Friday, 28 November 2014

Fintech PR – How to get a bank to put its name to a story

Why so shy?
Throughout my career, I have always maintained that doing PR for fintech companies isn’t rocket science, however it is a bit tricky. Not only are you, the PR, the only person in the brain-chain without a PhD or three, which can leave you feeling perma-insecure; but also ‘tis hard to tell good stories if there are no good stories to tell.


Listening banks are great but when it comes to
fintech PR, talking ones are my favourite
Actually no news isn’t good news – but owing to the nature of the deals, it is not unusual for a small or a start-up fintech company to have just a few client signing announcements a year and those signings usually fall into three categories:
  • The no comment: you may not mention the bank in anyway shape or form – great thank you sooo much for that one.
  • The vanilla bean: you can prepare something but the details are to be so vanilla and that the quote so bland that it’s barely worth the effort. 
  • The never never: You get the go ahead on the Friday night, write it on a Saturday, it gets signed off by your team on the Sunday and it's with the bank for approval first thing Monday morning. And there it will stay, stuck in the corporate food chain awaiting sign off forever more, never to be seen again.
Five tips for getting a bank to sign off a press release
Over the years, working for a fintech start-up, then a fintech multi-national and then a fintech PR agency, these are the tactics I have seen work. It's a bit of a team effort:

1) Incentivize your sales people to negotiate press as part of the contract. Cash bonuses for press releases and double again for a case study, seems to work well enough.

2) Incentivize your bank by giving them a discount in the contract if they agree to do press, get dates.

3) During the sales process and the implementation, stay close to your champion in the bank and work directly with them on the story, using them as the spokesperson, and making sure your story shows your champion as the pioneer they truly are.

4) Have the release written and ready to go so that it can be slipped under the nose of your happy, happy client the day everything goes live ahead of schedule and under budget.

5) Make the release hardworking and insightful tell the story of the partnership between your company and the bank. Do not dwell on what was wrong in the first place, be realistic no bank is going to sign off a story that goes, 'well it was just chaos here till you guys showed up'. And keep the quotes real and relevant not an unadulterated and shameless plug for your company. This will make it easier to get sign off, and more credible with the journalists, on whom you ultimate depend to publish it.

What if you hit an absolute blank wall and can’t get the bank to talk no way no how?

Rather than issuing a no name press release, which somewhat reeks of desperation, consider going down the analyst relations route where your client can freely talk about the project and its successes to the industry analysts under the comfort of NDA.


If this was helpful so too might be:
Made by clever people for clever people: can PRs add value in fintech?
Sibos, no rest for the wicked or even the wise: on getting the best out of the biggest fintech tradeshow.
Why the sign off process can ruin a good press release: self-explanatory I think.

No comments:

Post a Comment