The number of COVID-19 positive cases continue to skyrocket in many parts of the globe. Currently, in the APAC there are more than a million infected individuals. Globally, the total number of coronavirus infected patients tally to more than 16 million. In the absence of a cure and vaccine, countries in the region continue to limit mobility and economic activities.  

As a result, several sectors including Fintech are experiencing a lot of difficulties. Without proper intervention, companies might end up shutting down for good. To survive this unprecedented problem and effectively engage their clients, the majority of Financial Technology businesses have started to amplify their lead generation and inside sales efforts. 

How is the APAC Adapting to the COVID Situation?

The Fintech ecosystem in the Asia Pacific is arguably among the most active and prosperous in the world. Here are some updates on the fintech market in some of the leading APAC countries during the pandemic:

• Singapore – The SG Fintech market has shown incredible resiliency despite the shaky economy. The country has started to slowly reopen its borders and continues to adapt to the situation.  
• Hong Kong – The pandemic has pushed the fintech industry in HK to move forward at a faster speed. Fintechs are maximising the use of tech enablers such as Robo-advisers and robotic process automation.
• Australia – The fintech market in AU has also significantly grown in a short period. Among the latest updates in the industry is the open banking revolution and the launch of various fintech startups and payment apps. 
• China – Despite being the COVID-19 ground zero, China has reopened its economy as early as May with fintech helping revive some of the heavily affected industries.

The pandemic has not ended yet. And so far, it’s not showing any signs of slowing down. Nevertheless, Fintech companies and other businesses need to continue moving forward and looking for ways to thrive and keep things afloat.

What Fintech Industries are Winning and Losing?

Like in every industry, there are plenty of winning and losing sectors in finance technology. For example, businesses engaged in issuing insurance policies and loans are projected to do well in the next few months.  

Financial institutions engaged in contactless payments, transaction monitoring, as well as digital wallets, are also considered to adapt well to the current situation. Besides these sectors, other industries including EdTechs and businesses that provide AI solutions and work on risk & compliance assessments are expected to turn out okay even after the pandemic. 

Sadly, the same can’t be said for some fintech industries. There are several sectors that are starting to crumble because of COVID-19 and the adverse economic effects that come with it. 

One example is global remittance companies. As soon as the pandemic hit, remittance companies have taken a major blow as companies across the globe had to lay off migrant workers. Other fintech losers during COVID include challenger banks, Robo-advisors, wealth management, and foreign currency exchange.

To cope and to prepare for the coming years, businesses need to strengthen their lead generation strategy. During these challenging times, it’s even more pressing to find the right prospects who can help in generating attraction.

Lead Generation and Fintech Inside Sales during the Pandemic

The leads you capture and convert serve as the bloodline of your organisation. Without a good lead generation strategy in place, your salespeople will struggle to bring in revenue. And during these times, a plummeting revenue or budget can break a business.   

To survive, you must have a structured and flexible lead generation and fintech inside sales strategy. We also can’t emphasize enough the importance of creating sales pipelines.

It’s also very crucial to understand that the general lines are no longer working. So, instead of using old-school methods, businesses need to reinstate a multi-channel channel approach in generating leads. 

Multi-channel Approach – How to Build Attraction for Fintechs

To succeed, businesses need to be where the audience is. Think of it as using a wider net to catch more fish. The more you limit your approach, the lesser number of potential leads you can get access to. 

In using the multi-channel approach you need to do the following:

– Find the best platforms or channels to use – Fintech businesses tap into various lead generating platforms during COVID. Some examples include: 

• LinkedIn – This social media platform has over 675 active monthly users. It would be a shame not to maximize your profile especially when the majority of people today are in their homes. It’s the best time to build your connection and engage with people in your niche. Find out what pain points they have and how you can help them. 
• Webinars – With the tight border restrictions, it’s virtually impossible for companies to host physical events such as conferences. Hence, fintech companies are maximizing the use of webinars. It’s surely worth it to host webinars for lead generation because they allow you to: 

1. Establish your authority
2. Increase brand awareness
3. Introduce your company to investors
4. Get access to high-quality leads

– Demo on websites – Nothing can promote your business like a good-quality website. You can use it to demonstrate your products, create landing pages, and collecting business leads.

– BD templates – Reassess your BD template and make sure that it’s relevant to the needs of your business today. Are you focusing on the right things? What weaknesses do you need to address? How can you adjust to the situation? When writing your BD template, make sure to include your plans in using email newsletters, Google Adwords and personalised messages you send to customers.

– Cold calling – Cold calling is quite an old-school approach, but it does bring in a lot of leads when done correctly. During COVID-19, it’s crucial for you to evaluate the cold call scripts you use. Alternatively, you can ask our team to help you write the best script to use. 

– Maximise the use of fintech inside sales – Fintech vendors can reap plenty of benefits from inside sales, especially during this pandemic. Instead of directly selling products or services to leads, companies can have them go through the three tiers of inside sales. 

• Hot leads or ready-to-convert leads – Delivers the fastest conversion which can happen anytime within the first three months of the campaign. 
• Warm leads – Leads/potential customers get to learn about the company and the product/service offers. This tier is expected to convert within three to six months into the campaign.
• Discovery or introductory meeting –  Inside sales representatives need to establish brand presence and awareness. It can be done via LinkedIn networking or through cold calling.

When partnered with leads generation, fintech inside sales can drive up revenue. This is what we do best in Datasearch Growth. We can help you create the right strategy, write good-quality scripts, target a specific market and more. 

Key Takeaways

The continuing COVID problem continues to affect the world economy. To survive the pandemic and what comes after it, need to prioritise your lead generation and sales and marketing strategy. This way, your company can stay afloat and you can regroup and strengthen your foundation.

Here at Datasearch Consulting, we specialize in helping fintech businesses to reach out to relevant market, build sales pipelines, and generate high-quality leads. Datasearch Growth uses a data-driven approach to help fintech vendors like you expand their market and boost their revenue, especially during a crisis. 

Need lead generation and fintech inside sales for your business? Get in touch with us today!

Salma Kazi is the Business Development Executive at Datasearch Growth, a specialist lead generation firm focused on helping Financial Technology vendors grow. If you would like to get in touch to discuss how lead generation can help your business feel free to reach out on info@datasearchconsulting.com for a more detailed discussion.

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