(You need to say “full stop” or “period” out aloud when you read the headline)
Every single piece of marketing collateral you put out needs to build trust. Why? Because with so much at stake when it comes to financial products and services, consumers need to have confidence in the companies they do business with.
So before reading the rest of this post, add a todo item to go through every piece of content you have and ask yourself, “how is this building trust?”
The Importance of Trust in Fintech Marketing
Fintech companies are disrupting traditional financial services and changing the way consumers interact with their money. But this disruption has also created a level of uncertainty and skepticism among some consumers.
Not only that, with the recent collapses of a few banks globally, it appears you can be small enough to fail, even if you think you are too big to fail.
Just to hammer the point home some more, here is the bullet points you need to hit when it comes to your marketing copy and videos:
- Consumer Confidence: Consumers need to feel that their money and data are safe and secure, and that the company is transparent about its practices.
- Competitive Advantage: Building trust can also give fintech companies a competitive advantage. Consumers are more likely to choose a company they trust over a competitor, even if the competitor has a lower price or better features.
- Regulatory Compliance: You need to build trust by demonstrating compliance with regulations and standards. The more proof the better. You can never have enough proof.
Data That Proves the Importance of Trust
There are numerous case studies and data points that demonstrate the importance of trust in fintech marketing. Here are a few examples:
- Trustpilot: According to a survey conducted by Trustpilot, 92% of consumers say that trust is a critical factor when choosing a financial services provider. In addition, 82% of consumers say that they are more likely to do business with a company that has positive online reviews.
- Monzo: UK-based fintech Monzo is known for its commitment to transparency and trust. The company has a publicly available roadmap that outlines its plans for the future, and it regularly publishes detailed blog posts (and videos) about its operations and financial performance. This commitment to transparency has helped Monzo build a loyal customer base and achieve rapid growth.
- TransferWise: International money transfer company TransferWise has built its brand around the concept of trust. The company’s marketing campaigns emphasize its commitment to fair and transparent pricing, and it has received numerous awards and accolades for its customer service and user experience.
How to Build Trust in Fintech Marketing
Even if you don’t hire an agency like ours, here are a few points you can start to incorporate into your fintech marketing content:
- Transparency: Be transparent about your products, services, and operations. Provide clear information about fees, security, and data privacy.
- Social Proof: Use customer testimonials, case studies, and online reviews to demonstrate your company’s track record of success and customer satisfaction.
- Thought Leadership: Establish your company as a thought leader in the industry by publishing informative blog posts, whitepapers, and other content that provides value to your target audience.