TikTok Offers Customer Acquisition Opportunities for Financial Brands
Current trends show that Gen Z internet users actively seek financial advice online. Financial freedom is a rapidly trending topic, pushing TikTok users to seek information on how to grow their personal wealth from the platform. This has led to the emergence of TikTok finance influencers — sometimes referred to as “fin-influencers” — who focus their videos on topics such as investment tips and how-to crypto guides. Users look to these influencers to educate them on complex financial topics in an easily digestible way. TikTok’s bite-sized videos provide the perfect medium for busy users to absorb this kind of complicated information quickly. Our finance influencer agency helps financial brands seek out these opportunities on TikTok.
Gen Z’s exceptional willingness to learn is one of the defining features of their generation. Research by LinkedIn has shown that they are highly motivated to learn new skills and 59% of respondents cited that making money was their biggest influencing factor.
Why Finance Brands Should Choose TikTok Marketing
TikTok is now one of the largest social media platforms, with over 1 billion active global users. According to Social Blade data, the short-form video app has managed to surpass some of the biggest names in social media, such as Twitter, Reddit, and Snapchat, in terms of monthly users. Considering it was only released in 2016, this is an impressive achievement.
With these statistics in mind, it’s no surprise that finance brands are now trying to unlock the marketing power of TikTok. Its user base is young — over 26% of 18 to 24-year-olds with a smartphone in the UK are on TikTok. Similarly, in the US, over 62% of TikTok users are between 10 and 30.
The spending power of this group is growing faster than any other generation and by 2020, they outnumbered millennials globally. They now make up 32% of the 7.7 billion global population. By running a successful TikTok campaign, you can tap directly into a key demographic that may not be reached by other more traditional forms of advertisement media.
This younger generation born after 1995 — commonly referred to as Generation Z — has unique financial needs that are setting future trends. Along with millennials, they are propelling the cryptocurrency market to new heights. Over 94% of crypto buyers are below 40, with Gen Z representing 17.4% of this statistic.
“Financial freedom is a rapidly trending topic, pushing TikTok users to seek information on how to grow their personal wealth from the platform”
Finance Companies Experiencing TikTok Success
Major finance institutes are beginning to tap into the most powerful marketing platform for converting Gen Z and Millennials (TikTok). Here are some finance companies that have experienced great success using TikTok to raise brand awareness.
Klarna on TikTok
Klarna is a Swedish fintech company that allows users to purchase products online and then pay for those products over time. Summed up as a “buy now, pay later” service, it is now available to use with all online retailers. Entering the UK and US markets in the mid-2000s, this relatively new company had to find a modern way to reach customers.
They posted their first TikTok video in June 2021, featuring megastar rapper A$AP Rocky. Since then, they have amassed over 51k followers and more than 583k likes. Many of their videos feature top influencers, following familiar TikTok skit formats. They also use the platform to create quick video explainers on some of their company’s key features.
AIB on TikTok
In 2020, one of Ireland’s leading banks — AIB — was forced to move its Future Spark Festival online due to the COVID-19 pandemic. Since their target demographic for the festival was teachers and students, it made sense to use TikTok to create awareness for the event. AIB also took this opportunity to promote its mobile app, which had not yet been adopted widely. The company led a successful in-feed ad series across three weeks, directing users to long-form and live videos featuring their Future Sparks festival.
Monzo on TikTok
Monzo is an app-based digital bank with over 5 million users in the UK. Having set up in 2015, they have grown quickly as an alternative to the more well-established British banks found on the high street. They have used digital media formats to their advantage by running successful brand awareness campaigns through TikTok. With just 28 videos, they have managed to acquire over 17k followers and over 216.5k likes. This demonstrates that with just a little input, it is easy to reach a large number of potential customers quickly. One of their short-form TikTok videos, featuring the Monzo mascot going on a shopping trip to a Greggs bakery, amassed over 1.1m views.
How Can Our TikTok Finance Influencer Agency Help You Succeed?
