The problem :
How does a Fintech company act as a tech firm with character to engage customers (take MailChimp as an example) but still remember the psychology behind our relationship with money?
It’s sensitive and complex, we think we’re comfortable until someone asks us how much we earn, or how much debt we have. It’s almost enough to make you wince at the thought of a group of people discussing how much money they made last year. We express our earning by proxy — Buying or renting, £70 Tshirts vs Asos basics, Airbnb vs 5* hotels — so it’s hard to believe that people are open to sharing details on investing, pensions, personal finance and credit with a brand new company just because they have a pretty new app that looks just like the rest of the pretty new apps.
The bottom line is sensitivity. Whether you’re a chatbot or an app, this is still money, and even if you’re 19 or 90, cash is always scary and complicated, or so the current system would have you believe.
What customers want:
It’s tedious, but customers desire security, trust, 24/7 engagement and transparent communications. They don’t want emojis, memes and ‘Savage’ stickers and they don’t want to find out about a financial product on r/awww (Tandem, I’m referring to you on that one). No matter what the demographic, they want respect, and they expect any business who is asking to trust them with their savings to explain why they should believe.
Here are some great examples from startups within Fintech that are keeping this in mind and winning:
Monzo (Going Mainstream)
Reaching beyond the early adopters and into the TV sets of mums and dads, Monzo has injected humour without making my 15-year-old cousin cringe.
PensionBee (Social Media Ads)
PensionBee is making pensions convenient, so to do that, they need to make pensions enjoyable. Their marketing team have created eye-catching and entertaining ads which capture the imagination while making you question your relationship with your current pension companies.
Wealthsimple (Online Video Content)
Wealthsimple understands that customers need a lot of content online for a user to trust the business. They even enlisted celebrities. This video content is excellent as it allows each person who has heard about Wealthsimple to jump onboard a user journey that starts with ‘curious’ and ends with ‘informed’.
Experimentation from Osaka Labs
Over the last few months, we too have been playing with the question of ‘how to make financial services interesting to people outside the industry?’, and we have a few winners have shown themselves. Here are our a couple of successful ones.
Combining interaction design and animation for Instagram engagement to profile fintech products to non-FS professionals.
Success metrics: Click Through, DMs and watch-through
We are presenting a traditional industry through a different lens. Introducing founders and talking about products in a human and digestible way.
Success Metrics: Industry participation, Comments and conversation, View Count
Conclusion (& TLDR):
- Make it interesting
- Keep it simple
- Use new channels
- Remember it’s money and money is a sensitive topic
- Try not to be the same as everyone else
- Get the story, tell the story, then talk about the product features. Don’t let the developers control your marketing message.
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