Banks, insurers, payments, trading, asset management, financial advisors – all well established propositions.
But on a day-to-day level, the story is increasingly complex.
Financial services is now inexorably linked with financial technology. It’s there when someone uses Apple Pay or PayPal, or when they compare mortgage rates on an online price comparison site. It’s there when they open their mobile banking app or transfer money internationally all at the click of a button.
And that’s just at the everyday consumer end. On a corporate level, ledger technology such as blockchain is enabling greater transparency and decentralisation of data.
The reach of Fintech is stretching ever further. It’s bringing FS to under-served organisations and areas while creating new service paths that threaten the existence of the long-established bricks-and-mortar firms.
For years, Fintech has been regarded with fear, suspicion and dismissal. But those attitudes are changing. Fintech is now woven into the fabric of financial services, from top to bottom. Firms are leaning on technology for new products and services, or to improve existing offerings – creating their own Fintech to rival the newer upstarts.
And that’s exactly the point – Fintech is no longer a separate sector of its own. For marketing teams, the challenge is how to integrate this new world into its company communications and brand profile.