At House of Marketers, we can help you run well-strategised TikTok campaigns to achieve your company’s corporate objectives. Our approach is tailored and customised, providing you with an end-to-end personalised TikTok strategy.
“Our experienced team can create unique and engaging TikTok content for your brand that resonates with audiences and includes effective CTAs.”
After being established by an early TikTok employee (Inigo Rivero), we have put together a team of experts who have deep influencer knowledge and keep their fingers on the pulse of current TikTok trends. We are part of the TikTok generation, so we have a personal understanding of what speaks to this demographic.
Our experienced team can create unique and engaging TikTok content for your brand that resonates with the right audiences and includes effective CTAs. We focus on generating direct ROI, whether it’s in the form of sales, app downloads or tracked via links. Our carefully curated community of influencers build an authentic connection with their audiences. This fosters an environment of trust, which makes passionate followers more receptive when influencers introduce them to brands. Additionally, our brand and influencer matchmaking service will carefully choose appropriate influencers to connect your brand to its niche market.
Our catalogue of TikTok influencer services include:
- Fully managed influencer marketing campaigns
- TikTok paid ads management services
- Influencer strategy development
- TikTok business profile content creation
- Powerful TikTok ad content creation
- Also, we offer solutions across Instagram, Facebook and other platforms
3 Benefits of TikTok for Banking Brands
1. TikTok marketing shows your modern side
Legacy banks have faced new competition in recent years from digital-only banking companies such as Revolut and Monzo. This new style of banking appeals to the younger “very online” generation, who may view the older banking brands as stuffy corporate institutions of the past. By creatively embracing digital video marketing on a platform like TikTok, these older institutions can modernise themselves and demonstrate their value as “technology companies” and not just banks.
2. TikTok Marketing reaches new customers
TV and newspaper advertisements have lost their impact and are slowly fading. If banks want to reach the younger generation, they must know where to find them and how to reach them. Growing up in the information age and witnessing the battle between fact checking and “fake news” play out online, has fuelled their cynicism. According to recent findings, they are increasingly distrustful of major institutions and news media, and they prefer to get their information from social media rather than other non-digital sources. By engaging with Gen Z where they live, traditional banking brands can gain the trust of this emerging market which may otherwise eschew them.
“Witnessing millennials struggle with the 2008 financial crash, has motivated Gen Z to become more financially literate than their predecessors.”
3. TikTok marketing helps educate a younger generation
As mentioned, this is a generation that loves to learn. Witnessing millennials struggle with the 2008 financial crash, has motivated Gen Z to become more financially literate than their predecessors. However, 84% of this generation still turn to their parents to learn about financial topics. This raises a few potential issues since their parents grew up in a different time and may not fully understand all the financial options available. Banks can satisfy this generation’s thirst for knowledge with accurate and up-to-date information, thereby ensuring they have the financial literacy to create a more stable future for themselves.
3 Benefits of TikTok for Financial Insurance Brands
1. TikTok Finance Agencies help dispel insurance myths
Insurance is often viewed as a luxury by millennials and Gen Z. That doesn’t mean this is a market that should be ignored, however. Gen Z is about to enter the workforce, purchase cars, make trips abroad, and soon they will start having families of their own. Insurance brands can utilise TikTok to dispel myths this generation may have regarding the value of insurance in their lives. TikTok influencer agencies can be used to tell stories from a relatable first-person perspective. These stories can demonstrate scenarios where people may need insurance, such as in the unfortunate cases of burglary, or potential risks surrounding not having travel insurance.
2. TikTok helps demonstrate the need for insurance creatively
TikTok’s platrform has many features that allow video creators to engage in a more creative approach than traditional video advertisement allows. The social media platform facilitates meme videos, where creators follow a set video format, often using the same songs, to create similar content but in innovative ways. From dance challenges, to make over transformations, these videos provide endless creative opportunities for savvy insurance marketers.
