We have been working with fintech companies and their products for several years now, from banking offerings to cutting-edge apps. This market is constantly changing, and the differences in regulation vary greatly from region to region and even from country to country. All this fun turbulence and high competition also affects the marketing of fintech products.
We would like to present a list of the most common obstacles that fintech projects experience when promoting their products and services.
- Local specifics. As we mentioned above, different countries regulate advertising of financial products differently, and it's easy to get banned by advertising platforms if you don't take them into account. If you are planning to enter new markets, make sure that your ads do not violate any local regulations. Or consult with professionals.
- Uninstalls. According to a report by AppsFlyer, the percentage of financial app uninstalls is very high among customers acquired through non-organic sources. Overcoming this problem common to almost all finance projects is a real challenge with an asterisk.
- High competition. No, it is true that the financial services market is growing every year, but this has a downside: in the intense competition, many projects do not survive even two years. To not only overcome this milestone, but also to become truly successful, remember the three pillars: innovative solutions (how is your product better than your neighbor's?), understanding of your niche and target audience, and competent storytelling. Remember, you are not only what you are and what you tell people about yourself. But also how and whom you tell about yourself.
- A balance between innovation and user-friendliness. Innovation drives fintech, but rapid changes can sometimes overwhelm users. The best is the enemy of the good. Balancing cutting-edge technology with a user-friendly experience is a delicate act.
- Scammers and fraud. We are sure that the security of your financial services and transactions inside is not the concern of the marketing department. But you should not forget to tell your audience about the safety of your products. Finance is one of the most sensitive topics for literally everyone, and the feeling of security makes the audience loyal.
Don't know how to plan your marketing strategy so that all your points are taken into account? Are you planning to enter new local markets and you haven't understood their specifics yet? Write to us, we can help you figure all your questions out.
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