In this article, we:
- Talk about how media intelligence can drive success for fintech companies.
- Discuss the importance of aligning your media intelligence strategy with your business goals.
- Explore the 4 benefits of media intelligence for fintech companies as well as point out the 2 financial gains.
According to a report by the Boston Consulting Group, the global fintech industry is set to reach revenues of $1.5 trillion by 2030. It is a staggering sum of money, and it is attracting a lot of competition. Gaining a competitive advantage in fintech is tough when you consider just how many companies are vying for every one of those 1.5 trillion dollars. That is where media analytics tools come in. When used as part of a media intelligence strategy, these tools can give companies a much-needed edge. So, how exactly can you use media intelligence for fintech and what kind of difference can it make?
What Can Media Intelligence Do for Fintech Companies?
Media intelligence is all about leveraging media data to better understand public sentiment, track brand reputation, monitor industry trends, and make informed decisions that drive strategic communication and business success. Fintech companies are often portrayed as disruptors of traditional financial institutions in the media. While some may be wary of them, others welcome them as innovative and forward-thinking entities that leverage technology to provide better financial services to consumers.
A fintech company’s online reputation is important, especially to younger generations, and media intelligence is the key to not only monitoring and safeguarding that reputation but also to proactively shaping a positive digital presence that resonates with tech-savvy consumers.
In the fintech sector, media intelligence can drive success by:
- Providing fintech companies with insights on how to differentiate in a saturated industry;
- Tapping into media conversations in real-time so fintech companies can keep a finger on the pulse of change and react on time to new challenges;
- Helping companies gain insights on how clients feel about them so they can adapt their marketing strategies and products/services offerings accordingly;
- Encouraging fintech companies to use media data to act proactively and engage in timely innovations that cater to the needs of their clients.
Building a Media Intelligence Strategy for Fintech: Where to Start?
Media intelligence strategies work best when there is a clearly defined goal. As with any data-focused marketing or differentiation strategy, it needs a hyper focus, as opposed to a generalised goal like “get more customers”.
That can be where the strategy ultimately takes you, but a short-term approach might focus more on improving brand reputation or engaging with customer needs—if customers are happier, they will spend more and return more often. Understand what you want to achieve with media intelligence. Whether it is tracking brand sentiment, monitoring competitor activity, or identifying emerging industry trends, setting specific goals will serve as the foundation upon which you can build a tailored media monitoring approach.
By articulating your objectives from the outset, you can align your strategy with your business goals and ensure that your media intelligence efforts are not only comprehensive but also laser-focused on delivering actionable insights that drive success in the fintech arena.
The more quantifiable your goal is, the easier it is to measure; the more defined it is, the easier it is to achieve.
The Benefits of Media Monitoring for Fintech
By closely tracking and analysing media coverage, sentiment, and trends, fintech companies can identify emerging market needs and consumer pain points swiftly. This proactive approach enables them to tailor their products and services to address these demands effectively, positioning themselves as industry leaders in meeting evolving financial needs.
Media monitoring helps fintech companies achieve this by:
Enhancing Brand Awareness
A key part of media intelligence is social media monitoring, where social media platforms are monitored for mentions of a specific brand or product. The information that gets collected is then analysed by expert analysts to extract insights that paint a clear and honest picture regarding consumer opinion.
Traditionally, brands spoke to consumers directly to get their opinions. They sent them surveys and promised to enter them into a prize draw if they completed them. They called or emailed them and asked for opinions. However, consumers rarely offer their genuine opinions when asked directly. They are more likely to post their honest opinions online, which is why fintech companies can gain more insights from tracking mentions on social media and by leveraging sentiment analysis to understand how people feel about their brand.
Media intelligence provides in-depth, accurate insights, and it does so in a way that is coherent and actionable.
Competitive Analysis and Market Insights
Gain insights into global fintech competition or fintech industry rivalry; discover what is working for other companies and see if there are ways of incorporating similar strategies. Fintech companies can use media intelligence to monitor competitors, allowing them to respond rapidly to market shifts and stay ahead in the race for innovation. By demonstrating agility, responsiveness, and a deep understanding of their target audience, fintech firms can not only differentiate themselves but also build a reputation for being at the forefront of financial technology, attracting both customers and investors alike.
Brands need to be proactive and not reactive when dealing with the latest trends. No one gets a competitive edge by jumping on the bandwagon months after everyone else. Customers are interested in the new and the novel; not the old and boring.
Media intelligence can help to unlock new fintech industry trends or fintech industry insights, giving brands the edge they seek.
For the finance sector, brand reputation is not merely a reflection of trust and reliability; it is the cornerstone upon which trust is built, fostering credibility, customer loyalty, and long-term success. Fintech companies can tap into the power of reputation analytics to:
- Make sure the company is well represented in the media and enjoys a positive brand reputation;
- Mitigate negative publicity and instantly respond to it when it occurs;
- Identify potential risks and create contingency plans.
Global fintech leadership has regulatory focus at its heart. It understands the importance of staying on top of the latest regulatory changes, as the penalties (both financially and reputationally) for not doing so are severe.
Media intelligence services can analyse regulatory changes and see how companies and consumers are reacting. Are companies effectively managing under the pressure of new regulations? Are customers happy with new processes? And, more importantly, how can your business use this information?
Financial Gains with Media Intelligence
As noted above, media intelligence always delivers results, and they are usually for the long-term advancement of the company. But there are some short-term financial gains as well.
Investment and Funding Opportunities
Investors are more willing to put their money into companies that have positive media exposure and a carefully curated media presence. We are living in an age where a single misstep can result in massive losses and complete customer abandonment, so investors want the security that comes with investing in established and beloved brands.
The same is true for sponsors, ambassadors, partners, affiliates, and others—everyone wants to do business with companies that consumers love.
Customer Acquisition and Retention
If media data tells you customers prefer companies that offer a specific service, you should consider offering it as well. If it highlights a dislike of certain customer support methods or a frustration with a lack of accessibility, your priority should be to fix the issues. Media intelligence gives you a direct line to true consumer grievances, letting you make the changes they want to see.
Tools and Technologies for Media Intelligence
Media intelligence uses an array of advanced tech to effectively analyse media sources:
Natural Language Processing (NLP):
Advanced tech that helps computers understand human-created content. It delves deep and draws true meaning, as opposed to simply collecting keywords.
The text is analysed to extract opinions and feelings, allowing it to be categorised according to aspects such as positive/negative and angry/happy.
Provides actionable clarity by making the data easy to understand.
Ready to Start Using Media Insights to Stay Ahead of Competitors?
Effective differentiation within the fintech market extends beyond cost competitiveness or flashy advertising campaigns. It is about giving customers what they want and gaining insights that no one else has. That is where media intelligence comes in—it is a unique strategic tool for fintech success.
In the fintech landscape, maintaining a high level of awareness and preparedness is paramount, necessitating constant vigilance and an acute sensitivity to industry developments.
At A Data Pro, we can help you with all of your media intelligence needs. We combine experienced data professionals with state-of-the-art AI to provide faster and more accurate results.