5 FinTechs Creating Innovative Digital Content

The financial industry is evolving quickly and it can be hard to keep up with customers’ changing demands and expectations. As startups cater to the increasingly affluent millennial population, digital content has been a competitive way for brands to increase engagement. Here are a few examples of how different FinTechs are capturing consumer interest with innovative content:

 

  1. FinTech Circle became an industry leader by creating a LinkedIn group that tracks trends and connects investors with innovative ideas. With almost 22,000 members, FinTech Circle offers emerging firms the opportunity to execute successful strategies and expand their businesses. Companies can test drive content campaigns and receive necessary feedback before presenting to the public. The group is well-moderated with strict rules concerning self-promotion. This ensures that when content is shared, it gets noticed within the group.

 

  1. Betterment is an investment-tech company that focuses on lowering taxes for investors. The Resources Section of their website provides up-to-date financial industry news, in addition to in-depth advice on a wide range of personal finance including taxes, budgeting, housing, retirement and the like. It offers visitors a variety of tools such as calculators to determine whether to invest in a 401(k). By establishing their site as a one-stop shop for financially motivated individuals, Betterment is playing the long game and growing their brand awareness.

 

  1. According to a recent report from Contently, only 27 percent of millennials trust financial services companies. Canada-based Mogo sought to change this perception by creating an initiative with millennial interests in mind. For several months, they held “Adulting 101” seminars geared towards educating young people on how to manage their finances with Mogo. The classes drew media attention and helped the company grow their Facebook fanpage to over 30,000 followers. The initiative proved so successful that they decided to open up MogoLounge, a permanent facility where they host regular classes on personal finance.

 

  1. The investment app Acorns was able to take their and put them towards online publication Grow. Grow takes a journalistic approach to FinTech content, providing in-depth analysis on current events and interviews with unexpected celebrities like Ashton Kutcher. The polished, magazine-like publication draws audiences in with genuine storytelling and industry insights they won’t find anywhere else.

 

  1. Startups are known for disruption and during its launch, WePay raised the stakes with one of the most epic marketing stunts in FinTech history. The company dropped a 600 lbs ice block with money frozen inside in front of competitor PayPal’s San Francisco conference. At the same time, they launched a landing page called UnfreezeYourMoney.com and accused the digital payment system of freezing customers’ accounts. The prank earned WePay recognition in some of the top industry magazines. They later shared that it led to higher web traffic conversions, an increase in weekly traffic, and a 225 percent increase in user signups.

 

Customer-Focused Initiatives Help Partnerships Between FinTechs and Banks Thrive

Technology has disrupted the financial industry, and banks are no longer in a position to resist these changes. As new Financial Technology (FinTech) services revolutionize our methods for banking, investing, paying bills, and doing business, banks will have to innovate their services to keep customers from defecting. FinTechs aren’t safe in this evolving market either and lack the strong infrastructures and large customer bases that banks often take for granted. Instead of fueling the competition, these institutions are partnering up to offer customer-focused initiatives that profit all parties involved.

According to a three-year study that included a survey of 10,000 millennials, one in three people in this age group is open to switching banks in the next 90 days, 53 percent don’t think their bank offers any unique services, and one-third think that banks will become irrelevant in the future. After losing customer trust following the financial crisis of 2008, banks need the accessible services that FinTechs are offering in order to remain both relevant and competitive.

In a Business Insider report, more than half of the respondents (54 percent) said that bank and FinTech partnerships increased revenue. 87 percent said these collaborations allowed them to cut costs, and 83 percent said that their brands benefited.

One example of a successful partnership is the Financial Solutions Lab (Opens Overlay), co-managed by the Center for Financial Services Innovation (Opens Overlay) and JPMorgan Chase. The $5 million, five-year project tests, identifies, and scales innovations that support savings, improve credit, and build assets. This allows finance giant JPMorgan Chase to influence FinTech and take risks outside of their usual scope.

Another unique partnership is Chase Business Banking and OnDeck (Opens Overlay), an online small business lender. The two companies partnered to build a new Chase lending product that will provide small-dollar loans to Chase customers. By combining Chase’s relationships and lending experience with OnDeck’s technology, they’re able to offer an inventive product with an easy application process that provides almost instant approvals and same-day or next-day funding.

The financial sector is changing rapidly and banks are struggling to adapt. By partnering with FinTechs, they help secure their future and demonstrate to other industries how technology and tradition can work together.