Why FinTech Brands Use Content Marketing

The FinTech industry is one of the fastest-growing sectors in the world. By the year 2022, the global financial sector is expected to be worth over US$26.5 trillion with a compound annual growth rate of 6%.

FinTech brands are now increasingly looking to include content marketing as a key pillar of their marketing and growth strategy.

We spoke to FinTech giants Klarna and Modulr as well as their content marketing partner, Copy House to find out more about the role content marketing plays in their strategy to increase brand awareness and engage audiences.

What is Content Marketing?

Content marketing is a strategic marketing approach that focuses on creating and distributing valuable and consistent content to attract and retain customers from a clearly defined target audience. On average, content marketing pulls in 3x as many leads and costs 62% less than traditional marketing. A well-written piece of content also continues to drive traffic to your site long after you publish it.

Marketing Challenges For FinTech Brands

When it comes to marketing FinTech, most brands face challenges around trust and education.

Traditionally, finance marketing has been aimed solely at IFA’s and the content typically used complicated and jargon-heavy language, which shut out smaller businesses and left customers confused about how financial services work.

FinTechs brands often look to challenge this status quo by creating a more accessible world, which naturally means they also have to educate their audiences in the process.

Klarna’s Senior Marketing Manager, Elias Pitsavos, explains:

“Many traditional financial institutions are afraid of Open Banking because it challenges established business processes and poses the threat of their customers abandoning them. There are also many small companies that we need to reach that don’t know about Open Banking. So we need to find a way to educate them about the service and its value.”

How Content Marketing Conquers These Challenges

“Content marketing is all about building trust and educating people. If your website looks and sounds good people are more likely to trust you. Content helps you give them quality insights without them having to ask for it.”

Kathryn Strachan, MD at Copy House

Content marketing also helps FinTechs to:

Increase Brand Awareness

Being a relatively new player in the field of finance, FinTechs are competing against household names like RBS and HSBC when trying to acquire new clients. Content marketing is an excellent way to increase brand awareness and educate people about their solution.

Klarna’s Elias Pitsavos explains: “

Klarna already has an established brand name when it comes to our core business and our payments solutions. We want to increase brand awareness in the Open Banking world and establish Klarna as a thought-leader in the field. Content marketing helps us do that.”

Build Trust & Credibility

Rightly so, people are nervous about who they trust with their money, so to gain new clients, FinTechs must let people know who they are and what they offer.

Content marketing helps FinTech brands build trust and prove their credibility before someone even speaks to their company. Businesses can then use content marketing to scale those relationships and reach a wider audience, regardless of team size or budget.

Modulr’s Chief Marketing Officer, Edwin Abl, informs:

“As we are a scaling business, we need to get people to understand our brand and our services. Content marketing helps us build credibility and prove that we’re a viable alternative to traditional banking. It’s a key pillar in our strategy to achieve that.”

Exercise Thought-Leadership

“We educate our audience through content marketing. Since traditional marketing methods like events aren’t available to the same extent because of COVID, content plays an even more vital role in getting our message out there.”

Elias Pitavos, Klarna.

By sharing useful information in a blog article or on social media, FinTech brands can demonstrate their expertise in the field and kickstart conversations.

Modulr’s Edwin Abl, adds:

“Content marketing helps us communicate what we stand for and how helpful we can be from an education standpoint. It’s not just about marketing, but teaching the audience about changes in the industry and informing people of what’s going on. We use content marketing to build our community.”

Whether you’re an established FinTech brand or a startup, content marketing is critical to creating a successful marketing strategy. Other marketing methods come and go, but people have always, and will always want content.

By putting energy into creating high-quality, SEO optimised content ”“ or outsourcing your content creation to a content marketing agency ”“ is a long-term investment, but will bring great results. So start investing now.

Note: Copy House is a content marketing agency specialising in FinTech content and provides content marketing support for Modulr and Klarna. By crafting SEO-optimised, educational content, Copy House helps these FinTech giants increase brand awareness, build trust and educate their audiences. Find out more about Copy House byscheduling a call or visiting their website.

