November 4, 2022

PR for Fintech: the definitive guide

Public relations is invaluable to fintechs for building brand awareness and gaining third-party recommendations and building trust. Media coverage is critical, and solid long-term media relationships cannot be overemphasized enough in PR for Fintech. In this article, we explain everything about how to successfully go about doing PR for fintech companies. As we'll see, strong financial technology PR can help set companies apart from competitors and help build trust in the product. See below for the fintech public relations guide.

Article: PR for Fintech: the definitive guide

What is PR, and why is it essential for Fintech companies?

We’ve all seen the financial world around us change. PayPal is now offering business loans, and Amazon is also offering loans to small businesses in partnership with Bank of America Merrill Lynch. Alibaba has moved into the banking industry, launching Mybank.

All of these brands used PR to inform stakeholders and proactively shape customer perception. This was achieved by placing content in well-chosen media channels. The Public Relations Society of America (PRSA) defines PR as "a strategic communication process that builds mutually beneficial relationships between organizations and their publics."

Public relations encompasses a wide range of areas, including:

  • Developing a brand narrative through media relations
  • Building a brand through internal communications
  • Handling crisis communications when things go wrong
  • Responding to comments on social media and ensuring your brand is accurately represented

All companies in the financial services industry depend on trust; After all, a financial product, whether a trading platform or a banking app, is designed to look after someone’s money. By definition, PR is the perfect tool to help build that trust. A strong PR strategy is essential to help firms communicate what the product can offer. The world of fintech is fast-changing and competitive as firms strive to provide fast and accessible services to consumers and businesses. Effective public relations can help capitalize on this. New fintech startups are joining the growing fintech ecosystem, along with established finance players and incumbents who have begun to catch up with new technologies. As the landscape becomes increasingly competitive, it's now more important than ever to have a PR strategy.

What are the benefits of PR for Fintech companies?

"Fintech" is the term used to describe any digital service or platform that supports banking or financial services. The focus is on streamlining processes and improving customer service and accessibility. The "fintech revolution" is upon us, and it shouldn't be surprising to see it taking shape in the Netherlands. There are already over 600 fintech companies in the Netherlands rebuilding and reshaping the future of finance. But how to stand out from the crowd in an already saturated market?

Establishing trust is essential when dealing with other people’s money. Financial tech startups need to develop confidence in their audience from the get-go. News, media coverage, and third-party reviews will give you much-needed credibility and publicity, and PR can help get your name out there. With PR, you can build trust and compete with well-established players in the market. But there are many other benefits of doing PR for Fintech companies too.

1. Reaching your target audience

First, you need to figure out who exactly your audience is. To whom do you want to sell? Whom should you be targeting? If you are launching a new mobile banking app, perhaps gen y, often called millennials, these people are digital natives. They were born between 1982 and 1994, and technology is part of their everyday lives; a great deal of their activities are mediated by a screen.

If you’re launching a new stock trading app, then identify those with a keen interest in financial markets, perhaps college-educated people who regularly read MarketWatch or Bloomberg.

Once you figure this out, it's time to think about how best to distribute your message. Public relations experts can help you reach a larger audience. For example, reaching millennials is easiest using Facebook, YouTube, Instagram, TikTok, and Twitter. Reaching potential day traders is easiest using more specialist blogs.

2. Brand positioning

PR consultants are experts at crafting distinctive messaging that cuts through the noise and speaks directly to your target audience. Public relations in fintech can also help build relationships with key influencers. Influencers can be critical in fintech promotion.

You must build a positive image to show you are honest, relevant and successful. If you want the edge here, hand it to an agency that does this for a living. They will surely do better than you at bringing your company's narrative to life. It's harder to change your messaging once you've started on the wrong foot, and you may damage your reputation if you try. Anything related to money, whether saving it or investing it, creates a strong emotional response in people. This can be both useful and tricky when building a brand.

