Fintech companies and brands should focus on marketing communication by ensuring that the content is simple to understand, clear and engaging and rid of all complex financial jargon. Creating user trust around the various payment services and apps is important. One way of doing this is helping users visualise the brand as more than just an app or website and communicate why a customer should use one platform over another.
Customer confidence can also be increased by education. Communicating via social media platforms, website chatbots, email marketing and innovative digital content can educate and reassure customers. Fintech companies also need to demonstrate what security protocols are in place to protect customers’ data and money and how their financial products and services can improve inefficiencies in the financial services industry.
The need for digital security is of utmost importance, given the recent data breaches and attacks that have led to huge financial losses. Given this, fintechs need to strengthen their cybersecurity strategy and ensure that their communication around it is authentic and involves all the stakeholders in the communication campaign. Although a firm cannot promise that a data breach will not happen, educating consumers on how their data will be protected, in case a breach does happen, will allay customer fears.
With rising frauds, the onus of preventing scams while securing the interests of genuine customers lies more with organisations rather than consumers. New-age digital companies are using cutting-edge technologies that work in the background without impacting user privacy and are able to detect instances of fraud. Also, when a company’s data security is in place, it will result in investors taking notice and wanting to invest in such a brand leading to the company’s growth.
Thus financial brands and companies need to humanize themselves and create authentic communication if they want to connect with today’s consumers. Explaining the technology in layman’s terms by educating the users, sharing the company’s compliance and security efforts and communicating simply the guiding principles of the brand’s app or service will increase the trust quotient and create a strong customer experience.