Technology has been a part of finance for decades, but now it’s more accessible than ever before. The fintech industry thrives by streamlining processes traditionally dominated by large financial institutions. Today, Singapore has become the world capital for fintech, and competition is fierce. To prevent being overtaken by competitors, fintech companies must be able to (1) find substantial gaps in the market that people need and (2) create user-friendly interfaces that users want. Fortunately, trend analysis allows fintech startups to develop a comprehensive understanding of what consumers want, on an evolving, real-time basis.
Trend Analysis of Fintech Landscape
We divvied up the Fintech landscape into seven categories and analyzed the performance of these industries, according to press coverage and organic conversations on the Internet.
Our trends landscape matrix quantifies the performance of different topics by examining the relationship between mentions volume and topic velocity, or the rate at which volume is growing. Topics found in the top right hand corner have high volume and rapid growth. Meanwhile, those in the bottom left hand corner have relatively lower volume and slower growth.
Online conversations about payment apps are growing the fastest, despite lower volumes. These apps include Paynow and Paylah and allow users to send money to each other regardless of which bank they belong to.
Insurtech and consumer banking apps have high mention volumes, but low growth. This may be an indication that these sectors are oversaturated with products and need to identify gaps in the user experience to stand out.
On the other hand, lending apps and personal finance apps generate comparatively fewer conversations and demonstrate slow growth. This might indicate that consumers have adapted to the currently available platforms in the industry. It will take a strong challenger to disrupt the industry. Another possibility is that the demand for these apps is lower.
Trend Analysis of Audience Characteristics
Our social media intelligence platform created a Twitter heat map of the countries that talk about Singapore fintech startups.
The top countries that talk about Singapore’s fintech scene on social media are Malaysia, Singapore, the United States, India, and the United Kingdom. These audience insights are quickly surfaced in our platform and tell companies where to invest ad-spending and marketing efforts.
Over the past six months, 85% of sentiment toward these fintech startups were positive. We noticed the sharp increase in positive sentiment in November 2019 and clicked into our contextual report to find out.
The contextual report identified the top keywords during this peak. We were able to immediately tell that the increase coincided with the Singapore FinTech Festival.
The event took place between November 12th and November 16th, 2019 and involved key international figures like Narendra Modi, India’s current Prime Minister.
Since fintech conferences and festivals generate high positive sentiment and plenty of attention, companies should focus on taking advantage of organic social media searches during these conferences.
Custom Reporting to Answer Tough Business Questions
Each business has a different strategy and approach than the next. Today’s social media intelligence platforms should give users the agility to create custom reports that answer business’ individual questions. For today’s competitive fintech market, here are three ways that social listening benefits your bottom line.
Benchmark Consumer Attitudes and Develop A Clear Social Media Strategy
Social media monitoring around your brand allows you to find out where your current users “live” online. Do they enjoy WhatsApp or Youtube? Do they enjoy reading the Finance section of a particular newspaper? Or perhaps they’re a part of smaller communities like blogs that give financial advice? These digital habits inform you of where to spend your ad budget to achieve the highest ROI. Furthermore, these ads also allow you to reach potential audiences who aren’t current users of your company’s app or platform, yet share the same interests.
Social media intelligence also gives you insights into the interests of your target audience, which you can then incorporate in your ad copy. These key findings should inform your brand’s voice in messaging as well as the content of your marketing materials.
Identify Gaps In the Market Through Trend Analysis
Around the world, people share their honest opinions about what works and what doesn’t on social media. Synthesio’s context network map alerts you of words that are used most often when people talk about your company. For example, if a word like “confusing” often appears alongside your brand or product, you’ll want the next update to include a more intuitive user-interface.
In addition, social media intelligence allows you to uncover what users actually want. If there’s a need in the fintech space, it’s highly likely that someone might speak up on the Internet, regardless of whether it’s in the comments section of an article or on a popular blog. However, these honest, unsolicited thoughts are undetected as often as they are expressed. By using social media intelligence, your brand can analyze the online conversation around fintech as a whole and glean user insights in a matter of minutes.
Alert You of Escalating Crises
Today, financial institutions and investment analysts are turning to social media intelligence to gauge brand performance. In the world of fintech, online coverage of the latest news can change investor attitudes and decisions. More so than ever before, fintech companies must rigorously monitor potential crises around their company and the entire industry. Sentiment analysis of social media data automatically categorizes data as positive, negative, or neutral, making this a much simpler task. Furthermore, Signals, our AI-powered trend detection module, alerts you of statistically significant peaks in the conversation around your brand, while analyzing the sentiment behind the data.
On a global scale, technology is nearly inseparable from our lives. And we believe that 2019 is just the start of fintech’s increasingly important role for both individuals and organizations. In our digital world, fintech companies need to be highly attuned to the attitudes and behaviors of users, potential users, and the press. It’s a tricky field to navigate, but trend analysis in social media intelligence rises to meet the challenge. Learn how we helped ANZ Bank improve customer experience and satisfaction in Australia.