The 4 Important Elements Of A Strong Public Relations Foundation For Fintech Firms
What is Fintech? Fintech is a colloquial word for financial technology, which encompasses any technology utilized in the financial services business. Online payment methods such as PayPal, Apple Pay, Transferwise, and Payoneer are among the first that spring to mind. Fintech, on the other hand, has significantly larger uses.
Fintech firms, in a nutshell, make financial services more accessible to the general population. Traditional financial transactions such as saving, investing, and loan processing are among these services. However, it also includes new financial technologies such as blockchain and cryptocurrencies.
With one-third of consumers still not using banks or other financial institutions, fintech firms have a long way to go.
Strong and consistent messaging is the cornerstone of every successful firm, but it is especially important in fintech. Investors and customers must clearly grasp the value your firm adds to the market - how are you different from the competition? What is your goal? What do you see for the future? Do you have the ability to grow? Investing time in analyzing key messages (with the assistance of specialists, of course) will assist a fintech firm's value in being easily digestible. Following that, check that your website, social media, marketing collateral, and other owned online presences accurately reflect your brand and its value proposition.
Now that you know what you want to say, you must select how and when to say it, which necessitates the development of a thorough public relations plan or strategy. A well-balanced plan should be clear and comprehensive, and it should include media relations aimed at earned media, content marketing based on owned media, social media, conferences, and awards. Build out these components for at least two quarters to capitalize on prospective possibilities. A strong public relations plan must also cover crisis management, IPO and M&A communications, investor relations, and C-Suite communications.
How do you track and measure progress when the strategy is carried out? PR must be measured against the KPIs that the organization as a whole looks at. A solid fintech public relations agency will be able to clearly define where value is being produced and how actions are leading to outcomes. Explaining and measuring ROI is critical, whether it entails specialized software or the value is intangible.
The final piece of the fintech PR jigsaw is having the proper team in place to execute. Yes, you need people to carry out your plan (this is where a public relations team comes in), but you also need at least one well-trained spokesperson. Proper media and presentation training may make or break the outcome of media interviews and presentations to potential investors.
Understanding tactics for effectively communicating your firm's messaging and value proposition is crucial to building your firm's reputation and good brand recognition. While it may be tempting to hurry to market, failing to take the time to lay a solid PR foundation can be damaging to your company's brand identification and long-term success.
Fintech, which stands for Financial Technology, refers to innovative technologies that aim to enhance and automate the usage and supply of financial services. Users who do not have access to traditional banking and financial services can conduct online transactions and obtain insurance or credit using fintech.
Fintech now encompasses a wide range of financial operations. Starting with money transfers, loan applications, and obtaining capital for a business, it progresses to smartphone cheque deposits and investment management.
They have a total of 403 million active users. Every quarter, those active users make 4.7 billion transactions, or individual purchases, on PayPal's network. Unlike many of these large fintech firms, PayPal is continuously profitable. This year alone, PayPal is estimated to produce $5 billion in free cash flow.