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Is technology really the ‘solution’?

Why describing your technology as a ‘solution’ doesn’t actually tell me what you do.

I undertook some online competitor research for a client recently and what should have been an informative and relatively easy undertaking became quite the opposite. With so many FinTech and RegTech providers offering “automated solutions to enhance transparency and customer engagement, increase efficiencies and reduce risk”, I honestly had no idea what most of the companies I looked at actually do!  So it became a mission to try to figure it out …

…which then opened up another raft of questions that I couldn’t find answers to….so if it’s a risk management platform for financial institutions what type of risk does it help them manage…Operational risk? Investment risk? Credit risk? Market risk? Reputational risk? Who knows?!  And how does it help them manage this risk.  Or ‘AI-powered solutions to manage your compliance and KYC’ – why should I choose an ‘AI solution’ over an ‘automated’ or ‘digital’ one and is there really a difference?  Because I was doing this as a research project I had the time and inclination to dig deeper, which then meant checking out the social media profiles, downloading brochures and white papers – and even then if I am honest I was still confused about a lot of the technology in the market.

Speak to the problem you address, not the technology you provide

As a general rule of thumb, if it’s not obvious what you do within the first 20 seconds of landing on your website, you have potentially lost the interest of your visitor. Badly articulated product messages that are swamped in generic technology speak and don’t communicate the problem they are addressing or tell the visitor in non-tech terms what the technology actually does are completely ineffectual. And this inability to communicate an offering clearly and articulately is currently one of the biggest and most common mistakes many FinTech and RegTech companies make in their PR and Marketing efforts.

I am not alone in this thinking either…In recent interviews with Clare Black, Director of Corporate Affairs and Communications at Innovate Finance, and Emma Davey, Chief Commercial Officer at Futures Industry Association (FIA), as part of the MD Consulting ‘5 Questions series’, both expressed similar viewpoints – that too many firms get bogged down in their ‘tech’ rather than communicating the issues they address and as a result lose the interest of a journalist, reader or prospective customer almost immediately.  What is the point of embarking on a PR or marketing campaign to raise awareness of what you do if a potential client, employee or a journalist then visits your website and doesn’t understand what you do? In fact, what’s the point in even having a website, other than to validate your existence, if you doesn’t immediately inform and educate your market around what you do?  It’s not their job to figure it out, as a few clicks away there is potentially another company that can give them what they need.

The real power of words

In our new world where face-to-face sales interactions are becoming minimal, power is shifting to the written word on websites and social media – and if you want to create impact and get your message heard, getting it right and articulating it clearly is now more important than ever before.

I’m not saying it’s an easy exercise and it will take time to get right. You also need to test it so that it resonates with its intended audiences in the way you want it to.  But once it’s done, the potential benefits are huge – and will definitely give you the standout you want from the herd of providers of ‘cutting-edge technology that automates and optimises data to give you a competitive edge”.

If you think the messaging around your FX, FinTech or RegTech business could do with some expert input get in touch with the MD Consulting team.  We can help you create messages that create impact and standout in your market.

 

 

 

 

 

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