A “finfluencer”—or finance influencer—is an influencer that shares financial information and expertise.
They offer Gen Z and Millennials financial advice in snackable, light-hearted formats and are becoming an increasingly popular source of financial information on social media. Finfluencers have been able to solidify their relevance thanks to the rise of fintech, COVID and unemployment uncertainty and the popularity of cryptocurrency.
Finfluencers present financial institutions with many opportunities, but they need to be used with the utmost care and responsibility. As a result of fraudulent financial promotions, fake finfluencers and Financial Conduct Authority (FCA) concerns, social media platforms are becoming increasingly strict on the promotion of financial services and products.
So, how can financial institutions use finfluencers?
How Plum uses Finfluencers
AI money saving app Plum partnered with finfluencers including Matt Morgan (@moneywithmatt) and Timothy Paul (@tempahtime) who create content on finance, business and entrepreneurship for teens and young adults. Plum ran a series of ads and tutorials on how to save money and safely invest in stocks, alongside a “52-Week Savings Challenge” that encouraged users to save small amounts of money regularly. This use of finfluencers worked for Plum as TikTok users enjoy participation-based marketing. .
@moneywithmattAn Easy Way To Invest in Stocks! #plum #invest #investing #ad #stocks♬ She Share Story (for Vlog) – 山口夕依
How Snoop uses Finfluencers
UK fintech Snoop primarily uses TikTok and finfluencers for customer acquisition. Snoop has worked with finfluencer Jatz Naran since 2020 and promotes all his Snoop-related TikToks. The TikToks use simple language and explain real-life situations in an easily understandable way; some of the TikToks have received over 12 million views. Snoop has said that TikTok has been surprisingly successful in acquiring customers in their 50s and 60s, as well as younger audiences.
@jatznaranLink in bio 🚀 ##snoop ##sponsored ##fyp♬ The Magic Bomb (Questions I Get Asked) [Extended Mix] – Hoàng Read
@jatznaranSnoop is by far the best money management app I have used 🤯🔥 ##snoop ##moneymanagement ##fyp♬ STAY – The Kid LAROI & Justin Bieber
How to use finfluencers
Host educational finance workshops
Finfluencers can be used to host branded financial workshops that provide accurate financial information and tips in a snackable format. Finance is a notoriously tricky topic to understand, especially for those who have no pre-existing knowledge. Having qualified and experienced finfluencers host workshops, mini-series or tutorials on how to use a fintech or traditional financial institution’s services and what benefits it can bring customers. By hosting multiple workshops or videos in a series, finfluencers can go into depth with their advice, offering a well-rounded and unbiased viewpoint.
Use finfluencers as financial brand ambassadors
Financial institutions can use finfluencers as brand ambassadors. We would recommend that the finfluencers chosen to be brand ambassadors have relevant professional experience in an institution’s financial category. This gives the partnership credibility from the get-go, and businesses can ensure the advice and content created will be accurate and beneficial to audiences. In addition, finfluencer ambassadors are already established within a social media niche and can help businesses reach new and relevant audiences.
Make your own employees finfluencers
Employees of financial institutions understand the inner workings of the business and will already abide by (and agree with) company values. This means their ambassadorship is as authentic as it can be and a brand will be accurately portrayed and promoted online. Employees have the qualifications needed to work at financial institutions, so they understand how to offer relevant and accurate assistance on social media. In addition, using “normal” people as ambassadors makes a business seem more relatable to social media users; they will also be more inclined to trust a professional opinion.
Host a money-saving challenge
Social media users, particularly those on TikTok, enjoy participation-based marketing. Hosting a money-saving challenge not only enables users to actively participate in a challenge, but promotes and encourages downloads of a business’ app or services. It allows users to experience, for example, a new fintech money-saving platform that has been demonstrated by reputable finfluencers and gives them a chance to ask for advice as the challenge progresses, increasing engagement. Challenges are highly popular on TikTok and are a surefire way to boost awareness.
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