Telemarketing for Fintech – How To Make It Work

Technology and finance

Image credit: Tech in Asia

The fintech industry has continued to grow rapidly in recent years, particularly in the UK.  In fact, many people consider London to be the fintech capital of the world and this could be due to its unique blend of pioneering tech in Europe and being a major financial centre.

Whilst the number of fintech companies and start-ups continues to grow, they still face challenges when it comes to dislodging established financial institutions. One solution to acquiring new customers has come in the form of telemarketing.

The enduring benefits of telemarketing for promoting businesses are long-stated. For example, even in the digital era, it can allow you to instantly gauge your customer’s level of interest in your product or service. A well-planned telemarketing campaign can also:

  • Achieve measurable results
  • Build rapport with potential customers
  • Generate leads and appointments
  • Explain technical financial issues with clarity
  • Provide a more personable sales approach

Marketing fintech services through B2B lead generation channels is crucial if you offer a wide array of options.

As financial services can be complex services to sell, they benefit from the direct approach and real-time engagement that telemarketing provides and this leads to better qualification of B2B leads and a great ROI.

The process can also humanise fintech companies, as it allows people to have real conversations with the firm and gives them both a voice.

How do you make it work though? As the industry is highly regulated by the FCA, itis important to ensure compliance and adhere to UK telemarketing laws also. With close attention being paid to FCA guidelines, below we outline the best measures to take when making calls to achieve maximum results for your fintech business.

Be honest

Honesty is always the best policy, especially when it comes to fintech services. When engaging in a B2B telemarketing campaign, fintech firms must strive not to use misleading language and unfair comparisons or avoid mentioning the potential risks of their product or service.

Instead, try to convey value to those that you call. Explain why your product or service is beneficial, and what problem it solves. Try not to create unrealistic expectations though. If you are using a script, you need to ensure that it is appropriate and that your callers do not veer off from the facts.

Offer a bespoke service

You should adjust your message for every lead you speak to. Rather than reading off a script, try to explain exactly how your fintech services can solve their unique problems. Provide clarity and think about what people will require and what they need to know. This way you can provide exactly the right kind of information so that the lead can make an informed decision.

Work on your elevator pitch

Elevator

Image credit: Pixabay

Before you begin a telemarketing campaign, a key to success is developing your elevator pitch. As well as being clear about your product or service, remember that the first 10 seconds of a cold call are crucial and you need to explain to the company you’re calling exactly what they stand to gain from your services.

Remember though, people will have different levels of understanding about financial products and services and if they are outside of the fintech industry, they are unlikely to know your jargon or technical phrases. Keep your language straightforward and as simplistic as possible.

Be informative

One of the best ways to achieve the previous points is by preparing a cheat sheet for those making the calls. This can help you convey your value proposition, and should include your elevator pitch, the key features and advantages of your services, any envisioned objections a person might have, other fintech competitors and why their service is limited, and some testimonials to add social proof.

Outsourcing your telemarketing campaign

The FCA has the power to ban or temporarily restrict fintech services that it deems to pose sufficient risk to consumers. These bans or restrictions usually require a consultation process but in some cases the FCA can ban a product or service without this and your telemarketing campaign will need to stop immediately. They can also halt telemarketing activities if they feel they have been misleading and could in turn impose further sanctions on your firm.

Therefore, it’s imperative that fintech companies execute telemarketing campaigns properly to ensure they don’t fall foul of the regulations and to maximise the rich benefits that telemarketing campaigns can bring their business. And in this respect, outsourcing your telemarketing campaign to an agency that has proven experience of working with B2B for fintech services can be a wise option.

As they will know the ins and outs of compliance laws, a telemarketing agency does not need to be trained, saving you time and money and also increasing productivity. Also, outsourcing telemarketing activities can be a great way for a small fintech start-up to establish themselves against bigger firms who may have a larger marketing team and more resources.

Conclusion

Telemarketing can be a great venture for a fintech firm that is serious about generating new business leads and securing appointments. That said, it can also be daunting, especially for startup companies who may not be well-versed in the finer details of FCA regulations. Using an outsourced telemarketing team can provide you with consultation, advice and guidance on the best ways to make telemarketing work for your business and ensure that you and your reputation reap the benefits.

 

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Andy Dickens

Andy Dickens is a veteran of IT Sales, used to leading by example. He is the CEO of Virtual Sales Limited (VSL) who offer telesales, telemarketing, lead generation and appointment setting services to B2b businesses. He previously was Sales Director EMEA for Red Hat and before that ran sales at Visio before it was acquired by Microsoft.

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