The New Consumer

August 9th, 2018

How FinTech has Changed Marketing as a Whole

Here’s the thing about the financial industry: it hasn’t really been disrupted. Ever. Aside from allowing you to do simple online banking tasks. And now, tech companies are creating services and products for a fast-paced audience that appreciates convenience and is always on the go.

And now, after the taste, people want more.

Because finances touch every part of a person’s life, this disruption has shifted expectations for many other non-financial services, as well. So here’s the
real question … 

How does this shift in consumer expectations affect non-FinTech marketers?

If you’re in an industry that has not changed much over the decades – insurance, health care, etc. – it’s important to remember that new expectations have been set, and that’s not going to change anytime soon. Consumers want things to be faster, easier, more accessible.

So here are three rules of thumb to keep in mind when considering your future endeavors.

  1. Make things convenient. The reason FinTech companies have been so successful is because they’ve implemented services and products that fit the consumer’s lifestyle. It’s about the consumer’s convenience, not the other way around.
  2. Make things easy. FinTech companies – particularly startups – have made everything so insanely fast and easy. Splitting a check? “I’ll just Venmo you.” Planning a trip? “Time for Acorn.” If you’re too complicated, your consumer is going to go somewhere else.
  3. Meet them where they are. FinTech has made it so simple for people to do almost everything they need to do right where they are. They’ve removed the need to stop into a branch for a simple transaction. Or write a check. Or even use cash. People can do literally everything from their devices. And while this seemed “nice to have” in the past, it’s expected now. So be aware.

Be sure to keep these three things in mind the next time you’re focusing on marketing efforts or rolling out a new product or service. Because if you won’t do it, believe me, there’s a startup company right behind you that will. Consumers know what they want, and they won’t settle for less.

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