While targeting younger generations, fintech challenger banks like Atom Bank choose interactive marketing campaigns. With one of their campaigns, they invited clients to design their own logos, creating a buzz about the brand. Players in the BFSI sector depend on creative content marketing strategies like these to improve customer engagement and retention and position themselves as leaders in an intensely competitive domain. This is where choosing the right content writers for your BFSI brand can prove invaluable.

Addressing BFSI Needs with Content Marketing

The challenges faced by the BFSI sector are very different from those faced by any other sector, which has a ripple effect on its marketing efforts.

Intense Competition

The fintech sector recorded revenues of $79.38 billion in 2023, a figure that is expected to grow to $141.18 billion by 2028. Such a lucrative market attracts more and more players. Neobanks, payment enablers and many others are giving stiff competition to traditional financial services. BFSI participants, therefore, need to adapt their marketing strategies with agility to differentiate themselves, meet the rising customer expectations and ensure enhanced customer experiences.

Creative campaigns addressing a relevant subject while educating the customer can prove invaluable. For example, in 2023, American online personal finance firm and online bank, SoFi Technologies released a campaign called “Face of Finance,” which focused on inclusivity, highlighting the AI bias against women in finance. The video has 36 million views, which speaks of how finance firms can stand apart by addressing customer emotions.

Regulatory Compliance

Not only are regulations extraordinarily stringent in the BFSI space, but they are also constantly evolving. Any misstep in compliance can bring the wrath of financial watchdogs down on your brand. The situation is even more complex when you need to juggle regulatory frameworks across jurisdictions. This is especially true of marketing communications. In fact, Google also jumped on to the protecting finance consumer interest bandwagon in 2022, when it added a YMYL (Your Money Your Life) component to its E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness) update. This means while ranking pages, Google also checks whether the content “could potentially impact a person’s future happiness, health, financial stability, or safety.”

Content writing for BFSI needs to consider all this while creating original, engaging, relevant and valuable content that positions your brand as a thought leader and one that keeps consumer interests at the forefront.

YMYL Strategy for Content Writing for BFSI

Rising Customer Expectations

Customers today have much higher expectations from brands than their predecessors, such that highly personalized financial services have become the norm. A 2023 survey by Salesforce revealed that 53% of customers will switch their financial services provider for better digital experiences.

Rising Customer Expectations

Plus, 80% of customers expect companies to interact with them on social media and 68% follow brands on social media to learn about new products and services. This means that you need to focus on a multi-channel approach to content marketing. You already know that your target customer is consuming information online via blogs and videos. The time now is to personalise your content strategy and meet customers on their preferred channels. Writers experienced in content marketing for the BFSI sector can help you achieve this.

Maximising ROI with Content Writing for the BFSI Sector

Did you know that increasing your customer retention rate by a mere 5% can drive profits up by anywhere between 25% and 95%? Plus, acquiring new customers is 5x more expensive than retaining existing ones. Now, customer retention rates are fairly good in the banking and insurance industries, at 75% and 83%, respectively. But the Fintech space is grappling with a retention rate of just 37%.

An impactful content strategy is the most impactful way to widen outreach and keep your target audience engaged. Contact us now to shape your brand voice, engage your audience, and maximise customer lifetime value.