Just last week, we saw the announcement that the PSR is set to be absorbed by the FCA. Fast forward a few days, and removing the contactless limit was featured as one of the 60 measures in the Chancellor’s “radical action plan” to “cut red tape and kickstart growth”. These were a fast follow-on from the publication of the National Payments Vision at the end of last year – the strategy for the UK to deliver world-leading payments, and yep, you guessed it, drive growth. 

It’s fair to say that the payments industry is experiencing a new wave of hype – and not the hype of the fintech boom days that, at times, was synonymous with cheap money and a ‘move fast and break things’ mentality. We’re now seeing the payments businesses that were once doubted rise to new heights (just look at Klarna’s upcoming IPO), and the industry as a whole earn a seat at the table for the discussions on how the UK hopes to grow the economy.  

Amidst the palpable buzz of the sector, there is a real opportunity for fintech and payments companies to capitalise on both the hype and the hope.  

Define the vision 

Make no mistake, the heightened focus on the industry presents both an opportunity and a challenge for communications functions. They are faced with needing to remain agile enough to take advantage and respond to fast-moving developments, while also being able to present a consistent and unified vision that resonates with a wide, and growing, range of audiences.  

It’s therefore never been more important for payments companies to define, elevate and amplify their stories through the lens of a powerful communications strategy. This needs to be centred around a clear brand narrative that tells a simple, bold and relevant story around their mission and purpose, whilst being able to be tailored to resonate with a varied and growing set of stakeholders – whether it’s the intrigued eyes of investors or the open ears of policymakers. 

When both of these goals are met, payments firms will be able to more effectively drive differentiation, showcase their purpose, and in today’s environment, cut through increased noise. 

Hand the mic to the experts 

As you delve further into the ecosystem, it becomes ever more complex. Whether it’s the mechanics of the APIs that underpin Open Banking or how AI is redefining fraud prevention, payments is an ever evolving web of innovation and technical advancements.  

But it’s exactly these intricacies that media in particular are becoming more interested in as they seek to understand how, and why, the industry has been positioned as a key driver of growth. This is the time for the experts and technical leaders to shine and become trusted sources of knowledge and insight for journalists covering the sector.  

Armed with a clear brand narrative and deep technical knowledge (not forgetting a healthy dose of media training!), payments companies are set to more easily earn the column inches they may have previously struggled to secure, driving brand awareness and credibility. 

With all eyes on payments, businesses in the space now have a golden opportunity to showcase their vision and expertise. A dynamic communications strategy underpinned by a clear and powerful narrative will be the differentiator between those that successfully capitalise on the hype and hope that surrounds the sector, and those that get lost in the noise.   

MHP will be at PAY360 at the ExCeL on the 25th & 26th March. If you’re interested in booking in a coffee to learn more about how our fintech and payments team can support businesses in the sector, please email [email protected].