By Kay Shidlo (aka Blockchain Babe)

Because it underpins security, reliability, transparency, compliance, customer
relationships, and innovation, trust is essential in fintech and financial services at
large. Without trust, customers are unlikely to engage with financial products and
services, due to the need for consumers to entrust them with sensitive financial
data and transactions.

As fintech continues to disrupt traditional financial services, its success hinges on
this fundamental element, and trust serves as the ultimate currency of fintech
marketing. In this article, we explore what types of strategies must be put in place in
order to ensure client acquisition, growth, and reputation in one of the most data
sensitive industries.

Assurance & Transparency

Security, reliability, compliance, and customer service are all not only key to the
success of financial institutions, but also expected by consumers. Financial
transactions involve sensitive information such as personal identification details and
bank account numbers, and a top concern for consumers is knowing that their data
is secure and won’t be compromised.

From a marketing perspective, these considerations are essential in activities and
strategies for financial products, especially in fintech, where innovation is welcome
but met with skepticism.

Here are some of the ways in which fintech marketing teams approach the
challenges:

1. Educational content
   Customers want to understand the costs associated with financial products and
   services without hidden fees or confusing jargon. The continuous creation of easy
   to consume content simplifying services, products, benefits, and options is a key
   component of any fintech marketing strategy.
2. Regulatory compliance messaging
   Wherever possible, a company’s adherence to regulation and compliance should
   be publicly divulged and repeated. In the wild west of cryptocurrencies, for
   example, the appeal of decentralized finance is often balanced out by fears
   surrounding a lack of clarity or oversight. Fintech has the opportunity to offer clients
   access to more convenient, faster, and more digital solutions to traditional finance,
   but without a commitment to the law, consumers are less willing to try them out.
3. Testimonials and case studies
   Nothing sells a product better and faster than the experience of other people who
   have tried, tested, and reviewed it. Consumers need social proof across all sectors
   today, and with the popularity of apps such as TikTok, Facebook, Instagram, and
   more, there is no shortage of access to that type of content. This rings especially
   true for the financial sector, where hearing someone else’s praise helps to solidify a
   potential consumer’s decision. Fintechs should leverage this simple but effective
   tactic.
4. Community engagement
   Social media is often thought to be used as a tool for entertainment, fashion, and
   sport, but it’s usage for financial products shouldn’t be underestimated. Through
   though leadership, engaging with people directly, and using the platforms to
   elaborate on their commitment to security, privacy, and other important topics,
   fintech companies can effectively use social media to build trust and credibility
   among their target audience, ultimately driving customer acquisition and retention
5. Partnerships and collaborations
   In an effort to gain trust, aligning with more established companies can help newer
   players to get that initial visibility and consumer confidence. One example is the
   partnership between Revolut and Cross River Bank, which enabled the fintech
   company to benefit greatly from the substantial pre-existing customer base, market
   presence, and reputation of banks of all sizes. Collaborations of this kind prove to
   be extremely effective in fintech marketing, across all niche sectors.

Web3 Marketing & Trust

Web3 – the concept that envisions a decentralized internet where users have more
control over their data and interactions – is the latest disrupter to the financial
sector, with DeFi promising to challenge the inefficiencies currently faced in TradFi.
With regulatory uncertainty posing a significant hurdle, DeFi operates in a rapidly
evolving regulatory landscape with varying levels of clarity across different
jurisdictions, making marketing a substantial and unique challenge.

As security remains a paramount concern in the Web3 and DeFi space, due to the
prevalence of hacks and exploits in smart contracts and decentralized applications,
building trust among users is crucial, but no easy feat in an environment where
security breaches are not uncommon.

Demystifying complex concepts and building trust by positioning your brand as a
knowledgeable and trustworthy authority in the space is one crucial part of web3
marketing, as is being transparent about your project’s team, goals, and
development roadmap. Transparency builds trust by demonstrating accountability
and honesty.

Whether the underlying technology is blockchain, AI, peer to peer, or other, it is
important that marketers place trust at the core of all their activities and
communications. In a crowded market where competition is fierce, building a
reputation for trustworthiness can serve as a powerful differentiator, helping fintech
companies stand out and gain a competitive edge. Ultimately, trust forms the
foundation of long-term customer loyalty and brand success in the fintech industry.

Author Bio
Kay Shidlo (aka Blockchain Babe)

Blockchain and cryptocurrency enthusiast, with up-to-date knowledge of global
blockchain and crypto markets and technologies; currently CMO at Fiat24, bringing
a dApp for crypto spending to market. Web3 podcast host, writer, and content
creator passionate about decentralizing everything.