It’s back-to-school season! People all over the country are returning to educational institutions to learn more and solidify concepts that have been taught over a number of years. This thirst for knowledge got me thinking, it’s never too late for a refresher on an important topic. Allow me a moment to take you back to school on the basics of fintech and its relationship with public relations.
So, What is Fintech?
Fintech, short for financial technology, is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance.
While adoption has been steady for years, the COVID-19 pandemic accelerated fintech’s rise. The healthcare crisis rapidly changed consumer and business financial behavior, with surging demand for non-traditional digital services. Even still, the industry is just getting started – as financial services continue going digital, fintech is poised to reshape how finance operates across the board.
What do Fintech Companies do?
At its core, fintech helps companies, business owners, and consumers better manage their financial operations, processes, and lives by utilizing specialized software and algorithms. Fintechs connect established financial institutions, emerging tech companies, and everything in between to modernize financial services.
The driving philosophy behind fintech is efficiency, transparency, and accessibility. By automating processes and leveraging data analytics, fintech offers advantages like lowered costs, instant transactions, and wider availability of services for consumers. It also promotes financial inclusion by making services more accessible across income levels.
Why is PR Messaging Important for a Fintech?
Though fintechs offer innovative products and solutions, they still face major challenges in building awareness and trust as newcomers seeking to disrupt established financial institutions. Investing in strategic PR can help fintechs communicate their unique value, strengthen their reputation, and ultimately drive business growth.
One of the main objectives of PR for a fintech is simply getting the word out and building brand recognition. As relative unknowns in a competitive sphere, fintechs must proactively seek to generate media coverage that brings attention to their offerings and establishes thought leadership. This visibility helps raise interest among potential customers and partners.
PR establishes credibility by communicating the safety, security, and compliance adhered to by fintech platforms. These concerns are often barriers to the adoption of innovative financial products and strategic PR can directly address trust issues by highlighting diligent data and privacy practices.
Furthermore, expanding reach and relationships with key audiences like regulators, investors, engineers, and policymakers can impact fintech success and regulatory approval. Ultimately, fintech PR aims to build rapport with constituencies that influence public perception and trust.
For fast-moving fintech disruptors, PR represents a vital marketing function that introduces their brand, establishes their reputation, and ultimately drives consumer and business adoption. The right PR mix of messaging, media engagement, and strategic partnerships helps ensure fintech companies have the visibility, trust, and relationships to stand out and scale up.
