Fintech, which is a blend of technology and financial services, is altering how financial institutions operate, communicate, and connect with their consumers, regulators, and other stakeholders. From customers to financial institutions and regulators, fintech provides new possibilities and difficulties for the financial industry. Digital Marketing Trends in FinTech Industry Traditional financial services are being transformed by a diversified spectrum of fintech products. In general, fintech marketing has its unique set of difficulties that most other businesses do not have.
The problem is that the fintech business is still in its infancy, and it is competing with conventional banking, which is possibly the most mature, well-established, rich, and powerful industry on the globe. In truth, everyone has a bank account, and the majority of them still have one created for them by their parents when they were very young.
The increase in customer numbers means additional market potential. However, it also demonstrates the increasing struggle for market share. In November 2021, for example, there were 10,755 fintech start-ups in the Americas, 9,323 in EMEA, and 6,268 in APAC. Digital Marketing Trends in FinTech Industry While the convenience and necessity to embrace contactless payments as a result of the coronavirus epidemic propelled the expansion of banking and fintech apps, numerous other kinds of fintech apps have emerged in recent years.
Here are the Top Digital Marketing Trends in FinTech Industry;
1. BLOCKCHAIN
According to a study conducted by PRNewswire, the market for blockchain technology is expected to be worth $67.4 billion by 2026. The fact that data that has been validated by a blockchain may be trusted is one of the primary factors that has led to the rise of the blockchain trend. Digital Marketing Trends in FinTech Industry Because all transactions are recorded and reviewed by all nodes in the network, blockchain algorithms provide financial institutions with protection against criminals who attempt to commit fraud.
In the event that an effort is made to compromise the system, Blockchain technology makes it simpler to trace and identify the hacker. Blockchain technology not only makes it possible to conduct financial transactions in a secure environment, but it also expedites international money transfers while reducing the fees associated with them. Digital Marketing Trends in FinTech Industry Implementing blockchain technology in an appropriate manner gives fintech companies the opportunity to differentiate their products in terms of speed, security, and efficiency.
Transactions with these attributes may assist FinTech enterprises in making their imprint in the Finance ecosystem, which is one of the top technological developments that chief executive officers of FinTech companies should keep an eye out for.
2. EMBEDDED FINANCE
Another significant developing concept that a growing number of financial companies are embracing is embedded finance. Through the use of embedded finance, non-financial institutions are able to use digital technology and provide their clients with financial solutions. Digital Marketing Trends in FinTech Industry Embedded finance, as opposed to reselling financial services, attracts digital service providers because it enables new income channels at a low marginal cost. Embedded finance is becoming more popular.
Because it is anticipated that the market for integrated finance would be worth $ 7.2 trillion by the year 2030, this trend in digital technology will make it possible for new consumer experiences that will enhance brand loyalty and repeat purchases. Digital Marketing Trends in FinTech Industry As a result of the achievements of Plaid, Square, and Stripe, CEOs of FinTech companies, venture capitalists, and business owners are showing a greater interest in this industry and are devoting more resources to it.
3. VOICE PAYMENT
According to projections made by Statista, there will be 8.4 billion more voice assistants in use throughout the globe in 2025 than there will be humans. The use of linked devices for people’s day-to-day activities, such as looking up information, listening to music, doing their shopping online, and other activities, has garnered a lot of attention from individuals. Digital Marketing Trends in FinTech Industry Voice biometrics are going to become a trustworthy means of protecting the user’s data.
In 2022, FinTech companies will continue to remove the need for customers to use their hands in any way during their interactions with the company. Voice biometrics may be integrated into apps so that users of such programs can check their account balances and make payments using voice commands while they are doing something else at the same time. Digital Marketing Trends in FinTech Industry Voice technologies are going to replace the current system of manually entering data, which will improve the accessibility of financial services, particularly for persons who have impairments.
4. VIRTUAL CARDS
Cards that are only accessible online are quickly becoming one of the most secure ways to pay for products and services. When purchasing items, the user pays for them using a temporary card with 16 digits rather than providing the details of a genuine bank card. Payments made using contactless technology may be made using virtual cards, which are kept on mobile devices in digital wallets. Digital Marketing Trends in the FinTech Industry If necessary, the use of a virtual card may be immediately restricted, but the user will not lose access to their genuine bank card.
The proliferation of virtual cards in North America has reached about $200 billion as a result of the development of digital technologies and the need for solid solutions in the lead-up to the pandemic. Visa predicts that this trend will continue to increase and that the value of the virtual card industry will reach up to $500 billion by the year 2025.
FINAL THOUGHTS
The developments in 2022 Fintech that were outlined above are quickly becoming the primary motivators for the expansion of the finance sector. Digital Marketing Trends in FinTech Industry Because of advancements in technology, banks and other types of financial institutions are able to enhance the capabilities of their customer experience departments, therefore enhancing their service delivery methods, preserving the reputation of their brands, and drawing in new consumers.
