Content Under Compliance: Regulation Challenges in Fintech Marketing
The current cost of financial crime compliance has reached a whopping $215 billion globally.
Each Fintech has their own method of remaining under compliance. This could mean you’ve installed a Regtech solution or invested in CRM service providers to vet your customers. Either way, the marketing materials you put out MUST fall under industry advertising standards. The risk of getting your messaging wrong has never been higher.
But we all know why Fintech’s require content marketing, and regulation won’t hold us back.
So it’s important to set clear compliance guidelines and outsource to industry experts who know the rules and regulations like the back of their hands.
The Challenge
The challenge for content marketing in financial institutions is clear: anything that you publish must comply with industry regulations. Pressure on firms to comply will only increase as IFPR comes into force in January 2022. This is a prudential regime impacting the majority of regulated financial services companies.
Both the Advertising Standards Agency (ASA) alongside the Financial Conduct Authority (FCA) have made it clear that penalties will become harsher for firms who fail to comply. Money laundering and terrorist financing are particularly on the agenda for consumer protection.
It means that your messaging is restricted and the power of copy will only go so far. Plus, attracting clientele who are unfamiliar with your financial technology becomes harder, since you can’t really “spell it out”.
Experienced investors can be equally hard to onboard. They are typically set in their ways and not open to new technology.
The Solutions
There are a number of ways that you can conform to UK fintech regulation without compromising on your content marketing strategy.
Develop brand guidelines that any contractor can understand
Focus on translation: translate hard, jargon-heavy topics into bitesize content
Work with an agency who are experienced with fintech startup compliance
Brand Guidelines
Fintech innovation brands with clear company guidelines are almost always going to get better results when outsourcing their marketing efforts. Agency side, it’s one of the first documents that we ask for when we begin working with a new Fintech client.
Developing good brand guidelines is important so that any contractor can get onboard with your tone and strategy, right away.
So, what makes a good brand guideline document?
It’s great to give a background on your company and key products.
What is the purpose of your content marketing, and what is the conversion goal?
Then, we want to know about the tone of voice, perspective and how authoritarian your brand is. Do you want to be the customer’s friend and be relatable, or do you want to be the thought leader on the topic in hand?
Are there any no-no’s in your content marketing strategy and style?
For example, one of our clients steers clear of anything politically-natured. Finally, good examples of digital assets are a must!
Translation
When talking about translation, we are not referring to the word-for-word language differences around the world. Instead, translation marketing is about breaking down complex, jargon-filled fintech topics to the everyday investor.
No matter their background on a topic, your readers should be able to understand exactly what your business is about. This should be at the core of any fintech content marketing strategy.
Let’s use an example: which is easier to understand? Think less jargon and more simplicity.
NFC mastercard payments to grow your business with RFID technology.
or
Mastercard allows your business to open up to the world by offering more payment methods. Accepting contactless card payments as a small business will allow for a faster checkout process, meaning you can sell to a higher volume of customers. Secure radio wave data storage systems also lead to easier tracking and robust reporting. Your accountant will love you!
Compliance Experience
If you’re going to outsource your content marketing, it’s so important to work with an outside party who understands the regulatory requirements of Fintech.
It’s no good working with a digital marketer who specializes in general tech, for example. We’ve found the industry-specific knowledge in Fintech to be oh-so crucial when you’re hiring an SEO or content professional.
This is for two main reasons:
If you’re jumping in to take care of a project, chances are, your contact doesn’t have time to brief you about the entire company and its operations. You’ll get a brand guideline at most and it’s up to you to figure out the rest.
Not understanding or being familiar with industry regulation can mean that your work is held up by the compliance department. Alternatively, knowing your stuff means that you can produce content faster and go-to-market straight away.
We learned this the hard way with our very first Fintech client in March 2019. Many of our initial content included words like ‘guarantee’ and ‘peace of mind’ which were totally against the regulatory code. Now though, we’ve learned our lesson and even work with some of the leading regulatory software providers!
If you’re looking to outsource your Fintech digital marketing strategy, why not email us at hello@thesearchcure.com or send Shannon a message on LinkedIn !
We’ll get back to you within 48 hours.