LONDON — Metia Group, a global B2B marketing agency, today announced the $2.97 billion global financial technology (fintech) market faces 21 key marketing challenges in bringing products and services to market. A leading B2B marketing agency with particular expertise in the financial technology sector, Metia conducted the report in partnership with the research arm of leading specialist fintech community, Finextra Research.
“What’s most surprising about this report is how internal issues with content marketing, data analysis, and CRM pose bigger challenges to fintech marketing teams than external issues, such as competitors, landscape shifts or the complex relationship between investors, financial institutions and their regulators,” said Metia CEO and report author Steve Ellis. “Having worked in the fintech space for 25 years, this is undoubtedly the most exciting and dynamic time in the industry’s history as banks must innovate to remain relevant and competitive, with customer centricity as the key driver.”
The Fintech Marketing Report 2014 offers insights into market maturity, technology adoption and innovation, budgeting, and typical barriers to market penetration. Five key barriers highlighted include:
Shifts toward content marketing pose a threat to fintech brands that do not have deep industry expertise within their marketing teams.
94.1% of survey respondents serve multiple countries, highlighting the increased importance of a global content strategy.
69% of fintech marketers are increasing their budget for creation of original content, while only 4.8% are doing so for print advertising.
Integration with other departments, particularly sales and IT, is considered to be a greater challenge than threats from competing brands by 47.4% of respondents.
57.9% of fintech marketers blame their sales team for poor marketing ROI measurement.
The free report is available for download here.
Fuelled by a global surge in fintech investment in financial products and services, global fintech investment tripled between 2008 and 2013 from $928 million to $2.97 billion and is expected to double again to between $6 billion and $8 billion by 2018, according to Accenture in the “Rise of Fintech” report.
Using the Finextra Research community, a 21 question survey of fintech marketers was conducted. Community members who work for fintech vendors of various sizes and areas of specialization were contacted via email and asked to participate by completing the questionnaire. 51 individuals responded and completed the questionnaire. Respondents were promised anonymity regarding their individual responses. In addition to considering the responses to the survey, for comparison and context we have cross referenced to other surveys examining marketing professionals in other sectors and their use of new channels and technologies.