In an industry where trust and credibility are essential to business, media relations can make the difference between success and failure. If you want to manage other people’s money or collect information about them (and their money), it is crucial to establish and maintain trust with your customers.

Silicon Valley Bank, for example, did not, and customers chose to leave.

News travels faster than ever, and small mistakes or misstatements can cause significant damage to a FinTech company’s brand. This is why it is important to manage media relations better than anyone else. It is not just about issuing press releases and responding to requests; it is about proactively shaping the story, building relationships with journalists and being transparent and responsive to the needs of the media as much as other stakeholders.

With increased competition in the FinTech sector, PR becomes a strategic tool for differentiation. Companies can articulate their unique value proposition, highlight their innovations and demonstrate their commitment to safety and regulatory compliance. This requires nuanced communication that goes beyond traditional marketing.

Through well-managed media relations, FinTech companies can build trust, credibility and brand awareness. Whether navigating regulatory challenges, addressing security concerns or highlighting the benefits of their products and services, effective media relations can help FinTech companies stand out and succeed in highly competitive markets.

We haven’t even started talking about how the impact of a crisis can affect business. Leaked/hacked customer data, misinterpreted statements by senior management, or a flaw discovered by authorities or the media (60 Minutes?), or anything else that will affect your most valuable asset – trust and confidence.