The financial technology (FinTech) sector is one of the most dynamic and innovative sectors in the world. FinTech startups are revolutionizing the way people and businesses access, manage, and use financial services, such as payments, lending, investing, insurance, and more. FinTech startups are also disrupting the traditional financial industry, by offering faster, cheaper, and more convenient solutions, and by reaching new and underserved markets.

According to a report by Statista, the global FinTech market is expected to grow at a compound annual growth rate (CAGR) of 23.6% from 2021 to 2025, reaching $309.98 billion by 2025. The report cites several factors that are driving the growth of FinTech, such as the increasing digitalization, the rising adoption of smartphones and mobile devices, the growing demand for online and contactless transactions, the changing consumer preferences and expectations, and the supportive regulatory environment.

But how can you market your FinTech startup effectively and efficiently in a crowded and competitive FinTech market? How can you stand out from the crowd and reach your target audience? How can you create a loyal and engaged customer base that will help you grow your FinTech business and achieve your goals?

In this article, I will share with you some marketing advice for FinTech startups, based on the principles of storytelling and psychology that I have learned from studying successful leaders and organizations. I will show you how to apply these principles to your FinTech marketing strategy, and how to create a unique and compelling value proposition for your FinTech products or services that will attract and retain your customers.

Start with Why

The first and most important piece of advice I can give you is to start with why. Why did you create your FinTech product or service? What is the purpose, cause, or belief that drives you and your FinTech startup? What is the value proposition that your FinTech product or service offers to your customers? Why should they care about your FinTech product or service and buy it?

Starting with why is the foundation of storytelling and psychology, and it is also the foundation of effective FinTech marketing. When you start with why, you communicate your FinTech startup’s vision and mission to your audience, and you inspire them to join you and support you. You also differentiate your FinTech product or service from the countless other FinTech products or services that are competing for your customers’ attention and money.

To start with why, you need to craft a clear and compelling message that explains the why behind your FinTech product or service. This message should be consistent across all your FinTech marketing channels, such as your website, your social media, your press releases, and your ads. Your message should also be simple, authentic, and emotional, so that it can resonate with your audience and motivate them to take action.

One of the best examples of starting with why in FinTech marketing is Stripe, the global payment platform. Stripe’s why is to "increase the GDP of the internet." This why is reflected in Stripe’s FinTech marketing strategy, which showcases the value and variety of its products, and the impact and innovation of its technology. Stripe’s why also helps it stand out from other payment platforms and attracts a loyal and engaged customer base.

Think in Infinite Terms

The second piece of advice I can give you is to think in infinite terms. What do I mean by that? I mean that you should not view your FinTech marketing as a finite game, where you have fixed rules, players, and objectives, and where you aim to win or beat your competitors. Instead, you should view your FinTech marketing as an infinite game, where you have flexible rules, players, and objectives, and where you aim to advance your cause and keep playing.

Thinking in infinite terms helps you adopt a long-term and sustainable perspective on your FinTech marketing and avoid getting trapped in short-term and reactive tactics. It also helps you focus on your own vision and goals, and not on what your competitors are doing. It also helps you embrace innovation and experimentation, and not be afraid of failure or change.

To think in infinite terms, you need to have a clear and compelling vision of what you want to achieve with your FinTech product or service, and how you want to impact your customers and the world. You also need to have a flexible and adaptable strategy that allows you to respond to the changing needs and preferences of your customers and the market. You also need to have a growth mindset that enables you to learn from your mistakes and feedback, and to improve your FinTech product or service and your FinTech marketing continuously.

One of the examples of thinking in infinite terms in FinTech marketing is TransferWise, the global money transfer platform. TransferWise’s vision is to "make money borderless." This vision guides TransferWise’s FinTech marketing strategy, which focuses on creating a transparent and fair solution for money transfers, and on providing a superior customer experience. TransferWise’s strategy also adapts to the changing trends and challenges in the FinTech industry, such as the COVID-19 pandemic, and offers new products and features, such as multi-currency accounts, debit cards, and business accounts. TransferWise’s mindset also encourages it to learn from its failures and successes, and to constantly improve its FinTech product or service and its FinTech marketing.

Prioritize the Well-Being of Your Customers

The third piece of advice I can give you is to prioritize the well-being of your customers. Your customers are your most valuable asset in your FinTech business, and you need to take care of them and empower them. Your customers are also your first and most important audience for your FinTech product or service, and you need to inspire them and engage them.

Prioritizing the well-being of your customers is the essence of storytelling and psychology, and it is also the essence of effective FinTech marketing. When you prioritize the well-being of your customers, you create a culture of trust, collaboration, and innovation, and you enable your customers to perform at their best. You also create a culture of passion, loyalty, and advocacy, and you enable your customers to become your FinTech product or service’s ambassadors and promoters.

To prioritize the well-being of your customers, you need to do three things: listen, learn, and lead. You need to listen to your customers’ needs, wants, and feedback, and to value their input and contribution. You need to learn from your customers’ behaviours, experiences, and perspectives, and to help them grow and develop. You need to lead your customers by setting a clear and compelling direction, by providing support and guidance, and by recognizing and rewarding their achievements.

One of the examples of prioritizing the well-being of your customers in FinTech marketing is Revolut, the global financial super app. Revolut’s mission is to "build a fair and frictionless platform to use and manage money around the world." This mission applies not only to Revolut’s products, but also to its marketing. Revolut’s FinTech marketing strategy relies heavily on its customers’ creativity, productivity, and happiness, and Revolut invests in creating a positive and supportive customer experience for its customers. Revolut also encourages its customers to use and love its products, and to share their stories and experiences with their networks and communities. Revolut’s customers are one of its biggest assets and advocates, and one of the reasons for its FinTech product or service’s success.

Conclusion

These are some of the marketing advice for FinTech startups that I have learned from studying storytelling and psychology. I hope they can help you create a successful and impactful FinTech business that can solve a problem, entertain, or educate your customers. Remember, FinTech marketing is not just about displaying your message, but about creating an experience. Start with why, think in infinite terms, and prioritize the well-being of your customers, and you will be on your way to achieving your FinTech product or service’s vision and mission.