Opinion: Evolving FinTech customer communications in the era of relatable marketing

Contexual communication such as using 90s actors or trending memes has helped companies deliver their message in a manner that it sticks. Max Life Insurance's Aalok Bhan pens down his thoughts on role of relatable marketing financial services.

Traditionally out the box, moment marketing has not been associated with financial services. However, with digital acceleration it is important these brands use diversified mediums and reach out to customers wherever necessary. With the onset of the festival period and revival of the consumer sentiment, financial brands have an open field to dial up the ‘buzz’ and connect with the audience in newer and fun ways to create a relatable marketing strategy. 

Social Media For A ‘Hero’ Strategy

At a time when almost ALL communications take place on social assets, it is important to take your content a notch up, using an interesting, engaging, and effective style. Today social media offers a plethora of exciting, quirky formats that have captured our imagination and offer a slice of something new and unique to viewers. For instance, Instagram reels have opened up a whole new space for content creation on videos. Right from product launches to film teasers, these 15-30 second short clips generate great traction, engagement from the audience, enabling brands to showcase their personality and values. Introduced last year, YouTube Shorts has become another popular format for creators to communicate. From simple, DIY hacks to edutainment tutorials, everything is being relayed through these visual, ‘snack able’ videos.

Meme marketing, another viral trend has ensured that topical events, occasions are turned into a two-way dialogue with the online user. This not helps in creating user-generated content but also drives a sense of connect with the consumer. From Vistara to Zomato, companies across the funnel have leveraged memes on ‘special days’ and ‘social moments’, making their spot in the user feed!

Also Read: Opinion: Digitizing the purchase funnel in favor of BFSI consumers

Given their already established connect with the masses, influencers also continue to play a key role for marketers. Their credibility and endorsement help the customer make the right choice when purchasing a product. A recent example is the Cred advertisements that have cast popular figures from the ’90s, including cricketing legends Rahul Dravid, Venkatesh Prasad among others that helped garner attention to their brand services.   

Integrate People Into Your Storytelling - Relatable Marketing

The second step of the strategy is to invite stakeholders – customers, employees, etc. to be a part of your storytelling. In the wake of the pandemic, it’s more about people than the product. Authenticity and real stories exemplify campaigns that focus on emotional storytelling and add the human element to the narrative.

Creating compelling personal stories not only enhances brand loyalty but also helps in attracting potential customers. The lockdown was a great example of how several companies came together and celebrated frontline workers by sharing inspiring stories of their courage and strength with the world. Some also went a step ahead and launched campaigns that encouraged the public to extend their support and care for these ‘Covid warriors’!

Deliver Communication Anchored In Trust

Most importantly, it is integral to continue delivering communication that is rooted in trust. Brands must rethink their original strategies and align with current events to build trust and reassurance through responsible yet empathetic messaging.

The recent guidelines issued by the Advertising Standards Council of India (ASCI) bring sharper focus to misleading advertisements, influencer content enabling a regulatory framework that protects consumer interest in this burgeoning digital market. The aim being is to create a more transparent, less exploitative advertising and branding ecosystem for all stakeholders.

In such times, we are witnessing a seismic shift in the way consumers perceive and interact with their financial institutions. Fintech brands are now faced with a unique opportunity to move away from corporate sterility towards humanization. In a world that is predominantly digital and mobile, fintech companies need to harness new-age technologies and craft memorable, personalized customer journeys that create loyal brand evangelists.

The piece has been authored by Aalok Bhan – CMO, Max Life Insurance.