Photo by Kaboompics .com from Pexels

Two means to help protect against cybercrime

Firms need a combination of robust policies/procedures and technology to help protect against themselves against cybercrime, says Anthony Rafferty, Managing Director, Origo

It seems hardly a week goes by without news of the vast sums of money which has been scammed or otherwise stolen by criminals through cybercrime.

The extent to which cybercrime is prevalent within pensions and financial advice services ”“ two of Origo’s principal areas of focus ”“ has been brought home during the Covid-19 crisis as criminals have ramped up their attempts to trick individuals and businesses into giving away personal and financial details to enable fraudulent transactions.

Recent reports have highlighted that the Financial conduct Authority (FCA) has been investigating more than 150 Coronavirus-related scams since the outbreak began (1) and spent over £300,000 on fighting fraud online in the first six months of the year (2).

The industry’s compliance consultancies have been warning financial advice firms on scams and email hacking. Paradigm Consulting recently warned advice firms about fake email surveys purporting to be from the Regulator (FCA) on the impact of Covid-19 (3), while ATEB Consulting warned on fraudsters hacking personal email accounts and impersonating clients to encash investments (4).

Alongside this are reports of company owners and directors receiving highly realistic scam emails from trusted organisations, including banks, requesting usernames, passwords, and bank details.

This increase in reports and news stories serves to illustrate that the threat to financial services businesses from cybercriminals cannot be ignored by any company.

Data published by the Information Commissioner’s Office (ICO) has revealed that phishing’ by cybercriminals was the second highest reported incidence of the inappropriate disclosure of data’ by company staff (5).

However, the most common incidence of data breach reported to the ICO was information being emailed to the incorrect recipient. That suggests a breakdown or lack of internal procedures.

Clearly, whether dealing with cybercrime or staff error, having a well-documented policy, robust procedures and monitoring of processes, can go a long way to preventing potentially costly data breaches.

Education is another area where firms can help protect themselves from external threat and internal error, including regular cybercrime awareness sessions and training of staff.

Implementing technology ”“ such as employing military-grade encrypted email, particularly when exchanging personal and sensitive information with clients or between organisations ”“ should become standard every-day practice. Encrypted email secures against hacking, enables authentication to ensure the right person has accessed the information, and provides an audit trail for security and regulatory purposes.

We are operating in a world where disclosure of information is a threat on many levels and putting in place preventative measures is essential for any size of firm within our industry.

(1)The data was obtained under the Freedom of Information (FOI) Act by the Parliament Street think tank’s cyber research team.

(2) https://www.ftadviser.com/regulation/2020/09/03/fca-spends-300k-to-fight-fraud/

(3) ttps://www.moneymarketing.co.uk/news/scammers-posing-as-fca-send-out-advisers-covid19-impact-survey/

(4) http://www.atebconsulting.co.uk/news/beware-email-hacking-scam/

(5) https://ico.org.uk/action-weve-taken/data-security-incident-trends/

Developing a Change-Ready Mindset

The only constant is change’. At least, that’s how Heraclitus put it, leading me to believe that resistance to change was as common in Ancient Greek society as it is today.  Whilst quite obviously a lot has changed since 570BC ”“ medicine, architecture, Tesco Expresses ”“ our aversion to change, especially when forced, has remained steadfast. Over the last few months I’ve been speaking to a great many business owners, young and old, about the effects of COVID-19 on their businesses. What has really stayed with me is how many have really resisted these changes and still yearn to get back to business as usual’.

But what is business as usual? Can we go back to a pre-COVID method of operation? Even if we can, should we? Business owners have felt the full impact harder than many and for that reason I can understand the desire to sweep the whole affair under the rug and move on. However, in doing so we might just miss out on crucial opportunities.

