The application of Financial Technology is a major part of our vision for local ‘close the loop,” transaction marketing. As an executive from MasterCard Advisors noted during one of our 2011 events, “You are what you buy, not what you search for.”
Customer analytics, prepaid deals, loyalty programs, card linked offers, small business loan programs and alternative payment services such as ApplePay constitute the bulk of the local angle for FinTech. And in theory, it brings the banks and credit card industry directly into the local marketing sphere. There’s a reason we’ve seen a steady stream of local marketing leaders flocking to events like Money2020.
Beyond our local focus, however, the development of FinTech has mostly been used to bring about an alternative to traditional banking, which has largely failed to evolve with the times: over-charging, over-complicating and under-delivering for services – especially to SMBs. As Citi’s Chief of Client Experience for Digital Heather Cox said: “People need banking, they don’t necessarily need banks.” If banks are going to re-engage, it will only be to use their remaining market power to rebundle the host of financial services now available from numerous players.
These themes dominate in The FinTech Book, a new crowd-sourced reference work comprised of contributions by 86 FinTech authorities. Compiled by Susanne Chishti and Janos Barberis, the book is heavily oriented towards international markets. London is the hub of the FinTech world, not San Francisco.
Oddly, given its overall depth, there is almost nothing on the use of FinTech for transaction marketing (and the paper back version of the book is quite floppy and hard to hold — go electronic.) But this book will remain the standard reference on the FinTech landscape for some time.