Not too long ago, globalisation was only achievable by giant FinTechs. But thanks to technological advancements, the adoption of online marketing, greater access to capital, and the rise of direct-to-consumer business, more and more FinTech scale-ups have the opportunity to take their product or service international.
Gaining a deep understanding of your target markets, the competition, current local market trends, and requirements lay an important foundation for successfully launching and driving global growth. From here, there are a number of measures you can take to foolproof your FinTechs international expansion, with the following being 4 tips for taking your FinTech global.
Research Your FinTechs Readiness
Similar to when you first launched your FinTech, expanding globally involves taking a comprehensive assessment of the marketplace and your ideal position within it. You need to evaluate factors such as:
- Your FinTechs strengths and weaknesses within the desired international region
- The strengths and weaknesses of your competitors within the region
- The total available market versus the serviceable available market
- Product or service modifications that need to be made to accommodate to your international users
By utilizing every available avenue to research your international markets, you should have an accurate picture of how much demand there really is for your FinTech. Once you’ve confirmed the gap is there, you can take the necessary steps to market-ready your FinTech. From ensuring you’ve acquired all the necessary compliance and certifications in line with government and industry specific-regulations, to beginning the initial testing and quality assurance reviews based on local standards.
Familiarise Yourself With Cultural Nuances
Navigating the local language and customers of a country is one of the largest challenges FinTech companies on a global expansion drive face. Even expanding from the UK into the US, for example, can pose language challenges, with many FinTechs that have scaled globally having been surprised by the difference colloquialisms can have on your approach to customer service.
As well as familiarizing yourself with local cultural customs, references and buying habits, you may also want to initiate cross-cultural training to enable your global teams to interact successfully and harmoniously with one another. Relationship-building must be a number one priority. If you encourage mutual respect and trust across all teams and all locations, productivity and efficiency will bolster, which will impact your revenue goals in a meaningful way.
Establish A Global Marketing Strategy
Every country has a unique culture of its own, and you need to tailor your marketing to make sure your product or service resonates with the local market. When expanding your FinTech globally, many aspects of your marketing strategy won’t change. However, your approach to marketing, such as your messaging, PR, advertising, and channels, will need to alter for each international market you move into.
For example, if you’re looking to expand into the US, you may spend a significant amount on Facebook ads. But in Japan, where Twitter is more popular, you may make this your focus channel for connecting with your consumers. You may also want to tailor your brand to individual locations, rather than maintaining one global style depending on what resonates best with the markets consumers.
Hire the Right Team
Having a strong team around you is critical in this expansion phase. FinTech companies that have successfully gone global, such as Tide and Credit Karma have recognised the need to invest in the best FinTech talent, as well as the importance of nurturing a work environment where everyone is motivated, engaged, and empowered to contribute to the overall mission.
“The ability to attract, develop and retain talent […] is crucial to a FinTech hub’s success on a global scale.”
Take into consideration the individual demographic characteristics of the local labour force of each location you’re looking to expand into. As well as this, evaluate educational and experience levels to ensure you don’t have a difficult time hiring the right talent in overseas markets.
If you’re looking to take your FinTech global, get in touch! Our team of expert consultants have a deep network of top FinTech talent across the APAC, North America, and European regions who can help you hit the ground running and make your global mark.
Originally published at https://storm2.com on June 17, 2021.