3 Reasons Why Fintech Companies Need Facebook Ads

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Introduction
As financial institutions move into the digital age, their fintech efforts and service offerings are becoming stronger and more plentiful. Physical services are transforming into digital only, banks are looking for ways to increase value and Facebook ads are an enticing way to walk customers through this journey. Together with its product positioning and differentiation, Facebook advertising can be an effective tool for the finance industry to achieve their marketing and sales goals.

Here are 3 ways Facebook ads can be the backbone of your fintech company`s marketing strategy:



1. It Can be Your Alternative Market Research Tool



The Salesforce Benchmark Report shows how there is a rapid amount of growth in the Facebook ad industry.  You can measure each account and also measure who you want to target. By expanding your reach with Facebook ads, you are able to touch more affluent customers.

Facebook ads showcase your lookalike profiles aside from your customer pool you have created. Ads help you reach those lookalike audiences and from there you can target new ones or retarget existing ones. For instance, through page post ads you can cross-sell and narrow down your audience to target appropriately.

Beware of the consumer curve, through Facebook ads you get the right data out of the right metric by behavioral tracking.  When you shift your focus onto research,  it becomes obvious that the direct acquisition within financial services becomes more successful.

Based on all the data you collected through ad targeting you can better optimize your campaigns. The positive aspect is that you have the choice of changing and managing your ad campaigns according to your marketing strategy. Apart from your initial business page, you can run an entirely different ad campaign as part of your distribution channel with updates on to cross-sell your other services to the current clients you hold.


2. Improve the Customer Experience



Financial providers can now respond faster to the changing needs of various types of customers with Facebook ads. Through Facebook ads you can reach your customers by a 80% reduced CPA (cost per acquisition).

The Facebook ad platform allows you to engage with your customers directly or customize your distribution channel without any disintermediation or without interrupting the user experience.

Also, the cost of servicing your customers is more affordable through Facebook ads.

Facebook ads enable businesses in financial technology to deliver profitable services to customers. Ads function as replacement cycles that accelerate the relationships within their existing client pool.

Draw attention, spark a conversation, demonstrate alternatives by showcasing your financial products and services. You don’t only keep your clients up to date by showcasing your financial products and services but you keep your clients up to date with each dollar they spend and each dollar they make.

Through mobile app ads, you can sell other financial services and products you have in your portfolio. Through mobile app ad banking, you’re not only expanding your business but you are creating a stronger relationship with your current clients.

You can also simplify customer onboarding with ads. Banks are taking the next step with digital, and ads are the perfect onboarding tool for converting customer engagement. For example, for loan applications, customers can be guided and led through ads across the channel’s journeys. Step by step, starting from smartphones to tablets or desktops the onboarding process is variable and ensures the signup process.

The cost of onboarding your customer can be more efficient for both your customer and business. As your ads are your customer’s onboarding tool the process allows you to leave more room for you to up-sell and cross-sell your products and services. You also strengthen brand recognition through this process and improve client management efforts.


3. Secure Payments and Transactions



People share most of their personal data on Facebook while still wanting to hold onto their financial bond, but Facebook’s secure platform serves these needs the same way as banks do. So people don’t need to be worried, using Facebook ads to build that trust is an important way for fintechs to find success within this space.

Facebook ads allow you to manage this by leading to the trusted service providers. There is a higher level of functionality in all digital transactions.

Facebook has 50 different regulatory licenses that allow users to transfer money through Facebook Messenger. Since the only thing you share is your variables to help you target faster, you’re not sharing account balances or numbers. Your ads can serve as the back-end systems for payments and money management by supporting different scenarios for different users.

You can continue seeing actions on Facebook through offline events. The platform allows to trace client attributions and the good thing about this is that multiple clicks within a short amount of time are automated and reported as single clicks. That way you see accurate results on your conversions report. Being able to manage and analyze results creates safe space for acquisitions on the Facebook platform. On the other hand being able to record accurate results allow secure ways of tracking offline statuses of services.

With Facebook ads, expect to see an increase in the percentage of approved applications when compared to other platforms. For instance, membership services can be boosted with page post ads where you can encourage your current customers to install your bank mobile app.  Page post ads will not only increase the number of users for your mobile bank app but will drive you to reconnect with those from different units of your business.


Final thoughts

Overall, Facebook is no longer a platform to share investment and growth ideas but ads allow the implementation of these services and investment ideas to grow.

Move your fintech company into the future with Facebook Ads and Abacus today!