4 Reasons Your Insurance Claim Might Be Denied

| November 22, 2016

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When you buy travel insurance, the hope is that you are purchasing some peace of mind for your trip. However, every once in a while, a high-profile case hits the news about a claim that was denied, leaving the claimants with huge medical bills. This understandably has some travellers concerned about how much they can actually rely on their insurance policy.

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Srei Infrastructure Finance Limited

Srei is a Holistic Infrastructure Institution, constantly and consistently ideating to deliver innovative solutions in infrastructure space, thus playing a significant role in nation-building for over two decades, both in urban and rural India.Srei's businesses include Infrastructure Project Finance, Advisory and Development, Infrastructure Equipment Finance, Alternative Investment Funds, Capital Market, and Insurance Broking...

OTHER ARTICLES

What is the best accounting software for small businesses?

Article | August 10, 2020

The world of accountancy software has changed significantly during the course of the last few years and in this blog we are going to attempt to unravel the minefield of online accounting software to give you a clear understanding. Small business accounting is a huge area in which many small business owners struggle to get right. To find the best accounting software for small businesses in the UK we must first assess what cloud accounting is.

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Trending Demand Generation Strategies to Drive FinTech Growth

Article | March 11, 2021

Once referred to as an emerging market, FinTech is a young market with regard to time and investment. It is also an independent market due to its changing trends and regulations. FinTech brands have gained enough capital to grow and expand over the years. The increasing number of smartphone users and affordable internet connections suggest a paradigm shift in the nature of banking with transactions going mobile-first. Raising dependency on mobile banking, online payment, and mobile wallets are cascading from luxury to basic requirements, making it one of the top reasons for both challenges and growth opportunities in the FinTech market. Besides, the FinTech market also includes businesses that provide AI solutions and work on risk & compliance management that is enabling companies to run smoothly even after the pandemic. Other winning sectors in the FinTech market are companies engaged in loans and insurance which are likely to do well. However, driving Fintech demand remains a key challenge for most companies in a fast-changing and evolving marketplace. By the end of this article, you'll be able to apply FinTech lead generation strategies to drive growth for lead generation for FinTech companies. Balancing Finance & Technology Technological advancement is dominating almost every market. Finance technology is emerging as an enabler for various industries helping and supporting finance teams to balance and manage their daily activities, financial close, collaboration, and documentation providing more visibility to transactions. FinTech brands invest in developing frictionless and seamless e-banking solutions and other financial and money management services. The FinServ market is witnessing a change in simplified access, embedded financial services, and financial inclusion. Developing a new product range allows FinTech brands to please investors to gain more funding and overcome other traditional investment barriers. Proven Demand Generation Strategies for FinTech If you are running a FinTech company, then FinTech marketing is all that's on your mind, particularly when the traditional banking companies are making up with the emergent technologies, best-in-class user experience, and expectations. Here are the top strategies for FinTech demand generation. Go mobile with your marketing initiatives In the 21st century, everything is on mobile. If you aren't considering a marketing initiative around this handheld device, you're missing out on one of the most effective ways to connect with the target audience. According to a recent study, on average, an individual spends 5hrs a day on a mobile device, and the time spent on mobile apps has skyrocketed a massive 69% from 2016. More than 50% of mobile phone users prefer online searching before buying anything. B2B FinTech companies need to focus on mobile phone users to get the most out of their marketing campaigns and reach their target audience. Create valuable content FinTech content must first address what problem it intends to solve, how it will solve, what are the benefits, what is its advantage over legacy processes, how it adds value, saves time and costs, drives growth, or simplifies processes. To create valuable FinTech content, you need to consider the following: • Analyze your target audience • Content competitive analyses • Note down your content goal, whether it's for awareness, engagement, or conversion stage. Segmented content hub - blog, white papers, case studies, eBooks, press releases, etc. Create a content hub or digital library that houses all your articles, blogs, case studies, whitepapers, eBooks, press releases, etc. this is an effective way to engage the target audience and generate demand. Ensure that your content plan is organized so that you cater to the requirements of all the platforms and audiences. While you focus on creating content on trending topics, you also need to ensure that you create evergreen content. Create a content calendar for the year. This will help you plan the theme you are going to cover each month for your target customers to drive demand in a phased manner. Create matchless video content to generate demand Video content is the most potent form of content marketing. According to a survey, around 87% of marketers use video for FinTech lead generation. Videos are used in different ways to generate demand. Video marketing does not always mean creating a new video, but leveraging or repurposing an existing one, judging your investment, and creating a new video, if required. The key idea of video marketing is to get a slice of the market which is being influenced by the evolving taste of content consumption by consumers. Getting your content out in the most trending format will help you get noticed in the clutter, build brand awareness, and also convey your message to your target audience. Adding a form or a call-to-action at the end of the video gets you qualified leads. Some of the commonly applied video marketing strategies include: • Use video in landing pages • Place video along with a form or other call-to-action button. • Optimize video to various social media formats. • Create a call-to-action button at the