Fintech marketing has played an important role in recent months, helping consumers navigate uncertain financial times.
During the coronavirus pandemic, communication has been key. But it’s not over yet, and as people and businesses endeavour to return to some kind of normal, there’s opportunity for fintechs to support them.
To get an overview of what’s been happening in fintech marketing, we’ve compiled a round-up of ads from finance brands over the last six months, pulling out the key themes.
These are the trends that look likely to stick around, influencing fintech marketing campaigns for the rest of the year and into 2021.
Fintech marketing trend #1 – Fighting fear with feelgood
COVID-19 has had a huge impact on the entertainment industry, but with their new ‘Emerging Stars’ campaign, Virgin Money will provide some much-needed support. At the same, the bank hopes to attract new customers through exclusive music experiences.
Virgin Money are giving eight up-and-coming music artists financing and support to take their careers to the next level. That includes a £10,000 development fund for each performer, mentoring, plus the opportunity to play at top venues.
They’re launching the UK’s first socially distanced music venue, the Virgin Money Unity Arena as well as overhauling a number of Virgin Money branches so they can be used for performances. It’s all part of a shift in positioning for the bank, which aims to build a consumer lifestyle brand that can take on the biggest high street banks.
Virgin Money’s Director of Brand and Marketing, Helen Page told Campaign that a focus on grassroots music should help Virgin Money stand out from the crowd and makes sense given the Virgin brand’s origins in music.
Fintech marketing trend #2 – Empowering customers with tech
With social distancing changing the way we work, shop and socialise, being digitally savvy has become even more important. That’s probably why Barclays has placed a greater focus on promoting its Digital Eagles (colleagues who provide digital education) – especially to more vulnerable customers.
Their latest ad pays a touching tribute to lonely football fans, while highlighting their initiative to equip older people with the relevant skills they need to communicate in an ever more technological world.
Filmed during a match between Aston Villa and Sheffield United, the Barclays team linked up longtime Villa fan Tim with three of his best football-going mates for a live video feed. The football fans were then joined by a surprise guest – Aston Villa legend Dion Dublin.
The film was directed by Tom Barbor Might and shot on a socially distanced location. He was particularly keen to get involved in the project due to the light it shines on loneliness for elderly people, and also because it highlights the joy of the simple pleasures we have previously taken for granted (like watching a game of footie with your mates).
Fintech marketing trend #3 – Encouraging sensible spending
Buy-now-pay-later service Klarna has launched a campaign encouraging shoppers to step away from impulse purchases.
We’ve all been there – the sporting equipment we’ll never use, the ridiculously expensive outfit to be worn once or the fancy kitchen gadgets we really don’t need – but now, more than ever, we should be spending our money wisely.
“Klarnasense” includes a series of ads showing prospective shoppers that are battling with the urge to buy impractical items and ultimately opting for more sensible versions instead.
The TV spots are accompanied by an online hub that includes quizzes, blog posts and advice to encourage consumers to adopt a more mindful approach to shopping.
“Frivolous spending does happen and different people are more prone to it, but the tools that the campaign is providing help them understand what shopper they are before they make a purchase,” AJ Coyne, Head of Consumer Marketing at Klarna, told Campaign.
Fintech marketing trend #4 – Helping people feel in control
MoneySuperMarket launched their ‘Get Money Calm’ campaign before coronavirus hit. But, at a time when lots of us are extra stressed about cash, it’s still a relevant message.
The latest installment in the campaign introduces the Money Calm Bull. He’s the proverbial bull in a china shop, except for one thing; he’s just calmly standing there. The anxiety-inducing scenarios only get worse, from a chaotic kids’ birthday party and an army boot camp, to a fishing trawler in a storm – but the Money Calm Bull never loses his cool.
“It’s been just over a year since we relaunched our brand and we know we have a powerful platform in Get Money Calm. The campaign is about communicating the universal, wonderful feeling of calm you feel when you know your bills are under control with MoneySuperMarket,” says Lloyd Page, Marketing Director at MoneySuperMarket (we’ve previously looked at MoneySuperMarket’s brand growth strategy of optimising the customer experience.)
“The campaign is just part of the story. The new experiences and personalised tools we’ve launched are about helping customers save money in more ways, showing we’re a place customers can trust to help with all their financial needs, rather than a one-off solution to the annual problem of car insurance or energy switching.”
Fintech marketing trend #5 – Providing mental health support
Lloyds Bank have teamed up with Mental Health UK to launch a campaign to support customers who have been affected by the COVID-19 crisis. It builds on Lloyds’ mental health awareness campaign that won Channel 4’s £1m ‘Diversity in Advertising” competition in 2018.
This new work, also by Adam&EveDDB, features customers playing a variation on the ‘Who am I?’ sticky-note guessing game, as a way to explore the concerns that customers face during the pandemic.
‘Does it make me feel like I could lose everything?’ asks a small business owner with a sticker saying ‘anxiety’. ‘Does this affect our plans for the future?’ wonders a pregnant woman whose sticker says ‘isolation.’ Does this make me feel like it’s all my fault?’ ponders a woman with ‘guilt’ written on a sticker on her forehead.
“1 in 4 people in the UK has experienced a mental health problem,” says Brian Dow, Chief Executive, Mental Health UK. “But with the effects of coronavirus on the way we’re all living and working, managing your mental health during this time is more important than ever before. The campaign encourages people to share how they are feeling and help them find solidarity in others experiencing the same emotions.”
Fintech marketing trend #6 – Introducing money management to kids
RoosterMoney, a pocket money and chores app, was one of 100 SMEs to take advantage of Sky Media’s SME100 scheme offering a collective £1m of free advertising via AdSmart.
The brand’s first-ever ad features testimonials from existing customers – both parents and children – explaining how the app helps reward youngsters for doing chores. It’s good timing, with many kids having taken on more responsibilities at home during lockdown.
“We crafted a script that not only introduced the concept of a ‘pocket money app’ to a new audience but also highlighted the key aspect of the product and was interspersed in a lighthearted way with testimonials from kids and parents,” says Fable studios, adding that the creative was subject to a more stringent clearance process because it involves children and financial matters.
The SEM100 scheme, which is open to brands that are either new to TV or returning after an absence of at least 12 months, has since doubled in size, making £2.5m of ad time available across 250 brands.
The future of fintech marketing
As these campaigns show, there’s huge scope for finance brands to support customers as they face the challenges presented by our new normal. Whichever approach you decide to take, you can foster trust and appreciation by being there when consumers need you most.
Is it time to start planning a fintech marketing campaign of your own? Download our free campaign planning guide to learn how to get started…