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  • Writer's pictureMay Myo Set Htwe

Unlocking Success: Strategies Behind Thriving Fintech Mobile Apps

Updated: Oct 9, 2023

The role of organic marketing strategies in the early stages of fintech startups goes beyond mere brand promotion. It serves as a means to create awareness, validate the product, and establish a loyal user base. The following explores the strategies employed by successful Fintech mobile apps during their initial phases, shedding light on the optimal approaches that contribute to product-market fit validation and the establishment of brand trust among lead users. The case studies focus on five prominent Fintech mobile apps: NerdWallet, Nubank, Mint, MoneyLion, and Revolut.

Let's get cracking!

1. NerdWallet: Empowering Informed Financial Decisions

Established in 2009, NerdWallet is a comprehensive personal finance website and mobile app dedicated to equipping users with tools and information for making well-informed financial decisions. NerdWallet's unwavering commitment to transparency and financial literacy has garnered a cumulative download count of over 31.8 million as of July 16, 2023.

2. Nubank: Bridging Financial Gaps in Latin America

Founded in 2013, Nubank operates as a digital bank with a mission to make financial services accessible to Latin American populations. Nubank boasts approximately 50 million installations and ranks as the seventh most downloaded finance app globally as of January 2023.

3. Mint: Streamlining Personal Finance Management

Founded in 2006, Mint offers users a platform to link assets and investment accounts, manage cash flow, and access various financial tools and calculators. Mint stands out as the most downloaded personal finance app worldwide, with over 25 million users.

4. MoneyLion: Pioneering Innovative Financial Services

Established in 2013, MoneyLion positions itself as the world's most innovative financial and technology company. With a user base of 5 million as of January 2022, MoneyLion offers a range of financial products and services, including credit-building loans and cash advances.

5. Revolut: Redefining Digital Banking

Founded in 2015, Revolut is a digital bank that provides card services, cash and investment management, and future financial planning solutions. Supporting over 200 countries, Revolut boasts more than 300 million users globally as of July 2023, making it the most widely adopted app among our case studies.

These case studies draw from secondary information sources, including interviews with key figures responsible for marketing strategies and insights contributed by industry experts. Notable organic marketing strategies that have sustained the growth of these mobile apps include:

1. Crafting a Coherent Brand Story

One of the foundational elements of organic marketing success lies in crafting a coherent brand story that goes beyond the product or service itself. Successful Fintech apps, such as MoneyLion, Nubank, and NerdWallet, have excelled in this aspect. Their brand stories revolve around three critical elements:

  • Targeting an Underserved Community: MoneyLion, from the outset, identified a significant gap in the financial ecosystem—the unbanked or underbanked population. By focusing on this neglected community, primarily in the aftermath of the 2008 financial crisis, MoneyLion aimed to provide financial services to hard-working Americans who traditional banking systems had left behind. This clear initial target allowed MoneyLion to build a substantial user base, fulfilling its mission to transform the financial system for this demographic.

  • Addressing a Specific Pain Point: In Brazil, Nubank recognized a pervasive problem—excessive transaction fees imposed by traditional banks. This pain point resonated with the Brazilian population, who were underserved by the conventional financial system. Nubank's mission was clear: to fight financial complexity and reinvent financial services by offering easy access and minimal to zero fees. By honing in on this specific issue, Nubank secured its initial market and drove its early growth.

  • Leveraging Empathy and Superior Solutions: NerdWallet's journey began with a focus on financially conscious individuals who frequently faced frustration due to a lack of credible, unbiased financial advice in the digital space. NerdWallet's response was to provide comprehensive, trustworthy financial information and guidance. This approach leveraged empathy for users' challenges and the superior solutions provided by NerdWallet's editorial team, known as "nerds." By consistently delivering valuable, user-centric content, NerdWallet established itself as a go-to source for financial advice.

2. Harnessing Keywords Strategy for Traffic

Driving traffic to your Fintech app is crucial for growth, and keyword

strategy plays a pivotal role in this aspect. Mint, MoneyLion, and NerdWallet have effectively harnessed this strategy in various ways:

  • Mint's SEO Excellence: Mint, recognized for its user-friendly interface, employed Search Engine Optimization (SEO) strategies in several ways. They created blog content targeting financially conscious young professionals, considering this demographic a niche and underserved community. Additionally, Mint leveraged the influence of industry leaders by publishing exclusive interviews with technology CEOs and finance experts, driving traffic through thought leadership content. Furthermore, they tapped into Google's "People Also Ask" (PAA) feature by creating "Mint Answers" to respond to common financial questions. These innovative keyword approaches contributed to a remarkable 20% influx of new users to Mint.

