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Archive for the ‘Financial Services’ Category

Fintech And Improving Customer Experience

Fintech is big business around the world. Financial technology is a growing area of expertise for Speed too, particularly in financial services website development and the marketing of financial services. The main priority for most Fintech initiatives is to improve customer experience.

The UK has become a global hub for this activity, and London is home to more than 2,000 fintech companies. Jobs in fintech have grown by 61%.

The speed of change is lightning fast. The first consumer banking app was only launched in 2011, yet today every bank has an app and ‘digital-only’ banks with no branches have hit the mainstream. More than a quarter of the UK population now have an account with a digital bank and 54% of UK adults use mobile banking apps.

Online innovations to boost customer experience

Starling, Monzo and Atom Bank are well established digital-only brands that frequently win customer experience awards. These banks use clever techniques to engage with their audience – for example by allowing consumers to personalise the entire experience. ANNA bank even decided to produce a debit card that miaows.

However, traditional financial providers are fighting back and investing heavily in their technology to make sure they can keep up with the challenger brands. Money Saving Expert compares different apps from digital and traditional players, and has found that apps from Barclays and Lloyds are rated well by customers for useability and features.

Top priorities for Fintech

Making payment easy

Fintech delivers faster, easier payments for people and businesses. Debit cards make it easy to buy online, and 64% of people have used online payments such as PayPal, Apple Pay and Google Pay in the past 12 months.

Online Security

With high-profile banking security breaches in recent years, keeping customers’ digital identity secure is one of the main challenges. However, Fintech are pioneering new approaches to verify and manage identity. Facial and biometric authentication are already becoming the norm in consumer banking apps.

Reducing costs

Many Fintech innovations focus on making services more accessible. Not only can customers manage their money and access special tools from the tap of their mobile or tablet, Fintech makes services more affordable by lowering costs. Removing the need for high street branches is a major saving that can be passed on to the consumer.

Marketing Trends In Finance 2022

The marketing efforts of any financial organisations have always focused on two goals: to raise brand awareness and engage customers in their financial services. We have many financial services marketing clients that seek our support in achieving these goals.   

The finance sector is one of the most fast-moving industries we specialise in. Here are some of the key trends of the moment…

Consistent customer experience

Financial services marketing is more complex than ever. Customers can interact with your brand via many channels – your website, in person, via an app, with your email communications, printed collateral and advertising.

Keeping your brand messages, tone and visual identity the same across all channels is challenging, but it’s crucial in reassuring your customer of your reliability and trustworthiness.

Acting responsibly

The tide is turning on sustainability and companies big and small need to demonstrate that they have an ethical approach to business. 77% of consumers are now more motivated to buy from a company that has a clear Corporate Social Responsibility pledge.

In addition, new sustainable finance rules are coming in from regulators. All financial organisations need to make sure that they have clear policies around investments, carbon reduction, environmental impact and community involvement.

Security and fraud support

Security breaches, hacking and ransomware are very real threats to financial services brands. Not only must you invest in defences against these risks, but you must also reassure customers that their data is safe.

Similarly, customers need constant education and reminders of the risk of fraud, as scammers develop ever-more convincing ways to target people.  The way you handle customers who have been exposed to fraud is also challenging. A perceived lack of support could have serious impact on your reputation.

The financial sector is ever changing – which is one of the reasons that the marketing of financial services is such a fascinating part of the work we do.

Making Finance More Social

Most brands now know that social media is a great way to bring their personality to life and build relationships with customers.

Financial brands are no different – but there are some interesting nuances in this sector. Here’s why social media is so important for financial organisations today…

Finding new customers

Now that Millennials are reaching the age where they need financial products, brands are redefining their strategies to reach them. This audience is massive on social media and use these for information-gathering before they buy, as shown below.

Talking to your customers

Facebook and Twitter have become hugely important channels for customer service. By quickly responding to issues, apologising for errors and publicly making it up to unhappy customers, you’re showcasing your service and reassuring both current and potential clients.

Source: Blue Fountain Media

Understanding new trends

By running surveys and data analytics you can uncover changes in attitudes, interest and needs. That will help you design new products, acquire customers and nurture existing relationships. You might even get to the point of following customers’ life events – buying a home, getting married – so as to offer helpful products at the perfect time.

Driving awareness

Investment company Charles Schwab is very active on social networks in promoting its brand– it’s achieved more than 160,000 likes on Facebook by providing helpful advice around investment, planning and retirement.

JP Morgan on the other hand, chooses to separate its Facebook profiles into different services, while on Twitter, with 340k followers, it provides news and changes to its offerings.

Be more human

Although finance has a reputation for being ‘dry’, social media is helping to fix that. With interesting content and a friendly tone of voice, brands can seem more human.

Financial organisations that are successful on social media understand their audience and what interests them, and shows their expertise through useful content, not sales messages.


If you would like any help with your digital offering, then contact Speed Agency today or call 01832 280032.