Fintech uses TV Advertising to expand market
This week, I find myself in a nostalgic frame of mind, looking back at pictures of my children. I suddenly realised that brands that were once in short trousers are now all grown up, particularly when it comes to the Fintech sector.
There was a time when Fintech was the new kid on the block and very much the preserve of the young and the restless. With an increasing ennui for the clunky experience of traditional banking services, a younger generation was, and still is, inexorably drawn to the more agile and flexible offerings of their digital competitors.
Fintech Advertising 45% YOY Increase since 2021
Fintech advertising has increased by a staggering 45% year-over-year (YOY) since 2021, as these previously niche tech solutions begin to reach a more mainstream audience and market themselves as viable financial service providers. As Fintech services grow, they are venturing into more traditional advertising spheres - TV being just one of them. TV advertising is perfect for Fintech growth. TV ads build trust, create community and have the ability to connect deeply with an audience.
Fintech TV Advertising Rules and Regulations
The territory of financial TV advertising is not without its difficulties. Financial advertising on UK TV is heavily regulated to protect consumers. The Advertising Standards Authority (ASA) and the Financial Conduct Authority (FCA) play a crucial role in ensuring ads are transparent, fair, and not misleading, especially regarding complex financial products.
In addition to the above, all TV advertisements must gain approval from ClearCast before being broadcast in the UK. Having ClearCast ‘approval’ can give the impression that ClearCast is assuring that the advert complies with regulatory legislation. However, ClearCast’s remit is to make sure that broadcasters don’t air misleading claims. Regulatory approval must still be obtained before airing an advertisement.
Toast has experience in Fintech advertising, having worked with companies such as Credit Karma, Moneybox and TaxScouts. Along with Fintech, Toast also has extensive experience working in the equally regulated environments of Pharmaceuticals and Gambling.
What key learnings from this experience? Television and radio adverts are not well-suited to communicating large amounts of detail. Keep the messaging concise and straightforward.
Future proof your TV ads if you’re going to feature an interest rate or competitive offer by creating an easily adaptable ad - and make various rates versions up front to pre-empt an ever-changing financial environment.
Good TV advertising in the Fintech sector
Show that you understand your audience and deliver a relatable message. Do this through transparency, simplicity, or addressing specific pain points. A strong campaign succeeds by forming a deep connection with its target audience. Focus on your unique value to the customer. Most important of all, stand out; use an innovative, creative approach to ensure your campaign doesn’t blend in like wallpaper.
With the right approach, you can use TV advertising to expand your customer base and grow sales. If you’d like more information on getting your ambitious brand onto TV screens, do drop me an email: felicity@toasttv.co.uk
