Finding FinTech: Communications best practices in this exploding industry
By: Kaitlyn Hyde and Julia Gardial
Headquartered in Atlanta, the Dodge Communications team is lucky call this technology-centered hub home. While we’ve long acknowledged the city’s connection to health IT, Atlanta also now plays host to the developing FinTech industry (that’s financial technology, if you’re curious), earning our city the nickname “Transaction Alley.”
Sixty percent of the U.S.’s FinTech companies are based here, generating $73 billion in annual revenues and employing between 30,000-40,000 people in the city, according a recent Adweek article.
With its unique mix of fresh tech innovation and data security, we are seeing many interesting trends and best practices pop up around how the FinTech industry is communicating internally and to consumers. New companies must find a delicate balance between appealing to a laid-back millennial audience and promoting the trust necessary for consumers to put their money—and financial data—on the line.
To stay ahead of the curve, FinTech organizations should consider these three communications best practices:
1. Employ social media to extend company transparency. Consumers in any industry are increasingly looking to a company’s social media channels to gather information and inform buying decisions. Skilled companies also know this is a very useful channel for crisis management communication, especially in reaching younger consumers. Todays’ FinTech companies must be prepared to leverage social media as a transparency tool, as well as a component of their overall crisis communication plan.
2. Find your people. Know your people. The line between B2B and B2C communications continues to blur, particularly in this industry, as various organizations must partner with banks and financial institutions, at the same time they’re hoping to appeal to consumers. Establish set personas to understand core audiences, their needs and what motivates them, while maintaining brand consistency across various audience messaging.
3. Publish content – often. With the plethora of content on the web, FinTech organizations must put out thoughtful, well-written content that will make consumers see them as thought leaders to further build their relationships and brand credibility. From FAQs to blog posts to webinars, having a steady pipeline of relevant, educational content goes a long way with curious internet-users.
So, when all is said and done, it’s no surprise that the top communications best practices all have one thing in common: trust. Like any industry, FinTech companies aren’t just looking for users, they’re looking for longevity. In a relatively new industry, it’s important not to just be a flash in the pan.
As mobile and automated technology continues to rise, consumers continue to demand the same type of experiences from the financial industry that they expect from retail—more transparency, ease-of-use, automation and more. Businesses disrupting the norm must show that they can be trusted, at the same time they deliver these new aspects of service. Savvy FinTech companies can use these communications best practices to their advantage, helping to grow the company while achieving goals of innovation, reliability and disruption.
What communications best practices would you add?