FinTech, Financial Technology, is an emerging financial services industry. It incorporates any technological innovation within the financial sector (Source: Investopedia)
Due to FinTech’s increase in popularity, the pressure is building for financial firms to start embracing technology. The more traditional firms like BlackRock, Fidelity…etc. will likely need to respond to the changing market fairly soon, which will then trigger responses from the SMEs of the industry.
With changes happening imminently, it’s vital that your firm begins incorporating digital into it’s marketing strategy and offering, if you want to start or continue seeing a solid return on investment.“Banks that successfully implement internal and external digital strategies can, over the next five years, potentially increase revenues by up to 55%” (Source: Accenture).
What is FinTech and what does it mean for the financial industry as a whole?
FinTech uses technology to do the once manual jobs in banking, asset management, etc. Tasks like risk analysis and risk controls are now being conducted digitally, making them both faster and more reliable.
When faced with the decision to go with either a traditional firm or a FinTech firm, your once ideal clients, are quite possibly going to move towards the more reliable and quicker option of FinTech.
This means that the traditional banks and financial services firms are now having to compete with the FinTech start-ups that are growing in force every day – there are currently around 500 high growth FinTech companies in the UK (Source: Beauhurst). So, the pressure to become more digitally friendly – if they want to continue growing or running successful firms – is on
How can you compete with FinTech firms?
Your firm must work harder with regard to it’s digital marketing in order to ensure it sends the right message to its audience. Although it’s important to stay up to date on what FinTech firms are offering – and to have an offer that’s either a similar or competitive alternative – you must first turn your attention to your firms’ marketing to demonstrate that your brand embraces technology and modern ways of thinking.
Here is a list of things your firm needs to consider:
Firstly, is your website at the best it can be? We recently wrote a blog on what to check to ensure that your website is fully optimised. Have a look to see if you tick all the boxes.
Secondly, look at your overall digital presence. Your website is just the foundation, so look at other digital channels as your building blocks, be it social media or email marketing, etc. Have a look at a blog we wrote on how to use your digital presence.
Finally, think about how visible you are to your audience, and how you can put your site in-front of the right people. There are a variety of tools available for you to make the most of; we wrote a blog on one we’ve found particularly useful – Google AdWords.
Displaying a strong online presence, with optimised web pages, can help you compete with more digitally advanced firms. In fact, did you know that, “97% of people research local professional services online before making a purchase.” (sources: BIA/Kelsey; Hinge)? Your online presence is one of the first things that people see when searching for a firm like yours – make it count!
So, if you recognise the importance of optimising your online presence, start thinking about what you can do, as with each new day FinTech is growing and enhancing the client experience. Look at your firm’s digital strategy now, by getting in touch and a member of our senior team will be happy to chat.