Updated: Apr 14
What do consumers want to hear from fintech brands right now? How have their priorities changed? How should this impact B2B messaging? Data from the consumer research platform Attest reveals a number of key trends that marketers will need to know as they plan campaigns for 2021 and beyond.
People have new financial goals, new priorities, a more responsible attitude to money and are receptive to hearing from forward-thinking, proactive brands. It’s a tectonic shift in expectations and needs, and fintech brands are ideally positioned to attack and win.
Jeremy King, CEO of Attest, which works with fintech brands including Klarna, Wise (formerly TransferWise), Nutmeg, WorldRemit and many others, says consumer insight has never been more important for fintech marketers: “The pace of change over the last 6-12+ months left many marketers in a spin, and opened even wider gaps for fintech brands to fill. Having access to fresh, fast and reliable consumer data is critical in helping them move forwards and make business decisions with confidence."
“The good news is, from our own research, we can see huge ranges of opportunity out there for fintechs. People have new financial goals, new priorities, a more responsible attitude to money and are receptive to hearing from forward-thinking, proactive brands. It’s a tectonic shift in expectations and needs, and fintech brands are ideally positioned to attack and win. At the same time, consumers are adopting tech faster than ever before, with the pandemic forcing digitisation across banking and payments. Financial marketers can certainly use these trends to differentiate and expand their brands in 2021.”
1) Commit to transparency to build trust
As we eye post-pandemic recovery, helping and supporting consumers with their finances will be key for fintech brands - and this includes promoting responsible borrowing. In the UK, By Now Pay Later (BNPL) providers have come under scrutiny during the pandemic, with the Woolard Review stating that the industry represents “significant potential for consumer harm”.
Attest research shows that consumers would welcome new regulations for the industry, including credit checks and greater transparency as to affordability - in fact, 49% of BNPL users say they would actually spend more because they would feel more comfortable. This indicates that transparent communications about financial products will be vital for building consumer trust.
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2) Focus on the desire to save money
The pandemic has made us realise how important it is to put something aside for a rainy day and, as such, saving is a major focus for 2021. This represents a particular opportunity for fintechs that put the power to save into people’s hands via mobile apps. A massive 77% of US consumers who use financial apps say they want to save money this year, while 66% want to manage their money better.
In addition to straight saving, there’s an appetite for financial products offering bigger returns, and the idea of investing is becoming much more mainstream. More than half of American finance app users (51.5%) are already gearing up to invest this year, showing that consumer perception about stocks and shares is changing.
3) Make consumers feel “valued and special”
The way fintech brands make consumers feel with their marketing will be just as important as the products they’re promoting. As people grapple with the impact of coronavirus on their lives, they’re looking for more from brands than simple sales messages.