3. Reaching out to journalists

Do you know how many "stories" journalists receive each day? You'd probably think twice before sending any old message to them if you did. You are one of many vying for coverage, and there are many things to consider before reaching out. You need to show how unique your proposition is. You only get one chance to make a first impression, so make it count.

PR agencies are experts at dealing with journalists after building successful contacts in particular industries. They can list the financial journalists who write for the publications your potential clients read or watch. They can also advise on how best to respond and follow up on journalist inquiries. There is an increasing number of tech publications now with large audiences. Take advantage of this to get the right coverage you need. Journalists that specialize in financial services PR and fintech are highly prized and hard to reach. You’re probably not going to grab the attention of Stephanie Flanders, Senior Executive Editor of Bloomberg, during the start up launch of your new mobile banking app. However it’s a goal to work towards.

4. Setting clear objectives

What is it you want to achieve? People need objectives and goals to work towards, or the company cannot achieve anything. The industry is complex. With clearly defined objectives, you can avoid wandering. As well as the above, you can build the profiles of your key spokespersons through thought leadership, engage your audience through social media channels, or even generate leads directly. These all require different tactics.

A PR company can help you devise the best objectives to achieve desired results and then put them into play. Additionally, PR experts can develop longer-term plans to make sure you stay relevant and in the news.

How to build an effective Fintech PR strategy?

It isn't enough to have an excellent product. You'll need an excellent PR strategy too. A successful PR strategy for your fintech company can be developed by considering these steps. Here we look at the main elements.

1. Define your target audience

It's important to understand who your audience is, so you know how to target them effectively. If unsure, you can conduct market research and create buyer personas. Your messaging will have the most impact once this is known. You need to resonate with them. Just make sure your message is clear and on-brand. Fintech PR companies can assist here.

2. Objectives

It is important to have clearly defined goals. Your whole strategy depends on this. Every stage of the process needs to be measurable and clear for your team. Everyone needs to know what they're doing and why. This will need to be continually updated and is especially important in the ever-changing world of fintech. As an example, the objective of a company launching a new mobile baking app might be to achieve 5% market penetration within 5 years. This might be achieved by studying the behaviours of existing competitors like bunq, N26 and Revolut.

3. Target specific journalists and publications

Fintech companies are fortunate to have plenty of options for getting the message out. Aside from the traditional outlets, a growing number of publications cover the industry. Work to target specific journalists at these publications. Then work to build relationships with them. It will soon pay off. They can help you get the word out about your company and its products. You can do this via press releases or sending them content you think will interest their readers. This, in turn, will help generate more leads and sales. It is important to keep in regular contact with these reporters. Fintech audiences depend on these journalists for information and product reviews. Reach out to them with newsworthy news, invite them to events you host and join in with discussions of their tweets and other published articles.

4. Strive to become a thought leader

Writing blog posts is an excellent way to become a thought leader in fintech. By doing this, you will not only get your name out there, but you will also help establish yourself as an expert in the field. You will gain more trust and business if you provide valuable insights and information to people. Conferences are also great for contributing to your industry and making connections. An insightful and well-put-together presentation will go a long way in impressing those in attendance. You can also do this on social media. Exciting and relevant posts that create discussions can also showcase your relevance in the market and that you have your hand firmly on the button. Customers in this industry love to read and learn.

5. Create excellent content

In line with the above, creating relevant and exciting content is necessary for any fintech company. The fintech ecosystem changes more than most, so you'll need to be adaptable and quick to observe trends. As well as making thoughtful, new, and intelligent content, don't miss the opportunity to produce evergreen content that will be relevant to your audience and get traffic to your site for years to come. Infographics, 'how to' videos and blogs about the latest trends are usually a winner in the world of tech and finance.

Creating quality content is a surefire way to make you stand out from competitors and is relatively easy to do.