beginning or in-between the video; this can be a simple subscription invitation. • Video testimony is an excellent form of video marketing that influences and builds a better relationship with your customers. Social media trends for FinTech Social media platforms are no longer considered a place where people connect and communicate in real-time. FinTech can be a challenging market to promote on social media. Social media cannot be a one-size fit for all, but it has amazing advantages over traditional marketing channels. Be a thought leader FinTech marketing is social media marketing. By domain experts in banking, finance, and insurance. It is a platform handled by individuals who are market leaders, contributors, or influencers. Identify the most effective platform for your niche & promote your content on it Identify your audience and promote your content on the most effective and relevant platform to reach your niche audience. Rather than being all over the place, you can choose to stay on one relevant platform to promote your business. Get influencers to influence Getting market influencers to your site can be a great way to increase on-page engagement. Promoting guest articles or interviews by market leaders to share their knowledge and experience in the FinTech or FinServ market. Other useful ways to get influencers to your page include promoting a product/service, sponsored review, social media mention, running a contest on influencers page, getting influencer quotes on brand, creating a joint event, and promoting influencer content on your page. Interact with your customers/end-users Ensure that no comments or queries are unanswered or unattended. There are higher chances of them being your potential customers. Host events (online & offline) Hosting events both online and offline is a great way to reach your target audience. Events can be of different types – educational, promotional, announcement, launches, etc. Hosting such an event is an excellent idea to interact with your target audience. Ensure that you are listening/reading their comments to give them appropriate feedback. Also, apply their valuable suggestions whenever possible. Collect data to channelize FinTech demand generation campaigns In this data-driven world, it's easy to collect information about your customers. Effective FinTech demand generation starts with data. Make utmost use of the data and insights you gain from your research. CRM and analytics platform, carry out a detailed analysis into your users to better understand your audience's needs, build a FinTech lead generation campaign, and optimize your content, landing pages, CTAs, emailers, etc. High-performing websites and effective FinTech lead generation strategies focus on addressing and solving user needs. These insights will also help you get the most ROI from your PPC campaign and paid activities on social media platforms. Final Thoughts Applying these strategies for demand generation will help you attain the desired business growth. These days, the FinTech market has overcome common challenges such as varying regulatory and compliance laws, trust issues, cyberthreats, lack of support from government bodies, industry-related complexities, etc. Lag in digital banking experience Uneven digital transformation globally in the banking industry is the key reason for the lag in the e-banking experience. A new focus on customer experience During this time of digitalization, focusing on customer experience is the best practice. Gaining customers' trust and loyalty is the most important factor that the FinTech market is looking forward to. Shift from digital to mobile-first The ever-increasing number of smartphone and internet users is among the top reasons why many markets shift from digital to mobile-first. Invest in new technologies FinTech brands need to develop new technologies and come up with new and innovative ideas to promote their products online and get the target audience to drive demand. Investment in fintech companies FAQs Q1. What are demand generation activities for FinTech? A1. As mentioned in the above blogs applying following demand generation activities for FinTech market: • Go mobile with your marketing initiatives • Create valuable content • Social media trends for FinTech • Host events (online & offline) • Collect data to channelize FinTech demand generation campaigns Q2. How do you create a demand generation plan for FinTech company? A2. Demand generation can be defined as a general practice to create need or interest in your product or service and converting passive audience into qualified leads. To begin with, you need to have clarity about your customer base and potential audience to define your potential buyer persona. Once you have your defined audience; make goals and create your funnel such as create an awareness content plan, lead generating content plan and conversion content plan. Set up the tools or online platforms where you are planning to promote this content. Invest in paid promotional activities and lastly measure your success. Q3. Why is demand generation important in FinTech? A3. Demand generation is a data-driven marketing strategy that is designed to nurture future goals. The most important factor of applying demand generation strategy is it helps in generating more revenue. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are demand generation activities for FinTech?", "acceptedAnswer": { "@type": "Answer", "text": "As mentioned in the above blogs applying following demand generation activities for FinTech market: Go mobile with your marketing initiatives Create valuable content Social media trends for FinTech Host events (online & offline) Collect data to channelize FinTech demand generation campaigns " } },{ "@type": "Question", "name": "How do you create a demand generation plan for FinTech company?", "acceptedAnswer": { "@type": "Answer", "text": "Demand generation can be defined as a general practice to create need or interest in your product or service and converting passive audience into qualified leads. To begin with, you need to have clarity about your customer base and potential audience to define your potential buyer persona. Once you have your defined audience; make goals and create your funnel such as create an awareness content plan, lead generating content plan and conversion content plan. Set up the tools or online platforms where you are planning to promote this content. Invest in paid promotional activities and lastly measure your success." } },{ "@type": "Question", "name": "Why is demand generation important in FinTech?", "acceptedAnswer": { "@type": "Answer", "text": "Demand generation is a data-driven marketing strategy that is designed to nurture future goals. The most important factor of applying demand generation strategy is it helps in generating more revenue." } }] }

