Today, there are 6000 registered FinTech start-ups in India; today, India is a global FinTech superpower. The steps of innovation in FinTech (payments, lending, investment, insurance, SaaS, crypto, regulations, and neo banking) have kept everyone on their toes.
Years of hard work show the results, Aadhar, UPI, India stack BBPS, DeFi, digital banking, etc. According to estimation, the FinTech Market size in India is expected to grow five times from ~$31 Bn in 2021 to $150 Bn by 2025.
The FinTech industry has understood the customer needs, providing unique personalized experiences essential to staying in the game.
They give customers different offers like brand and partner offers, price comparison widgets and a financial calculator for transparency, gamified user interface, and ancillary services like bill payment, personalized financial insights, and credit reports.
Innovation in FinTech marketing
The best FinTech have Automation implemented their MarTech stack from day one to manage the customer lifecycle as the business evolves. With Automation, they can predict when and where a customer might need extra information to process ahead. The system generates an SMS, email, push notification, and WhatsApp message in real-time.
FinTech apps deliver different experiences for customer segments like high-medium-low income; geo-location in Tier 1, 2, and 3 cities; language preference; age and gender, etc.
Marketers optimize their cost and business objectives by sending emails at a particular time customers are likely to check. It’s said that gaining new customers is far more expensive than holding an existing one in financial services.
Chatbots and voice bots were available 24*7 without long waiting lines or fixed customer service hours. Customers can talk to them over WhatsApp.
Easier said than done
Customer experience is not confined to communication that a brand sends; the ecosystem shapes it.
It is seen that FinTech faces challenges by offering a heavy discount.
One should stay true to the core value propositions, and covering the gaps in service delivery and consistency across all the customer touchpoints like call centre experience, social media posts, in-app experience, communication, and brand campaigns becomes critical.
Marketers should first understand consumer behavior and quick experimentation to win the content.
Impact of marketing strategy
Having Automation at the forefront of your marketing plan has various advantages.
- Firstly, it reduces the dependency on human resources to scale the business. With marketing automation, lean teams are now growing to millions of customers.
- Second, Automation reduces costs on a large scale. As the business grows, Automation aids in the optimization of the sales funnel, critical communications, data reporting, customer journeys, and business processes. It also saves time because such Automation normally requires a one-time setup effort and can run 24 hours a day, seven days a week.
- Third, this provides teams with features that would otherwise need subject expertise. Brand and marketing teams can experiment with creatives and content to perfect their messaging. Depending on their behaviour and preferences, they may personalize the experience for each consumer, thereby increasing engagement and retention. To address distinct consumer categories appropriately, data and business teams can use models such as RFM (Recency Frequency Monetary), propensity scores, and predictive algorithms.
- Finally, Automation provides much-needed uniformity to a firm while reducing human errors.
The FinTech revolution
Fintech are the catalysts that help to create financial products, business structures, processes, and technology. They have an impact on consumer behavior and, more crucially, customer expectations by providing better value in a variety of formats. They are proven to be a suitable digital transformation testbed for larger banks and financial institutions and a method to fill gaps in present service levels. As a result, the broader ecosystem is prospering and providing unparalleled access to financial services.