The questions I keep coming back to are: if another global event occurred right now, how would your business be better able to handle the situation and what has been learned and implemented this time around to get your business into better shape? A big part of honestly facing up to those questions comes down to our own mindset and sense of control. When the pandemic hit and threw everything out of sync, the natural reaction was to cling onto what we knew and what gave us that sense of control and certainty, but very quickly it became apparent that wasn’t a viable option this time and nor will it be with future situations. The real  issue here  is that nobody truly  likes being told what to do, especially not by a microscopic virus with absolutely no redeeming qualities and so, to come back to mindset,  what can WE do to normalise our relationship with change to ensure it’s never forced upon us in future?

Managing change is a bit like going to the gym; the first time you go, it hurts and (speaking from personal experience) frustrates you when you haven’t dropped a stone by the next day. When you maintain a rhythm, the pain subsides and the benefits begin to show. So if we adopt the same relationship with change and by actively seeking it, stay ahead of the curve, we’ll slowly develop our mindset around change much like a muscle at the gym. With that in mind, I wanted to share with you my 5 steps for developing a Change-Ready’ mindset.

• Analyse what is happening now? ”“ Look at your business to really understand what is happening right now. Analysis tools like the PESTEL, competitor analysis, SWOT analysis are great tools to help you really understand the change. What are the indicators that change is needed: revenue has declined; customers aren’t buying through the shop any longer; or suppliers are no longer able to supply you?
• Identify the changes required ”“ What needs to change within the business to resolve this issue? Do you need to look at alternative channels to market, such as selling online? Do you need to look at  or alternative suppliers? Do you need to completely pivot what you do?
• Identify the obstacles ”“ What issues are there with making that change? Once you’ve identified a possible solution, you need to apply your critical thinker and  consider all of the obstacles stopping you form implementing that change ”“ Lack of funds? Lack of customer validation? Lack of man power (or woman power)?

Now at this point it’s worth noting that, as a demographic, entrepreneurs and business owners are phenomenal at rapid decision-making, however, in some cases this needs to be checked. When change is forced upon us, there is a risk that these decisions could be made on the basis of emotion rather than reason. Even when change is unexpected, there is usually a little time to step back, analyse and identify. If we don’t, required changes can be blown out of proportion and become too general to have a lasting, meaningful impact.

• Assess the risk & cost of change ”“ Determine the degree of risk and the cost of change looking at different scenarios to help you map alternative paths. Before progressing with any significant change you need to assess the risk and costs involved with adopting this new approach. How does this affect your overall costs? Do you need additional resources? Are there any risk involved?
• Plan the way forward ”“ Once you have all the information you can then decide on a clear way forward and put steps in place to integrate that change. Break it down into manageable steps and make sure you are testing at every step of the way to make sure the change is working.

There are two forces underpinning these steps. Firstly the clarity of your vision: if you know where you’re going and what you want to achieve, you’re likely to accommodate change better, provided you can see how it helps you achieve what you wish to. You wouldn’t get in your car and ask your sat nav where you want to go, so don’t expect the same from your business. If your vision needs a refresh, make sure you prioritise that! Secondly, resistance to change: as we’ve covered, this is a challenge millennia in the making, so take some time to understand your own resistance to change, by questioning where it comes from and when was the last time change adversely and/or positively influenced your business.

The ironic thing about all of this is that resistance to change stems from a perceived loss of control and yet, if our vision is unclear and our self-awareness is lacking, the uncomfortable truth is that we lost control long ago.

Mindset, Managing Change and a whole host of other business support content is available via the Royal Bank Business Builder programme ”“ a free virtual tool for new and established businesses. Open to everyone, Business Builder supports you to stay in control across a wide range of business topics, available 24/7. Sign up today by clicking here.

UK tech demonstrates resilience amid virus crisis

Tech Nation and Dealroom published a report for the Digital Economy Council. It highlights that investors are still active in the tech space, despite the challenges posed by COVID-19.

UK digital tech companies are still attracting investors and are still recruiting. Most of them declared being optimistic about their ability to navigate the crisis. On the investment side of things the UK outperforms all of its European neighbours.

The report shows that British tech companies are resilient with tens of thousands of jobs advertised in cities across the UK in 2019 and the start of 2020, with salaries continuing to grow well-above inflation in almost all regions.