  • NerdWallet's SEO Topic Clusters: NerdWallet's SEO strategy revolves around a concept called "SEO Topic Clusters." By generating dedicated blog posts, they successfully generated website traffic. SEO Topic Clusters involve creating interconnected content that encourages users to navigate from one piece of content to another. This strategy comprises a central pillar with related sub-topics, several pages of cluster sub-topics, and internal links connecting them all. This approach has been instrumental in driving organic traffic to NerdWallet's platform.

  • MoneyLion's App Store Optimization (ASO): MoneyLion, while focusing on mobile app visibility, has adopted an App Store Optimization (ASO) strategy. This tactic involves monitoring competitors and optimizing app store listings to improve visibility and rankings. MoneyLion's Chief Customer Officer emphasizes the importance of ASO tactics to monitor competitors' keyword usage and design counter keyword strategies. This proactive approach ensures MoneyLion's app remains prominent and discoverable in app stores.

3. Audience-Centric Content Creation

Understanding your user profiles and creating content that resonates with your target audience is pivotal to a fintech app's organic marketing success. This approach is observable in the strategies of Mint and MoneyLion:

  • Mint's Infographics for Diverse Audiences: Mint caters to a wide user base and has excelled in creating user-friendly content, particularly through infographics. These visual assets are designed to be easily digestible and appeal to various consumer groups. Mint's infographics have proven highly shareable and popular on social media platforms, such as Reddit. By presenting financial information in an engaging and accessible format, Mint effectively captures the attention of diverse audiences.

  • MoneyLion's Generation Z Focus: Recognizing the growing importance of Generation Z as a customer group, MoneyLion has tailored its content to resonate with this demographic. The introduction of a "Discover" tab within the MoneyLion app delivers financial content through concise video formats, making it highly appealing to younger users. By adapting to the preferences of Generation Z, MoneyLion ensures its content remains relevant and engaging.

4. Striving for Daily Interactions

Encouraging daily interactions with users is a key marketing strategy for successful Fintech mobile apps. Both MoneyLion and Revolut have implemented this approach:

  • MoneyLion's Vision as a Daily Destination: MoneyLion's CEO, Dee Choubey, envisions the app as a "daily destination" for its users. To achieve this, MoneyLion actively prompts users to enable notifications immediately upon downloading the app and continues to request notification permissions as users engage with the app's features. Cynthia Kleinbaum Milner, Chief Customer Officer of MoneyLion, underscores the critical nature of notifications, as profitable opportunities can be lost when users opt out of them. By fostering daily interactions, MoneyLion keeps its users engaged and active within the app.

  • Revolut's Daily Interaction Focus: Revolut's strategy revolves around driving daily interactions with its users. They identify opportunities for everyday financial use, such as splitting bills with friends, and incorporate them into their services. Instant notifications play a pivotal role in achieving this goal. For example, Revolut users receive notifications within seconds of completing a transaction through their Revolut accounts. These timely and relevant interactions enhance user engagement and align with Revolut's Key Performance Indicator (KPI).

5. User-Centered App Development

Building an app that caters to user needs and preferences is fundamental to success. User feedback plays a pivotal role in shaping the app's interface and business model. This user-centric approach is exemplified by Revolut and Mint:

  • Revolut's Limited Features for Targeted Impact: Revolut distinguishes itself by excelling in a limited number of features designed for specific user groups. They maintain a continuous feedback loop with users, gather insights, and offer rewards in return. This approach ensures that their mobile app remains tailored to the needs of their target audience. Revolut's commitment to user-centric development has contributed to its widespread appeal.

  • Mint's Superior Product Development: Although Mint didn't pioneer web-based money management solutions, it gained a loyal user base by creating a product that outshone competitors. Mint identified user frustrations and strategically addressed them, capitalizing on competitors' weaknesses to offer a superior product. By listening to user feedback and delivering seamless features, Mint solidified its position as a trusted financial management platform.

In the ever-evolving landscape of fintech, these strategies provide valuable insights into the approaches that have fueled the growth of successful mobile apps. By studying their journeys, we can glean valuable lessons for navigating the dynamic and competitive Fintech market.

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