5 Fintech trends and how you should be marketing them

The pandemic and rolling lockdowns have certainly helped push Fintech services into the mainstream. Global funding for Fintech increased by 96% in 2021, and there are a number of key trends that are shaping the future of startups, banks, and other Fintech players – changing the face of banking forever. Is your Fintech sitting up and taking notice of them, and how should they influence your digital marketing strategy? We take a closer look at five.

1. Rise of cashless

The use of cash was already diminishing before the pandemic began, but the runaway cashless train has since gathered speed. By 2026, the UK is expected to be almost completely cashless. Sweden and other Nordic countries are actually aiming for totally digital transactions by 2023. And 2020 saw card transactions surpass cash in countries like Germany for the first time. 

Players in the Fintech space need to think carefully about the products and services they should be marketing, as stores move towards becoming fully automated, and even credit cards and debit cards are surpassed by other ways to pay, such as biometric payments and digital wallets.

2. Cryptocurrency adoption by traditional lenders

Cryptocurrency is of course one major cash-alternative that is becoming part of our financial culture. 2021 data from cryptocurrency exchange Crypto.com estimates that around 106 million people worldwide (around 2.3 million in the UK) now use cryptocurrency exchanges.

And even traditional lenders are recognising its appeal, with 13 of the world’s biggest banks having invested a combined $3bn in cryptocurrency development, either directly, or through funding for cryptocurrency companies. Part of this uptake may be FOMO, with banks who see their peers produce a crypto offering, feeling pressured to join in.

For established Fintechs there is a growing appetite for crypto, which could help keep existing customers within their purview. Running a poll on one of your social channels could test the water, giving you a quick idea of customer appetite. A Cornerstone Advisors survey of US consumers, found that 60% of crypto owners would use their bank to invest in cryptocurrencies.

3. Evolution of banks

The growing spread of digital banking has decreased physical visits to brick and mortar banks and building society branches in the UK, which fell by 34% between 2012 and 2021.

So, what does the future hold for banks? Well, in 2022 the banking industry is expected to complete a double-digit spend in technology, hire top engineers, and buy or invest in other Fintech. Wealthtech advances including robo-advisors, digital brokers, robo-retirements and new investment tools, are all on the table to meet the expectations of increasingly digital-first customers.

In a strategic move, banks are also partnering with Fintechs. This can bring speed and flexibility into the mix for established banks, while providing security and brand awareness for startup Fintechs. Partnerships can also enable joined-up marketing that maximises engagement.

4. Embedded finance

Embedded finance is the offer of financial services by companies who usually do other things – like retail or big tech – and integrate these services into non-financial websites, apps and processes. For example, an online travel app which includes an inbuilt payment solution.

According to Forbes, it will generate $230bn in revenue by 2025, a 10-fold increase from $22.5bn in 2020.

While financial firms may see it as a threat, embedded finance can help create new distribution channels for their core products and services, or provide an opportunity to embed Fintech products into their existing platforms. Remember that blog posts around subjects like embedded finance can show thought leadership and confidence that your brand is fully aware of what is happening in the marketplace.

5. Cybersecurity and regulation

Cybercrime is a hot topic for Fintechs, who may well hold the kind of data – such as personal information and monetary transactions - that hackers would love to get their hands on. Ransomware costs alone are expected to reach $265bn by 2031.

Meanwhile, the very regulators who are battling money-laundering and other financial crimes, also have their sights firmly set on the cyber and Fintech space, and firms should be monitoring constantly evolving global regulations.

For instance, regulators have been a bit slow off the mark with crypto assets and are only now starting to catch up. In January 2022, the UK government announced plans to strengthen the rules on cryptoasset adverts, part of broader proposals on cryptoassets and stablecoins set out in a consultation on a regulatory framework for stablecoins in 2021.

If your Fintech is looking to scale through new services, clients or markets, you may need to navigate even more regulations. Being prepared – for an attack by cyber criminals or a visit from the regulators – is increasingly important for all Fintechs as technology continues to evolve. Including information in your marketing that reassures customers that you are on top of regulations and security can help alleviate concerns.

Fintech digital marketing top tips

1. Produce content about these trends through blogs, emails and social posts, to show thought leadership through quality content.

2. Bring conversations around to how your products fit into these trends. Simple explanatory videos about products can help promote the most complex products – read our video marketing blog to find out more.

3. Think carefully about lead generation as part of your marketing strategy.

4. Use clear CTAs.

5. Talk to an agency that specialises in Fintech marketing.

How we can help

At Curious Cat, we know that every business has the potential to expand its horizons. Our inbound marketing strategies are dynamic and tailored to your specifications, so it never feels like your company’s voice is missing.

We know what works when it comes to Fintech digital marketing and our experts can help you see new business potential.

Want to learn more about the services we can offer you and your marketing strategies? Be sure to book in a strategy call with us, so we can help you broaden your future possibilities.