• Public Relations

How Fintech can leverage PR to scale up their brand

How Fintech brands can leverage PR to scale up their brand

The word Fintech is a combination of the term “financial technology”. The phrase “fintech” refers to new digital technology that aims to enhance and automate the provision of and use of financial services. India being one of the fastest-growing economies has seen a tremendous rise in the fintech industry in the past decade. Concepts such as Internet banking, paperless lending, mobile wallets, and others are already embraced by India. In the last two years, the optimization of digital payments has been adopted by the massive population. Along with China, India has the greatest adoption rate of fintech worldwide. A 20% CAGR is anticipated from 2019 to 2023 for the $65 billion in digital payments value.

We all are aware of how PR is all about trust and maintaining a healthy relationship between a company and its audience. And so, PR can be an essential tool to enhance a fintech business in the market. Early stages Fintech companies need all the help that they can get to win the trust and beliefs of people. A fintech company is based on the idea of maintaining proper security and reliability in the business and what else can get this idea conveyed to people if not PR? We all have heard the name of Paytm, even majority of us are using it daily for our day-to-day monetary transactions. Why do we use it so much? and why do we trust it with all our money? The thing is that the company has created so much assurance and built up such an image that we are utilizing it for so many transactions.

Below are some points that can explain how PR is helping the Fintech industry to grow:

• Brand Positioning:

PR helps in positioning a fintech brand by creating a positive image and building trust among the customers. Portraying a safe and secure image can encourage the audiences to invest and adopt the brand. Through blogs, posts, and articles, a PR company can influence the audiences in order to make them feel safe about the monetary transaction they’ll be doing with the help of the brand which also helps in brand credibility. Delivering a distinctive message about how the brand can help the customers, what benefits can be derived from it and what it is that you actually do can be done through an effective PR.

• Knowing the target audiences:

Creating a strategy about who to target and how to target a specific bunch of people is one of the reasons a brand can accelerate in the market. While the brand is trying to sell a certain type of service to the customers, it is the role of PR to segregate the audiences by categorizing them into primary, secondary and even tertiary customers and target each segment through what message can be worked and be quite effective on what audiences.

• Approaching the right distribution channels:

After identifying the target audiences, the next step a PR professional has to proceed towards the right publication whose actual focus is on the fintech industry to garner and deliver the right messages across the audiences. Media such as Express Computer, Fortune India, Moneycontrol, Inc42 and others can be approached for the distribution process. Conveying the messages can be done either through publishing articles or through digital platforms, social media, and YouTube channels like Alux.com, TEDx Talks, Forbes, etc. For a PR, approaching the right publications to convey the brand message, and approaching the correct media who have already worked in similar lines is a great way to influence potential audiences.

• Keeping the goals clear:

PR is not only needed by a fintech company to just deliver the message but also to engage with the audiences through different platforms such as social media, magazines, and online articles, and in case the audiences are inclined more towards traditional media, television, and radio channels can be approached. Keeping the audiences aware of any new qualities or features a brand can offer, conducting an interview, grabbing any opportunity to attract the audiences through pitch notes, delivering a brand’s messages on any current related subjects, and showcasing its plans helps in keeping the audiences in the loop of what the company is doing and what the company can achieve more in the future. Fintech is one of the fastest-growing industries in the world. The competition that the industry is facing also grows day by day. To convey a distinctive message and create an image that can be trusted by the majority of the audiences to cut through the competition that a brand faces, PR is the most essential tool to work with. Coming up with new strategies, creating its own strong presence along with winning the trust of customers is what an effective PR can do for the fintech industry.