In recent years, we have had the opportunity to advise several clients in Fintech (financial technology startups, payments, eCommerce) and global banks. This is not a trivial industry, since besides being deeply rooted in traditional customs and habits, it is also riddled with multiple complex regulatory restrictions, and must deal with an aura of “old world” and inaccessibility. However, with the changing times and the rapid shift to digital, fast, online real-time solutions, this industry must adapt too, move forward and make changes, which are not always easy to implement.

The main challenges we come across working with this industry are:

  • The need to think through and develop solutions to deal with regulatory restrictions – what is the best way to advertise without “getting in trouble”?
  • Content and added value – how to create, curate and source content without coming across as too boring or too technical? How to speak to all communities at once and at the same tone?
  • B2B or B2C? – most of the fintech companies think they are B2B, whereas banks are a mix of both (they take care of private clients as well as business/corporate clients) – what would be the best approach that will help the company’s higher management understand that they are, in fact, a B2P (Business to People) service and how can they redefine their strategy accordingly?
  • Tapping into budding industries – with the rapid development of technology, new businesses are budding, and these businesses have different needs that require traditional banking institutions to rethink the way they provide their services and create tailor-made solutions that will cater to those needs. What products can be developed for them and how can the edge be maintained in a fast-developing and fiercely competitive environment–Developing communities and Reputation management – while everyone needs banks and financial services, everyone also likes to complain about them. Some even fear them (see the “aura” notion). what aspects need to be considered to eliminate that common fear of financial language and money (or the lack of), thereby developing strong communities that will be loyal to the brand and will consequently spread the word?