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How Financial Advisors Can Use Social Media to Build a Brand

Article | July 22, 2020

Most advisors know they should be using social media, but running a successful advisory business requires dealing with a lot of moving parts. When you’re handling a client crisis or slogging through the daily routine that comes with managing a team of financial professionals, it can be easy to let something like posting on Twitter fall by the wayside. After all, isn’t social media just a distraction from your actual work?

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Five Application Scenarios of AI in Banking

Article | April 13, 2021

Over the past decades, banks have been improving their ways of interacting with customers. They have tailored modern technology to the specific character of their work. For example, in the 1960s, the first ATMs appeared, and ten years later, there were already cards for payment. At the beginning of our century, users learned about round-the-clock online banking, and in 2010, they heard about mobile banking. But the development of the financial system didn’t stop there, as the digital age is opening up new opportunities — the use of Artificial Intelligence. By 2023, banks are projected to save $447 billion by applying AI apps. We will tell you how financial institutions are making use of this technology in their operations today. AI-powered chatbots Chatbots are AI-enabled conversational interfaces. This is one of the most popular cases of applying AI in banking. Bots communicate with thousands of customers on behalf of the bank without requiring large expenses. Researchers have estimated that financial institutions save four minutes for each communication that the chatbot handles. Since customers use mobile apps to carry out monetary transactions, banks embed chatbot services in them. This makes it possible to attract users’ attention and create a brand that is recognizable in the market. For example, Bank of America launched a chatbot that sends users notifications, informs them about their balances, makes recommendations for saving money, provides updates to credit reports, and so on. This is the way the bank helps its clients to make informed decisions. Another example is the launch of the Ceba chatbot, which brought great success to the Australian Commonwealth Bank. With its help, about half a million customers were able to solve more than two hundred banking issues: activate their cards, check account balances, withdraw cash, etc. Mobile banking AI functionality in mobile apps is becoming more proactive, personalized, and advanced. For example, Royal Bank of Canada has included Siri in its iOS app. Now, to send money to another card, it’s enough to say something like: "Hey, Siri, send $30 to Lisa!" - and confirm the transaction using Touch ID. Thanks to AI, banks generate 66% more revenue from mobile banking users than when customers visit branches. Banking organizations are paying close attention to this technology to improve their quality of services and remain competitive in the market. Data collection and analysis Banking institutions record millions of business transactions every day. The volume of information generated by banks is enormous, so its collection and registration turn into an overwhelming task for employees. Structuring and recording this data is impossible until there is a plan for its use. Therefore, determining the relationship between the collected data is challenging, especially when a bank has thousands of clients. There used to be the following approach: a client came to a meeting with a bank employee who knew their name and financial history and understood what options were better to offer. But that's history now. With the wealth of data coming from countless transactions, banks are trying to implement innovative business ideas and risk management solutions. AI-based apps collect and analyze data. This improves the user experience. The information can be used for granting loans or detecting fraud. Companies that estimated their profit from Big Data analysis have reported an average increase in revenue by 8% and a reduction in costs by 10%. Risk management Extension of credit is quite a challenging task for bankers. If a bank gives money to insolvent customers, it can get into difficulties. If a borrower loses a stable income, this leads to default. According to statistics, in 2020, credit card delinquencies in the U.S. rose by 1.4% within six months. AI-powered systems can appraise customer credit histories more accurately to avoid this level of default. Mobile banking apps track financial transactions and analyze user data. This helps banks anticipate the risks associated with issuing loans, such as customer insolvency or the threat of fraud. Data security According to the Federal Trade Commission report for 2020, credit card fraud is the most common type of personal data theft. AI-based systems are effective against malefactors. The programs analyze customer behavior, location, and financial habits and trigger a security mechanism if they detect any unusual activity. ABI Research estimates that spending on AI and cybersecurity analytics will amount to $96 billion by the end of 2021. Amazon has already acquired harvest.AI - an AI cyber security startup - and launched Macie - a service that applies Machine Learning to detect, sort, and structure data in S3 cloud storage.

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Spotlight

Srei Infrastructure Finance Limited

Srei is a Holistic Infrastructure Institution, constantly and consistently ideating to deliver innovative solutions in infrastructure space, thus playing a significant role in nation-building for over two decades, both in urban and rural India.Srei's businesses include Infrastructure Project Finance, Advisory and Development, Infrastructure Equipment Finance, Alternative Investment Funds, Capital Market, and Insurance Broking...

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