What connects today’s fintech companies to the original banks of the 13th century is hyper-personalization. It’s a strategy for both. The applications are diametrically opposed.

At the time, services were tailored to a single customer as banks picked one and served them only to them, like the Medici family. Banking standardization has gradually eroded personalization.

Fintechs are now using it as a marketing strategy. Instead of outright mass marketing, they are embracing influencer marketing.

Fintechs get serious with influencers

People usually associate influencer marketing with lifestyle or beauty brands. But any industry, including fintech, can leverage it as a channel to add flavor to marketing.

Influencers are helping to sprinkle some glitter on the otherwise unimaginative and monotonous topic of personal finance. Hence, reach a wider audience, attract more users and boost app downloads.

As a distribution mechanism

Together, Millennials and Gen Z make up a significant portion of our demographic pie. In the near future, they will be important economic engines and the tranche in search of loans and in search of investments. To capture this target audience, fintechs need to be where they are. Since both generations are digital natives, that means social media.

56% of Gen Z and Millennials intentionally seek financial advice through social platforms, according to research from Qualtrics and Credit Karma. And 51% of Gen Zers are okay with seeing financial advice online from someone they didn’t know, proving that influencers have a stronger hold on this demographic.

Take Stashfin. The fintech company reached young adults, housewives and early workers using a simple concept. Financial services are part of everyday life. It’s not just about where your paycheck goes or where you withdraw money from. It’s become a lifestyle choice about how people pay their bills or split the cost of a meal with friends. So the brand leaned into it, collaborating with everyday creators Tanya Khanijow, Rajiv Mahkni and Shivesh Bhatia to drive brand awareness and gain app installs.

As content creators

Compared to their predecessors, Millennials and Gen Z are more aware of the need for financial prudence. Yet they retain the generational and unconscious bias of not talking about personal finances. Add to that their impossibly short attention span and gigantic aversion to jargon-heavy posts, and traditional advertising to acquire users is irrelevant.

However, while conventional communication alienates them, influencer marketing is a solid tactic. Fintech players do not use influencers only as distributors of brand communication. They are also capitalizing on their content creation ability. It has become the most valuable asset for Fintechs to capture and hold the attention of consumers.

When Apple throws an event for an iPhone launch or Adidas launches a new shoe, it’s glamorous. People are flocking there without much marketing effort. When a fintech introduces a new feature, it’s boring. But the creators make opening accounts, taking out loans, or investing in crypto a bit more interesting.

The #DoubleBenefitFromRBLBank campaign is an example.

In collaboration with Sameera Reddy and Ujjawal Pahwa, the fintech influencer marketing campaign targeted professionals and housewives across India to stunning effect. The campaign reached nearly 670,000 people and garnered more than 770,000 pledges.

As trust builders

Money is a sensitive issue, making trust and credibility crucial. This is another way fintech players are using influencer marketing. They capitalize on the behavior of consumers, who find content generated by creators to be honest and trustworthy.

This trust is transferred to the fintech company the creator is promoting, creating brand affinity and ensuring the campaign brings in warm leads. FinancePeer’s #FeeFinancing campaign is proof that a creator’s opinion has a lot of sway over users. With micro-creators like Rashi Vohra, Resham Kukreja and Jasmeet Kaur Deep alone, this has led to 15,000 app downloads.

Cautions for fintech influencer marketing campaigns

Millennials and Gen Z are more aware of personal finances and are actively taking steps to stay informed. Social media, as well as influencers, play a powerful role in this. He made influencer marketing demonstrably effective for fintechs, with campaigns reaching a whopping 126% engagement rate.

Nevertheless, there are caveats attached. First, the industry is heavily regulated, so it behooves brands and creators to consider this before uploading any content. Second, the right influencer partner makes all the difference. A campaign with a creator who has never spoken above monetary issues has little chance of success.



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Disclaimer

The opinions expressed above are those of the author.



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