According to research by Deloitte, the FinTech market in Europe is worth about €2.2 billion, of which almost €860 million stems from Poland. The country shines in the field of contactless payment and financial platforms. Pioneering payment solutions such as BLIK have helped Poland earn a reputation for innovation in financial services and point to a market with a growing appetite for technological change.
However, with more tech vendors creeping into the market, the landscape is slowly becoming crowded. As of last year, there were a few dozen financial innovation businesses operating in Poland. According to data from the “FinTech in Poland; barriers and opportunities” report, these span all of the main areas, including electronic payments and financial platforms.
The report also stated that, even though the majority of the survey respondents were relatively small businesses, most had a product or service ready. The main business objectives were to search for new customers (43.7%) and to consolidate their position in the market (37.5%).
Standing out from the crowd
“The key enabler to success in FinTech […is] not about disruption for the sake of disruption, but about relevant disruption.” said Paul English, co-author of the “Success in FinTech: are most getting it wrong?” report.
The truth is, success isn’t about you, your services or your product but about how it addresses a real and important customer need in a better way.
Once you define your company’s stance, you need to effectively communicate this with investors, stakeholders and relevant audiences. Otherwise, it’s like wearing your best dress and staying home alone or flashing your dazzling smile in the dark. The FinTech industry in Poland is booming so companies need to focus on cut-through and standing out from competitors.
PR has earned its reputation for helping businesses set themselves apart. Yet, this might not be the case in the Polish market. According to Exacto’s recent report on the state of PR in Poland, there is a very low awareness among clients when it comes to public relations. This could explain why many FinTechs operating there struggle with moving from product development to lead generation and, ultimately, sales.
Who are you talking to?
The FinTech in Poland; barriers and opportunities report also shows how FinTech companies position their products and services. For example, eID-based services are 100% aimed at the end clients. Interestingly, these services are not targeted at the digital identity management teams within banks, which would be a natural choice since digital transformation is a key strategic goal for financial institutions in the coming years. And the report shows exactly the same trend for the electronic payment services – limited success due to poor targeting.
Defining your target audience is a process that will take time, research and tweaking but this is something you can’t afford to skip. PR is the place to look for help with this. An agency will walk you through the process of identifying the different types of buyers and will share valuable insight into the needs and motivations of your potential customers.
It’s clear that Polish FinTech has it's work cut out in 2018 but it’s clear that the time is right for marketing teams to make PR a priority. Stay tuned for the next blog in this two-part series, where I uncover the role of PR in achieving cut-through and establishing credibility.