The fintech sector has become one of the world’s fastest-growing industries. But with that strong growth has come saturation and heavy competition.
Besides increasing competition, fintechs face other serious hurdles to new customer acquisition – low financial literacy, a general mistrust in financial institutions, and difficulty convincing customers to churn from traditional systems.
In this context, fintech content marketing presents a useful strength – the ability to educate new customers while building trust and loyalty.
In what follows, we consider three top reasons why fintech content marketing should be a priority of fintech companies.
To build trust
We live in a post-2008/2009 financial crisis world. The memory of that crisis means that many people still find it hard to trust financial institutions.
This is understandable since it is normal for people to desire to protect their money. They need to be sure that they are giving/keeping their money to/with trustworthy people who will not scam them or be careless with it.
Therefore, given how fintechs make money, building trust among your customers and potential customers is a worthy investment.
Fintech content marketing is one way to do this.
First, you should be consistently assuring your customers that you are following necessary regulatory and cybersecurity guidelines. Whenever a fintech or a traditional financial institution stumbles in regards to regulation or cybersecurity, that is an opportunity to reassure your customers of your commitment to the highest standards through the consistent publication of blogs, videos, and social media posts, among others.
Second, you should be consistently showing your expertise and industry leadership. It is not enough to have good intentions, you must also be seen to be very good at what you do. Publishing industry leadership blogs and whitepapers will confirm to your customers that they have chosen the right service – thus building trust.
To educate customers
While many fintechs talk about their sign-up numbers, the retention of users does not always make for a good story.
In 2021, Business2Community noted that the average annual retention rate for fintech apps was a meager 16%.
This issue persists even today. According to Adjust, an analytics company, day 1 retention rate for fintech apps is 22%.
Though this problem has been discussed from a UI/UX perspective, there is no denying that customers’ inability to understand how the app works is a contribution.
Fintech content marketing can contribute to solving this problem. By publishing articles and videos educating users about how to use the app and all the things they can do through it, you can improve retention rates as they find your app more useful.
In addition, you should educate customers and potential customers about what you do. If your app is for investment management, then you should educate them about the many principles of investment, for example.
To create brand loyalty
Fintech content marketing is another way to build a thriving relationship with your customers.
According to marketers, to be top of mind is to be top of heart. The people you communicate regularly with are the ones you remember the most.
In the same way, constant communication with your customers through various content media can help them connect with your brand and build brand loyalty.
Given the competitive nature of the fintech space, brand loyalty can help you reduce the churn rate and improve your retention rate. Since acquiring a new customer is 5X more expensive than retaining old ones, the financial impact of content marketing in this regard can be very significant.
Moreover, brand loyalists tend to be brand evangelists — speaking to others positively about your brand.
Given these three reasons, your fintech should not only prioritise fintech content marketing, but it must also leave it in the best of hands.
Mint Position is a fintech SEO agency that is skilled and experienced in working with different types of fintechs around the world.
They use their industry-specific knowledge to help fintechs build trust, educate customers, create brand loyalty, and win new customers in the competitive fintech space.
With a fintech specialist, you can get quality content marketing results while staying compliant and using SEO best practices in your unique fintech niche.