London leads the way and is a global tech leader with London-based companies raising $4bn since the start of January, more than Paris, Stockholm, Berlin and Tel Aviv combined. But other regions including Scotland are also doing well with Glasgow and Edinburgh leading the way.

Digital Secretary Oliver Dowden said:

“The UK’s tech sector has shown resilience in these challenging times and the levels of investment in the year to date have consolidated our Europe-leading position.

“We have a vast pool of talent in the country’s digital and tech firms who have played a big part in supporting communities across the UK and beyond throughout the pandemic and I applaud them for their ongoing efforts.

“The government will continue to champion and support the sector as it navigates the months to come as we step up our Coronavirus recovery plans. We will back entrepreneurs, encourage innovators and help businesses make the most out of the opportunities the digital and tech world provides.”

UK’s position of strength

The UK’s tech sector went into the coronavirus crisis in February in a strong position. From January to the end of May, tech companies raised $5.3bn, compared to a total raised in the rest of Europe of $4.1bn. However, there are concerns that many of these deals were agreed in principle before the onset of the virus, which has reset expectations. Capital inflows in the second half of the year are unlikely to be as strong as those in 2019, itself a record year.

In April, the Government unveiled its Future Fund of £250m of matched funding for startups, so that tech companies which are typically loss-making could access support. Equity backed small businesses right across the UK are developing vital innovative products and services that have the capacity to help the growth of our economy in the months ahead as we emerge into economic recovery. Yet many of these businesses need further support and investment to withstand the impact of the coronavirus crisis to ensure that they can survive and successfully continue to build and commercialise their innovations.

However, startups are fragile businesses and recent data gathered from 200+ companies for the venture capital community shows that:

• Two-thirds expected revenues to drop by more than a quarter

• 39% of business to consumer companies saw March revenues drop by over 50%

• A third of companies have slowed hiring, while almost a half have frozen hiring

• Two-fifths of companies believe they have less than 12 months of funds

Gerard Grech, chief executive of Tech Nation: “Many businesses are adapting and innovating to support the fight against coronavirus, demonstrating the resilience and resourcefulness of the UK tech sector. Although we are seeing many tech companies closing key rounds of funding, the picture is being monitored closely at Tech Nation, especially across different parts of the country, where access to finance may not be as strong. These findings today confirm that the UK is well positioned to face the challenges that lie ahead and leave Covid-19 in a position of strength.”

4 Ways Content Marketing Benefits FinTechs

Did you know that 91% of B2B brands use content marketing to reach their customers?

With over 4 billion people using the Internet daily, it’s not surprising that so many brands are turning to content marketing.

Content marketing helps all companies boost brand awareness, connect with new customers and retain existing ones. 

Fintechs, especially those in early growth stages, can leverage content marketing to stand out from the crowd. Content marketing plays a unique role in helping FinTech brands overcome many of the challenges associated with emerging into a new market and launching the brand from the startup stage.

Keep reading to discover the top four ways Fintechs can benefit from building an online presence and creating quality content.

1) Communicating Complex Tech in Simple Language

Most Fintech solutions are based on complicated technology, like Blockchain. But despite complex underlying technology, most Fintechs target customers with little or no understanding of the tech. 

For example, Fintech Blockchain adoption rates are expected to grow by 75.2% by 2023. Yet, customers’ understanding largely hasn’t kept up ”” an HSBC survey shows that 59% of customers don’t understand Blockchain.

Without this fundamental understanding, Fintech solutions can seem risky or scary, which can prevent brands from reaching mainstream adoption. Yet, overcoming this information gap and helping customers understand the tech can significantly change the game. 

Good content marketing helps you achieve this aim by ditching the jargon, breaking down complex topics and explaining sophisticated technology in a way the average consumer can understand.

2) Brand Equity: Starting From the Ground Up

Creating brand awareness is crucial for building trust, reaching new customers and driving sales. So much so, that 77% of B2B marketing managers say branding is vital for growth.

Traditional financial providers can fall back on their brand name. After all, they’re a household name.

But, Fintechs face an entirely different situation as most startup brand names aren’t known. Successfully attracting customers and establishing yourself on the market requires you to quickly build brand equity and awareness.