6. Industry news and milestones

In line with the above, creating relevant and exciting content is necessary for any fintech company. The fintech ecosystem changes more than most, so you'll need to be adaptable and quick to observe trends. As well as making thoughtful, new, and intelligent content, don't miss the opportunity to produce evergreen content that will be relevant to your audience and get traffic to your site for years to come. Infographics, 'how to' videos and blogs about the latest trends are usually a winner in the world of tech and finance.

Creating quality content is a surefire way to make you stand out from competitors and is relatively easy to do.

7. Measuring success using regular customer surveys

Factual information helps when making strategic decisions. Learn what people like and dislike about your product and use it to iterate. How is the media coverage and engagement coming along? Are there any changes you can make to your strategy? Your strategy must be flexible. Ensure your PR strategy is always relevant and effective by staying on top of industry trends and keeping your finger on the pulse. Similarly, you can also use analytics to spy on your competitors and what is and isn't working for them. Keep going back to the key success factors of financial services. Conduct regular customer surveys to help you understand how you are doing.

Successful examples of PR for fintech

Below are some examples of inspirational PR campaigns for fintech brands.

1. Mint

Mint, example of fintech pr

Mint's rapid growth and expert content marketing strategy make them a great example of a successful PR campaign. The bank invested considerable resources into its blog, MintLife, using a full-time editorial team and contributing writers. They began by determining which audiences should be targeted. This happened to be young people keen to learn more about finance. Mint aimed to provide answers to their questions. Different videos explained different financial concepts. They gained plenty of new followers by answering questions about whether you can buy a vehicle with a bad credit score, what makes a good credit score, and how to prepare your finances for a home purchase.

Mint took to social media to give away discounts and offer various promotions. All of this contributed significantly to audience engagement. Mint also built connections with other popular brands by connecting with other credit card companies. This helped establish its authority in the market. It became much easier to attract a new audience as a result. The company's activities on social media weren't self-promotional. Rather than answering questions, the company provided answers to its audience.

The company created valuable and relevant content and provided crystal-clear explanations on how to use its tool. During just two years, the company grew to 1.5 million users and was sold for $170 million.

2. Klarna

Klarna, example of fintech public relations

‍Klarna is a Swedish fintech company founded to make shopping more affordable. You can shop and pay later and pay instalments, much like a loan. A well-known feature of Klarna's social media campaigning is the creation of helpful campaign videos on YouTube that promote the app's features and services.

Klarna was immensely successful at utilizing Youtube to tap into its primary audience - millennials and Gen Zs. Videos are more accessible to watch and understand than other social media platforms. Klarna combines creativity with brand awareness in a series of Youtube videos with popular influencers. The result is that creativity and out-the-box thinking triumph.

3. Monzo - the 1p challenge

Monzo, example of financial technology public relations

‍Monzo is an online bank and among the most recognized fintech companies worldwide. They focus on their customers' needs while educating them on investing. This campaign is simple. Every week, save 1p, 2p, 3p, and so on. Most people can handle that, and the campaign itself is simple. It's a clever move by Monzo to target the right audience. The under-40s, who make up a huge chunk of Monzo's target audience, feel they need to save more. Monzo appeals to millennials by promoting this simple and achievable money-saving challenge.

Until December 31st, this will continue. Over the year, you have saved £667.95 by contributing 365 pennies (or £3.65). Monzo built the challenge to combine its platform. The user's Monzo account is automatically credited with the correct daily amount by combining the two systems.

Due to its attention to its audience, the PR campaign was successful.

Conclusion

Strong media relations are crucial to the development and growth of fintech firms. PR should be a vital part of your fintech company's strategy. Aside from building brand awareness and trust, this will also lead to more media coverage, resulting in more customers and better business performance. This article has explained the importance of fintech PR, its benefits, and how to build a winning PR strategy. With several years experience in PR working for companies such as Google and IBM, and now as CEO of my own company PRLab, I am well placed in the industry to offer the expertise needed to assist in growing your fintech business and take to the next level.

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PR Consultant & Business Coach
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