The global FinTech industry has boomed in recent years, with turnover has almost doubled since 2017. As new financial solutions change the way people manage their money, businesses must find new, innovative ways to capture customers’ attention.
FinTech companies continue to use the latest consumer trends to create cutting-edge solutions that can generate new leads. As the financial market evolves, both personal finance, payment trends and business transactions use more technological advancements.
In this article, we look at five of the most notable trends of 2024 that are reshaping the industry and driving the growth of FinTech companies.
AI Technologies
With 90% of global FinTech companies Already relying heavily on artificial intelligence (AI), failing to utilize technological capabilities will make it difficult for a FinTech company to keep up with the rapid pace of the industry.
AI technologies such as data-driven insights and predictive analytics help drive growth by segmenting customers and being able to nurture leads. By being able to understand the purchasing behavior of potential customers, a business can guide them through the decision-making process in a way that matches their preferences.
Factors such as purchase intent and financial behaviors are key insights that can be used to personalize content. By segmenting the audience into different categories, they can be highly targeted in a way that fits their needs and answers their questions.
Video content
Video marketing has exploded in 2024, and the FinTech industry is no exception. While there is evidence that consumers engage with visual content, there has been a notable shift in how businesses now choose to communicate with their audiences.
For complex financial products or services, video content is a great way to break down information in a way that is easily digestible for the viewer. Some effective content ideas include live demos, Q&A style discussions, and talks from industry experts. By demonstrating thought leadership, trust and credibility are naturally built for the viewer, which is particularly important in the FinTech sector.
As well as being a great form of content to use on a brand’s website, video content can then be repurposed for use on social media to increase visibility and gain more popularity.
Influencer marketing
When people think of influencer marketing, they don’t tend to associate it with businesses. That being said, there is evidence that FinTech companies resonate more with younger generationsInfluencer marketing is therefore becoming an increasingly popular approach.
Using influencers to educate about financial products in a simple and relevant way helps resonate with those who may find financial services overwhelming and complex. Educating the younger generation online helps further grow the FinTech sector, change financial behavior as we know it, and create a more financially savvy market.
Connecting with established influencers in the personal development or finance space is a great way for FinTech companies to build credibility, spreading a message about their offering through a trusted platform that has the ability to influence their audience .
Website Chatbots
For FinTech companies, being able to provide 24/7 support to their customers is a great way to connect with their audience and resolve issues in a timely manner.
In 2024, a large number of FinTech websites now feature a chatbot service that uses AI to provide answers to common queries and search terms. Whether the user has questions about pricing or is unsure about the platform’s functionality, the chatbot will provide a personalized response in an instant.
In addition to providing support to website visitors, this is a great way to help businesses reduce the number of support staff needed, allowing their sales team to focus their efforts elsewhere.
Thought leadership
For businesses to gain the trust of their new customers, they must position themselves as reputable experts. In 2024, consumers will become increasingly savvy when seeking financial services. So, establishing credibility will help generate leads.
By producing unique educational content such as blog posts, white papers, or webinars, a company can display its expertise in the field and become a trusted source of information.
Thought leadership is also an effective way to drive new traffic to a website, as users searching for questions related to the topic covered by the FinTech business will eventually land on their content. At this stage, they are more likely to make contact regarding the products or services offered, thereby turning prospects into new customers.
Has 2024 shaped the future of FinTech?
Fintech Automation has been taking over the financial world for some time now and shows no signs of slowing down! In such a dynamic field, FinTech companies must keep up with the trends and continue to provide cutting-edge solutions that generate new leads. With this year alone displaying trends like AI insights, video content, influencer marketing, website chatbots, and thought leadership content, standing out in the competitive landscape is a necessity.
As we approach the end of the year, reviewing the year in the financial sector reveals dominant trends that are helping to attract new customers and further grow the sector, giving us hope for further progress in a not so distant future.