“A brand does not exist within a company or organisation. A brand exists in the minds of your customers. A brand is the sum total of impressions a customer has, based on every interaction they have had with you, your company, and your products.” 

Content marketing incorporates many aspects of your online presence to create one, unified brand. So your customer has a consistent and reliable interaction with your company whether they’re engaging with you via social media, emails or on your website.

3) Communicating Founders’ Mission & Values

Most Fintech founders are driven by impressive and admirable visions of how they can improve business owners or customers’ lives and relationships with finances.

Whether it’s creating fairer lending or helping people make smarter budgets, Fintech companies are founded for a reason. 

But, this mission and value need to be communicated and shared with the world to attract customers and build brand loyalty.

Accenture calls purpose-led branding the movement from me to we’. Their research shows that customers increasingly choose to work with brands with a strong purpose or mission. So much so that 52% of customers would rather use the services or products of a brand that serves for something bigger and aligns with their clear personal value.

Content marketing can help you bring your visions and missions to light. Think founder interviews, a kickass about page on your website or even social media videos explaining your fundamental values. Sharing this type of content with prospective and current customers boosts brand loyalty and drives growth. 

4) Employer Branding

As a Fintech company, you need to find employees with the right skills and mindset. Developers, data scientists and other tech professionals are often in short supply. As technology continues to evolve, this skills gap will only worsen.

FinTechs also have to overcome the additional challenge of attracting developers and data scientists to a new company. Prospective employees could worry about the insecurity of joining a startup or entering a relatively new market. 

Employer branding can play an essential part in helping you attract the industry’s best and brightest. Capturing your values and unique selling point on your website and through thought-leadership articles improves your credibility and shows your company as an exciting place to work.  

Note: Kathryn is the CEO at Copy House, they specialise in helping Fintechs bring their brand to life and create a strong online presence with SEO optimised websites, thought-leadership content and social media. Find out more about Copy House by scheduling a call or visiting their website.

The challenges of scaling up and winning bigger business ”“ and how Proactis can help

Winning new business is difficult.  Often it’s most difficult for new and emerging companies to challenge the established order, especially if they’re doing things in a different way.  As businesses expand and develop, they begin to examine different avenues, moving away from ad-hoc smaller pieces of work to looking at more formal access routes to substantial contracts.  

Here we arrive at the wonderful world of bidding, proposals and tendering (you’ll see these terms being used interchangeably, but don’t worry they all mean the same).  As potential contract sizes get larger, the demands placed on prospective bidders become ever more arduous and detailed, formal submissions are required for public and private sector buyers alike.  

As you might expect, larger companies have more resources to dedicate to business development and specifically to bidding for work.   A recent survey of bid professionals showed just 20% worked in organisations of less than 100 employees and only 12% were the sole responsible resource in the organisation*.  

Unfortunately for smaller organisations, research has repeatedly shown a direct correlation between the level of resource employed in preparing proposals and success rates.  The good news for developing organisations is that there are some relatively easy steps to take to improve proposals.  A recent industry study shows that nearly half of all procurement professionals believe suppliers are letting themselves down with their proposals and that they are of poor quality.  With the general standard being low, smart thinking and some effort can make a big difference.

If you are at the stage where you are or soon will be submitting proposals as part of your business development strategy then we would like to support you.  As a commitment to helping exciting fellow Scottish businesses within the Fintech community, we are offering a day of expert bid support to a limited number of organisations completely free of charge.

This support could be analysis of current bid strategy, support with a live bid or a review of a past proposal.

To discuss your free expert support, contact Andrew Watson, Bid Consultancy and Training Manager at Proactis Tenders Limited – Andrew.Watson@proactis.com.

Proactis Tenders Limited is one of the UK’s leading procurement companies. Its team of specialists has extensive knowledge and considerable experience in providing a range of eProcurement systems and services to buyers in the public sector. It also offers a range of services to private companies from all sectors throughout Europe who are seeking new business opportunities. 

*APMP UK Compensation Report 2019