clarity on how such solutions can meet their financial needs.

Marketing requires continuous investment

Emmy Granstrom, Global Head of Marketing at SteelEye, says that at a time when many companies are cutting budgets, now is the time to gain market share by increasing their marketing budget. “Marketing paves the way for future sales and revenues, so in times of recession it is essential to continue investing.” There is huge potential for a company to make its mark on the broader industry if it doesn’t cut marketing spend. “This presents an opportunity for marketers to grow their brands, but it requires a long-term perspective.”

Marketing as a voice of purpose

Meredith Odgers founded a sustainable fintech marketing practice BambooWorx and is now Director of the Digital Learning Program at CISL. According to her, we must consider marketing as a “connecting function” that “drives a better future”. She points out that in addition to revenue considerations, there are responsibilities elsewhere as well. She emphasizes that “the purpose of marketing should be to promote human, environmental and economic value” for all, not just profit at all costs. She highlights that marketing has great leverage in driving the development of inclusive financial products to reach new audiences and improve financial literacy. This is evident in the inclusiveness of the products and how they are marketed to different audiences. When marketing “gains purpose,” that purpose can be “seen across the entire business and right down to the customer offering.”

Marketing drives the partnership ecosystem

Sumeet Vermani, Founder and CMO of SKV consultancy, is an advocate of the partnership ecosystem. He believes fintech success is built on regulatory, technological and customer alignment. He says these partnerships increase “world-class collaboration, market access and customer experiences.” Marketing can be a great facilitator through events, community and thought leadership. They call on people to “unite to address today’s global economic challenges.” Improving industry communication towards collaborative growth has great benefits. A partnership approach “creates better products, for more customers and reduces missed market opportunities – a huge revenue opportunity.”

Marketing to build trust

Natasha Gay, Head of Customer Service at Inbound Fintech and Founder of Alpha Alliance Consulting, says future success is rooted in confidence. He believes that marketing has a responsibility to show the key differences between companies. These will be found in product, diversity, technology, ethics, sustainability, talent, inclusion and mission. Natasha says knowing how to define each of these topics will be key. She says providing case studies and use cases “will be the key driving force in helping individual companies” stand out in the future. Marketing will be able to build trust by providing evidence of how the company positively impacts partners and customers.

Marketing to excel in innovation

Mia Mohamed, marketing manager at Toqio, talks about “orchestrating more financial solutions.” According to her, “fintechs that do not innovate to orchestrate multiple solutions will likely not succeed.” According to her, it is essential that the industry continues to revolutionize by seeing problems as “solutions in action”. This will include innovation through personalization, experience and implementation. Having a better marketing strategy will bring this to a higher pace.

Marketing influences perception

Vanessa Lovatt, strategy leader at the Financial Times, wanted to add innovation. She describes fintech marketing as a constant “disruptive contributor.” Marketing can bring freshness and challenge to the community. She believes it has incredible power to influence inclusion through its messages in the workplace and society. She says “marketers have a great opportunity to make an impact every day.” They are responsible for “sending messages that can influence people’s perceptions.” These perceptions will go beyond simply whether people will buy or use a product. They will influence those who decide to collaborate, those who believe they can start their careers here and those who want to enter the sector.

Marketing that is Agile

Liesl Smith, senior vice president of global marketing at FreedomPay, believes that “the consumer is constantly changing”. Emphasize that marketing must understand that the customer, partner or customer has evolving needs. Marketing, therefore, should be agile, data-driven, reliable, authentic and ready to change direction. He emphasizes that companies need to understand their target audience and meet their needs with “products that speak to them.” When there is a need, the desire and urgency to advance fintech as a whole will increase.

Marketing can influence so many aspects of fintech, each of which will be critical to future growth and success. AS economists predict a brighter economic future, it will be exciting to see the crucial role of marketing in powering growth.

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