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4 Things to Consider Before Launching a FinTech Solution

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Written by: Josh Hamerman

Inventions are often ahead of their time. When you develop an idea for how to accomplish something faster or better, and then expend blood, sweat, and tears to refine the idea and transform it into a reality, it’s only natural for you to want to share it with the world.

Some innovations—like the smallpox and polio vaccines, the telephone, and social media platforms such as Facebook and Twitter—catch on quickly, and bring immediate recognition to the creative minds behind them. Other inventors have to wait decades, or pass away, before their brainchildren are brought to the attention of the national or global public.

Laying the Groundwork for WiFi and more

One of these neglected innovators was movie star Hedy Lamarr. She and her inventing partner George Antheil came up with “frequency hopping” during World War II, but their technology wasn’t used by the U.S. Navy until the Cuban Missile Crisis 20 years later. It led to the development of Wi-Fi, GPS, and Bluetooth. Her creation laid the groundwork for today’s wireless communications, but Lamarr never saw a dime from her invention. In fact, it wasn’t until 1997, when she was 84 years old, and was awarded the American Electronic Frontier Foundation’s Pioneer Award, that she was officially recognized for her contribution.

Explain How Your FinTech Solution Helps Consumers

Hedy Lamarr’s story deftly illustrates the point that innovations can often lead to something different or greater than even the creative minds who developed them could ever imagine. The same can be true of financial technology (FinTech) solutions designed to assist financial professionals and institutions.

Often marketers of these solutions focus primarily on their impact on the financial advisors, asset managers, and other financial professionals and institutions who use them, because that’s the most obvious audience. But a much greater impact can be achieved when FinTech launches also highlight the full impact that the new solutions or technology updates will have on the consumers and savers served by the financial services industry.

Related: Corporate Social Responsibility is Today’s World Wide Web

How to Attract Mainstream Media to Your FinTech Product Launch

Helping financial advisors to eliminate time-consuming steps in certain workflows, or asset managers to strengthen their risk management practices, are vital improvements that have contributed to the technology revolution in the financial services business. A targeted pitch highlighting only the benefits to advisors or asset managers may grab the attention of journalists at industry publications catering to those audiences, but it isn’t likely to pique the interest of newshounds who report for mainstream media.

However, a pitch or press release—or even an infographic—which comprehensively explains how a FinTech innovation will help consumers save more for retirement, obtain cost-effective access to certain alternative investments, protect investment portfolios during market downturns, or increase savings for college tuition will make a much more compelling case for why the technology in question is a big deal (and deserves to be covered).

Consider the Impact Your FinTech Solution Has on Consumers

Many FinTech developers and providers rely on financial professionals and institutions to buy and recommend their solutions, which makes sense but also can limit the effectiveness of their outreach. But when you conduct business in a specialized space, it is too easy to focus solely on that audience when a FinTech innovation is ready for launch. Think of how much pharmaceutical advertising is direct to the consumer. Even with all the scary disclaimers mandated by the FDA (e.g. “Tell your doctor if you’ve been to a region where certain fungal infections are common.”) those ads can be very effective.

If the people behind a complicated invention lose sight of the bigger, more compelling message, so will journalists and other audiences they are trying to reach. Like all inventors, FinTech innovators should pause to consider the far greater impact their inventions can have—and communicate it in a comprehensive way for reporters at mainstream outlets holding national or international sway.

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