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In our panel discussion at Affiliate Summit West 2021, we discussed how Fintechs are shaping the financial industry and how to successfully partner with a fintech brand as an affiliate. Keep reading to learn about the key considerations before taking the first step towards a partnership.
Were you at Affiliate Summit West in Las Vegas this year? In case you weren’t, don’t worry – what happens in Vegas, doesn’t always have to stay in Vegas. At the event, we hosted a panel discussion on “How to Tap into one of the Fastest-Growing Verticals: Fintechs” led by our own Client Services Director, Yvette Edsall. Yvette was joined on stage by:
- Jaime Catmull, Vice President of Brand Partnerships (GoBankingRates)
- Deacon Hayes, President (Well Kept Wallet)
- Mike Butler, Vice President of Growth (Asset Direct of Canada Inc.)
The panelists discussed how fintechs are shaping the financial industry, as well as key considerations for publishers when approaching them for affiliate partnerships.
In case you missed our panel, here are all the highlights from our discussion on how fintech partnerships can grow your affiliate portfolio to the next level.
How fintechs are solving modern problems that traditional banks & financial institutions can’t
When asked to describe the main differences between a traditional bank and a fintech, Mike mentioned that fintechs are highly innovative and offer different banking solutions through the online space. Their ability to leverage new technologies enables them to create seamless customer journeys and streamline complex financial processes. Because they’re digitally oriented, fintechs offer better accessibility online and greater product diversity than traditional banks.
“Fintechs are purpose built for the online consumer” – Mike Butler
So why partner with a fintech? Fintechs are on the rise because of their wide breadth of products and niche offerings – everything from LGBTQ credit cards to banks that service visible minorities. This means that when it comes to fintechs, there is something for everyone.
There is also an advantage to being a first mover with new fintechs. Deacon notes it’s a great way to be ahead of the curve with new products and services that consumers are eager to use. If there’s a particular pain point that you know your audience has with regards to their financial needs, there may be a fintech that is able to provide them with a viable solution.
Setting yourself up for a successful partnership
Before stepping into a fintech partnership it’s important to understand what your audience’s financial needs are. But how exactly do you know what they are looking for in terms of financial products and services?
One tip that Deacon gave was to have direct communication. For example, ask your audience to leave a comment in your videos, reply to your email newsletters, or comment during your Instagram Lives. Also consider the demographic of your audience and how that dictates the stage of their financial journey and provide them with the right information.
“Set expectations up front with the brand and then follow up to find ways to optimize content” – Deacon Hayes
Another way to bring value to your fintech partnerships is to maximize your reach. Leverage the analytics knowledge you have about which platforms your audience is most active on so that your content reaches them at the right time, in the right channel.
For your content strategy, all panelists recommended that publishers not only research their competitors, but should look outside of the financial space – especially pop culture trends – when deciding how to shape your affiliate content.
For example, the Netflix show Squid Game — which explores the consequences of being in financial debt – has exploded in popularity this past year. “Financial tips to avoid being a contestant on Squid Game” could be a potential blog or video that you produce to draw on the show’s keyword trend.
Getting started with fintech partnerships: How to take the first step
One of the biggest factors for success that all our panelists agreed on was the importance of transparency. In every partnership, transparency goes both ways. As an affiliate, you need to give full transparency on who your audience is, what kind of traffic you generate, and what your expectations are in terms of cost-per-click (CPC) or cost-per-lead (CPL).
For brands, they need to share relevant data with you so can optimize your content to suit their needs as a business. Transparency of data and live tracking mechanisms will enable you to create content that drives conversions.
The panelists suggest these questions to ask as an affiliate when discussing partnership opportunities with fintechs:
- Why do customers choose you over your competitors?
- Which digital marketing channels are driving you the most engagement? The most conversions?
- What are your goals and KPIs for new customers?
- Do you offer real-time tracking so publishers can optimize their content on demand?
Our experts also recommend treating fintechs as a true partner. Your mutual success is hinged on your abilities to communicate and work as a team.
Interested in partnering with Fintechs?
Fintechs are an area in the financial space that you don’t want to miss out on. If you’re a publisher or influencer that wants to grow their affiliate portfolio, we can help you make that connection.