July 24, 2024

5W Public Relations: 5W PR Blog

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Understanding the FinTech Industry and How PR Plays a Role

Fintech PR

Fintech PR

The vibrant digital market of fintech promises financial liberation with solutions like frictionless payments, seamless investing, and wealth management at the fingertips of consumers. But lurking beneath the shiny surface of apps and algorithms lies the chilling vulnerability of data breaches. 

In fact, back in September 2022, this became evident for over 50,000 users of the platform Revolut. The platform’s digital vaults were breached, and their information was exposed. The news rippled through the news cycle and financial landscape, shattering the fragile trust that fintech companies already have.

Revolut breach

The fallout of this breach was immediate. Panic started buzzing in the minds of the users, a familiar knot of anxiety forming as headlines repeated that emails were leaked, names were exposed, and some even stated that partial payment card details were made public. 

People’s financial lives that were placed in the sleek interface of a revolutionary app suddenly felt dangerous. Trust, the core element of any financial institution was immediately destroyed, leaving the fintech consumers wondering about the foundation of the promises that the fintech industry had made.

PR solutions

Fortunately, in the midst of the chaos, Revolut decided to rely on public relations. This strategy managed to rebuild trust, day by day. The company focused on transparency. Clear, direct communication acknowledged the damage, outlined immediate steps taken to contain the leak, and offered concrete assurances of enhanced security measures. 

In 2021, Klarna navigated a similar storm with transparency and speedy actions, not only mitigating reputational damage but also solidifying the company’s image as a security-conscious company.

Informational and educational content

The role of PR goes far beyond damage control during a PR crisis situation. Brands can use PR to generate awareness and educate their audiences. They can create bite-sized explainer videos on social media, crafted by PR in collaboration with cyber experts. 

These snippets, demystifying complex security concepts and debunking common myths, empower users to identify phishing attempts, choose strong passwords, and navigate the digital landscape with informed cautiousness. 

They can also host interactive workshops hosted in community centers, partnering with financial literacy organizations to integrate basic data security into their curriculum. By equipping users with the tools to protect themselves, PR becomes a proactive shield, thwarting future threats before they materialize.

Importance of storytelling

The magic of PR isn’t just in technical knowledge and education, the core element of PR is always storytelling. For example, the fintech company Robinhood managed to weather the GameStop saga in 2021 not just through technical solutions, but also by developing a narrative of financial democratization and investor education long before the crisis situation. 

This focus on the human element, coupled with transparency and proactive engagement, not only calmed the storm but also garnered the company lasting trust from a tech-savvy generation. Companies can create PR campaigns crafted with empathy, acknowledging the anxieties of users, not just with dry technical jargon, but with human stories. 

Content such as testimonials from cybersecurity experts highlighting the resilience of digital infrastructures, paired with narratives of users who successfully overcame similar data breaches, regaining control of their financial lives. 

Read more from Ronn Torossian:

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