Blogs

Four Elements in Creating A Successful FinTech PR Program in APAC

Navigating a complex web of stakeholders, regulations, and market dynamics in the highly competitive financial technology (FinTech) industry requires a comprehensive communication approach. It necessitates an understanding of strategic positioning in the market, a wide array of marketing tools and approaches, a messaging manual that communicates differentiation and more.

Additionally, FinTech firms have to communicate their value proposition with precision and clarity, resonating with their audiences to build lasting business relationships that strengthen the firm’s reputation. Developing an effective public relations (PR) strategy is paramount for rising above the noise in the booming FinTech ecosystem.

This article will unpack four elements FinTech companies should consider while crafting a PR strategy:

1. Target the Right Media

A crucial aspect of effective communication lies in identifying appropriate media that is relevant to the firm. With the FinTech landscape segmented into various verticals, such as PayTech, InsurTech and Bank Tech, the challenge is pinpointing relevant journalists that cover each specific area. Each vertical has its unique audience and expertise, requiring tailored messaging to resonate with their interests and preferences. Hence, identifying which FinTech reporters to target for particular messages becomes essential for ensuring your message reaches the right audience and gains traction.

2. Build Trust

In an industry built on innovation, trust and credibility are of utmost importance – especially as these companies are disrupting the traditional banking and finance industry. On another hand, building trust can be challenging due to the proliferation of FinTech firms offering similar solutions. Potential clients of FinTech firms often struggle to evaluate new technologies, which further complicates the trust-building process. To overcome this hurdle, FinTech companies should embrace transparency, particularly in the technologies they employ. That does not mean that a company must provide details about every aspect of their work. Whether it’s artificial intelligence (AI) or other technologies, transparency about their usage, training models, risks, time to value, cost, and potential impact on customers is essential. By openly addressing these topics, FinTech firms can position themselves as reliable, trusted partners in the digital transformation journey of the industries they work with.

3. Stand Out from the Crowd

From product development to service delivery, FinTech firms are revolutionizing the banking and finance industries. Geographically, APAC has achieved the highest number of FinTech users and is forecasted to generate the most revenue worldwide. As the momentum continues, it is pivotal to cut through the noise and differentiate their brands. Therefore, weaving a compelling narrative supported by data not only allows companies to communicate with their audience effectively but also reinforces their unique value propositions and further drives decision-making.

4. Manage Issues and Crisis

Many FinTech firms have stayed laser-focused on profitability. During the business expansion phase, priority is often not given to crisis management, resulting in a lack of crisis planning and preparation. Inadequate planning can damage a firm’s reputation and lead to legal and financial repercussions. Preparing a crisis management plan outlines how a FinTech company will react to different crisis scenarios like data breaches, which will also protect the firm from inevitable threats.

 

As FinTech companies continue to push the frontier of innovation, it becomes increasingly clear that without a robust PR strategy, it could be challenging for FinTech firms to inform stakeholders and establish a strong brand presence in any market and especially in APAC.

Neglecting the power of PR can even leave the most ground-breaking solutions languishing in obscurity. Therefore, a well-crafted FinTech PR strategy is not just an option but a necessity for navigating the competitiveness of FinTech in the APAC market.

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