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Investing in growth through marketing
1. The old adage that you need money to make money is certainly true for growth-stage fintech startups, according to Edison Partner's Kelly Ford.
- She helped author her firm's 2019 Growth Index, which studies Edison's portfolio of growth companies to tease out the characteristics of successful startups.
- Big investments in marketing and sales set these companies apart from their slower growing brethren.
- On the other end, top growers are also investing heavily in customer success.
Fintech adds more charitable giving functionality
2. Doing well by doing good: Consumers of fintech, particularly younger users, are turning to their banking and investment apps to help them give to charity.
- Millennials have been shown to support firms that hold values similar to their own, as shown in a study conducted by Omnicom Group’s Cone Communications.
- Firms like challenger bank Revolut are adding charitable giving functionality to their apps.
- There are also pureplay standalone apps designed to let users donate to charity. There are also platforms that help banks offer this technology to their clients.
What we're reading about marketing
How financial brands can master multi-channel marketing (The Financial Brand) "Today, it’s all about authenticity and storytelling," said marketing expert Laura Ziemer. "The challenge is to stand out from the clutter by showing that your brand wants to connect with the consumer and support their lifestyle."
Generation Z is the new battleground for challenger banks (Bank Innovation) Is there a vacuum of interest in courting Gen Z at larger financial institutions? Fintech's making moves with this demo.
Consumer banking: Money can't buy loyalty (The Wise Marketer) 66 percent of financial services professionals say their bank does not understand why customers are loyal or have a strategy to strengthen customer relationships.
Are financial marketers worthy of C-Suite status? (The Financial Brand) Moving the CMO beyond ad-agency experience to a creative and unifying force within financial services firms.
Bank of America announces new extras rewards program for Major Baseball League (Business Wire) Bank of America unveiled Bank of America Extras, a program that rewards customers with baseball experiences, access and discounts.
First wave of millennials is about to turn 40. (CNBC) Millennials are behind where Gen X was at this age. But they own homes and have children and need to make sure their finances are in order and in line with long-term life and wealth goals.
Financial services respondents say an average of only 33% of their online data is up to date (Yahoo Finance) This makes it hard to serve and market to your customers. The freshness and relevance of data is important.
Observing banking and lending strategies from a customer's point of view (Yahoo Finance) Knowing how customers view your firm and how they view financial products in general can inform marketing and product dev.
Marketing grows and moves to new sensory modalities
- Visa joins other payments providers in the multi sensory market with animation, sound and vibration work (The Drum)
- MasterCard to launch priceless experiences voice app exclusive for cardholders (Voice)
Citi revamps rewards program, allows cardmembers to pay with points (PYMNTS) This new Pay With Points feature allows Citi Prestige, Citi Premier, Citi Rewards+ and Citi ThankYou Preferred cardmembers to redeem their ThankYou Points immediately for everyday purchases.
Authentic LGBTQ+ marketing: MasterCard, Virgin Atlantic, Foundation Emergence, Lloyd's (The Drum) World Pride Month may be behind us. This article looks at how big financial brands created authentic LGBTQ marketing campaigns.