What do social media and FinTech have in common?
Two key factors.
The first is that both have exploded over the past few years. FinTech, a sector which barely existed a decade ago, is now a multi-billion-dollar industry with key hubs across the world. Global funding in FinTech reached $36 billion in 2016, and there are thousands of new FinTech firms worldwide who are revolutionising the way that we work, live, pay and get paid. Meanwhile, social media has changed dramatically from the Myspace-dominated industry that it was 15 years ago, and has grown to include a vast number of platforms, from Facebook to Twitter, Instagram to Snapchat, and many more.
The second is that both have become an intrinsic part of our daily lives. The majority of us probably don’t realise the impact that FinTech has had - it has allowed us to transfer money abroad more easily, to manage our money at home, and has improved cyber security beyond measure. The same applies to social media; in 2016, there were 2.34 billion social network users around the globe, and even those who don’t use social media themselves are aware of its existence.
Social media also plays a vital role within the FinTech sector. It offers an innovative way for FinTech companies to engage with potential customers, or offer support to existing ones. Companies such as Revolut, Zopa, TransferWise or Funding Circle use Twitter to interact with their customers and offer support to users of their products, as well as letting users know rapidly about any technical difficulties.
Social media also allows FinTech firms to build up an online brand, without investing a vast amount of money into marketing materials. Indeed, many FinTech firms rely on social media as their sole marketing strategy; this is a smart move for a startup as it is a relatively inexpensive way to promote brand image and target a vast audience.
A number of FinTech companies are now also beginning to use social media as a method of delivering their revolutionary new products. For example, mobile payments firm Venmo and Turkish firm DenizBank have integrated their services into Facebook. This is a trend which we will continue to see as FinTech progresses, with more companies integrating themselves into social channels and seeing real value from it.
But what about the companies that participate in the FinTech sector, but aren’t directly ‘FinTechs’ themselves? Ashmore Stark is one such example; we recruit for sales professionals across all FinTech sectors, including P2P lending, payments, blockchain and cybersecurity. For us, social media is a vital part of our business. It allows us to interact with current and potential candidates and clients and promote our newest roles, as well as staying up to date on all things FinTech and being the first to hear about upcoming events.
If you are a FinTech firm, or part of the FinTech sector, and are wondering whether to use social media in your business, get in touch with Ashmore Stark on 0207 1000 975 or email me at email@example.com. We can offer strategic advice for FinTech firms who don’t know where to begin when it comes to social, or want to boost their current social presence. Follow us on Twitter @ashmorestark #astarkjobs and LinkedIn to stay up to date on all of our latest news and current roles.