3 Challenges FinTechs Will Face in 2019

New technologies and internet capabilities have given rise to a range of market opportunities for FinTech banks and traditional banks to capitalize on such as the digitalization of customer service, advanced mobile and web applications, one-tap transfers, virtual cards and personalized spend reports. Social Media Management Company, Mention has released the Finance Industry Report to better understand the consumer landscape and digital trends that are sweeping across the banking industry.

Online banks today are changing the way consumers and businesses manage their funds, offering both fierce competition and opportunity for digital innovation. Mention has collected social data from over 4M+ online mentions from ten of the top traditional banks and four of the top fintech banks. The report identifies trends and key challenges that will face the digital banking industry in 2019.

Top 3 areas of investment for FinTechs in 2019

1. Mobile: Conversations online around mobile included keywords such as 'notification, 'update' and 'user-friendly. FinTechs and digital banks should look to A/B test different strategies based on customer feedback to optimize in-app notifications, mobile notifications and UX design of their applications. 
2. Customer Experience: Trending keywords around customer experience included ‘support’ and ‘accessibility’. Digital banking offers much opportunity to advance the customer experience and support options available. In-app personalization, smarter chatbots and accessibility options that support Assistive Technology (AT) can be enhanced. 
3. Privacy & Security:  Negative sentiment is higher among trending keywords such as ‘breach’, ‘trust’ and ‘data’. Digital banking services can look to adopt even more secure processes and authentication of mobile-app and web-app access to mitigate the risk of security breaches. 

Finance Industry Social Media Insights:

• The most mentioned banks aren’t necessarily the most influential online; banks that have a lower volume of mentions on average ranked higher in influence and sentiment.

• #WomenInTech was the most common hashtag within in Finance industry on Twitter

• News outlet sentiment of financial ranked mostly positive (74.5% of total positive mentions); while social media is mostly negative (57.5% of negative mentions)

• The Deutsche Bank is the most mentioned institutions representation nearly a quarter of all conversations tracked (24.4% or 637,954 mentions).

• The average volume of mentions per day, per institution, is approximately 5,663 across social media and the web

Click here to download the full report.

Methodology: We listened to 50 of the most innovative Fintech companies in 2019, identified by Forbes. This list was reduced to four companies, based on the volume of mentions collected and whether they exclusively offer online banking services (Apple Card, Revolut, N26, and Aspiration). All data has been collected via Mention from February 28, 2019, to April 15, 2019. Top 10 banks included for social media insights highlights include: Deutsche Bank (GER), JP Morgan (US), Bank of America (US), Citi Bank (UK), American Express (US), BNP Paribas (FR), Wells Fargo (US), Banco Santander (ES), Credit Agricole (FR) and HSBC (UK).