Updated: Apr 14
The Covid-19 pandemic is probably one of the hardest times most marketers have faced so far. But, every crisis lies an opportunity and the Covid downturn is no different.
The current situation presents a unique opportunity for fintech startups and scaleups to compete against the incumbents and their more established rivals for exposure and market share. However, how can fintech marketers take advantage of this opportunity without damaging their brand’s reputation? The answer is: by providing “value” or doing “marketing for good”.
In this article, we speak to Henry Ottewill, Marketing Manager at the London-based fintech Cleo, and discuss how a fintech can strengthen its market position by taking a value-driven approach to marketing during the crisis and focusing on doing good.
We believe we are in the midst of a financial crisis. Now more than ever, people need help managing their finances and staying hopeful about the future. Henry Ottewill, Marketing Manager at Cleo
Amidst the pandemic, the AI-powered financial assistant Cleo discovered that more than 93% of their users needed financial support and they decided to act. Thus, they introduced “Random Acts of Relief” - a campaign aimed at supporting those hit hard financially by Covid-19 by redistributing collective gifts of $250 from those who want to help to those who need it most.
"Right now, we’re in a crisis. Millennials have been disproportionately affected by Covid-19 and are now two times as likely to experience redundancy and unemployment compared to older generations - they are slipping through the net when it comes to financial support. In mid-June, it was estimated that around 35 million Americans hadn’t received their stimulus check. So, Cleo has stepped up to launch Random Acts of Relief – a feature giving its community the ability to give financial support to those hit hardest by Covid-19 and fast." said Ottewill.