In today’s digital age, the success of a company hinges not only on its product or service but also on its reputation and public perception. It has become extremely important for companies, especially financial technology firms in Nigeria, to effectively control the course in the sea of negative public relations and perception. According to Deloitte research, 81 per cent of consumers conduct online research before making a purchase decision. Additionally, the 2019 Edelman Trust Barometer study found that around 65 per cent of consumers see brand transparency as one of the most attractive qualities in a company.
These statistics emphasise the importance of maintaining a positive online presence and actively managing your brand’s reputation in the digital space. Trust, it seems, is the cornerstone upon which most people adopt fintech products in Nigeria, which is contrary to the opinion that many users prioritise the ease of use and efficiency of these platforms over their concerns about trust. PricewaterhouseCoopers survey shows that “over 80 per cent of Nigerian consumers cite trust as a critical factor when choosing a financial services provider, including fintech platforms.”
In this landscape, trust has become of the highest importance. A positive reputation not only becomes beneficial but is essential for success. It is illogical to wait for crises to strike before acting. Firms should hold regular press briefings, provide timely responses to inquiries, and offer exclusive insights into industry trends and company developments. Executives must also be positioned as industry thought leaders by contributing insights and expertise to relevant publications and participating in panel discussions at prominent events. Above all, building strong relationships with the media is of great importance.
Transparency regarding business practices, communication, and data privacy can significantly amplify consumer trust, according to the Edelman Trust Barometer. Companies should address issues promptly and transparently. Whether it’s a data breach or operational challenges, they should disclose relevant information to stakeholders in a timely manner to build trust and mitigate speculation. For example, during the COVID-19 pandemic, one fintech company provided regular updates to its customers and stakeholders about operational changes, security measures, and initiatives to support businesses. By being transparent about its challenges and efforts to address them, the fintech company maintained trust and credibility among its user base.
Establishing accessible channels for feedback and inquiries is equally important. Firms must encourage open dialogue with customers, investors, and the public to foster transparency and accountability. Fintech companies must foster direct engagement with the public to strengthen loyalty and trust. Stakeholders, including media representatives, regulatory bodies, potential investors and customers can be invited for on-site visits and company events to witness firsthand the company’s technological prowess. Digital platforms can also be utilised to offer virtual tours of your company’s infrastructure, showcasing your robust security measures and operational resilience.
There is an aggregation in public opinion and dissatisfaction with choices that have given rise to a more cynical public leaving many to question the integrity of platforms they rely on to manage their finances. By aligning your brand with positive social impact, you can supercharge your reputation and differentiate yourself from competitors. Firms should support initiatives that promote financial inclusion, such as programmes aimed at empowering women entrepreneurs or providing financial literacy training to underserved communities. Investment in educational programmes and workshops to push financial literacy and promote responsible financial practices among the public is a great strategy to secure a solid reputation.