3. TikTok Finance Agencies help reach the travel community
TikTok has a huge travel community, fuelled by Gen Z and millennials who are desperate to travel. Popular TikTok travel couple accounts such as @theglobewanderers and @riotravelers, both have over half a million followers each. After experiencing the lockdowns and travel restrictions caused by the COVID pandemic, younger people are getting itchy feet. They want to explore the world while they still have limited responsibilities. Travel influencers can be used to reach this niche market that will benefit from the need for travel insurance in a relatable way.
@theglobewanderersKaylee having the best day of her life ##shark ##stingray ##moorea ##adventure ##fypp with Voila Moorea and Tahiti Tourism ##lovetahiti♬ original sound – Jake and Kaylee
3 Benefits of TikTok for Payment Provider Brands
1. Young people embrace the cryptocurrency market
In a 2019 Blockchain Capital Survey, 42% of respondents between the ages of 18 and 34 said they were likely to purchase Bitcoin in the next 5 years. Meanwhile, 18% of this age group already owns Bitcoin, and this statistic does not even encompass any of the multitudes of altcoins or other digital assets currently available. With many payment providers now facilitating the trade of cryptocurrencies on their platforms, TikTok provides the perfect marketing outlet to reach the generation most likely to purchase digital assets.
“This generation of digital natives is key to facilitating the mainstream adoption of a payment provider’s service.”
2. Use creators to creatively demonstrate the moving of money
Influencers provide a unique way to demonstrate the moving of money. For example, influencers can create video skits, which provide a quick walk through, showing the ease at which payments can be made between friends and family. Think about TikTok’s duet feature, which allows creators to include another creator’s video alongside their own. This could be used to metaphorically demonstrate the transferring of money between influencers.
3. Reach the generation that spends online
Payment providers rely on e-commerce for the majority of their business. By using TikTok, they can market themselves directly to a demographic that has largely shifted to online shopping post-COVID. This generation of digital natives is key to facilitating the mainstream adoption of a payment provider’s service. They also strongly influence their friends and family, so by first convincing Gen Z, your brand will eventually reach an even wider demographic.
5 TikTok Finance Influencers to Follow
TikTok followers: 2.7m
Content creator Ben Armstrong has amassed a loyal fan base with his engaging crypto-related content. His account details his journey from Party City employee to proud Lambo owner, all thanks to his savvy crypto investments. His videos aim to educate users on the intricacies of the crypto market by providing regular crypto “pro tips”. He also frequently covers topics such as how to take profits, NFTs, meme coins and general Bitcoin market trends.
TikTok followers: 2.1m
This millennial real estate investor aims to show his followers that financial freedom is within reach. His content mainly focuses on investing strategies, side hustles, business strategies and personal finance tips and tricks. He posts 1-2 videos every week and is now promoting his “Financial Freedom Blueprint”. It show followers how to escape the rat race by investing their money wisely.
TikTok followers: 2.7m
As a former financial adviser at Merrill Lynch, creator Humphrey Yang claims he initially began making videos to appease his friend’s requests for financial advice. He now creates finance related content for a much wider audience on TikTok. He focuses on explaining difficult financial concepts in layman’s terms.
TikTok followers: 1.9m
Tori Dunlap brands herself as a financial feminist who wants to “fight the patriarchy by making you rich”. After saving $100,000 in her corporate marketing job, she set her sights on becoming a financial advisor for women. Her finance related content has drawn her to the attention of CNBC who hailed her as “the voice of financial confidence for women”.
TikTok followers: 718.4k
TikTok finance influencer Alina is a rapidly rising content creator who defines herself as a “crypto nerd”. Her content covers more technical aspects of blockchain technology, such as how to build a mining rig. She aims to introduce newbies to the tech and also help them achieve crypto-mining success.
Hire A Trusted TikTok Finance Influencer Agency To Build Your Brand Community
If you’re new to TikTok or would like to optimise your marketing budget in the field of finance, work with a leading TikTok agency like House of Marketers to propel you towards your goals. Our extensive experience covering all things TikTok will help you create content that reaches your target audience where they spend their time, increase engagement through a range of creative concepts, and maximise your marketing ROI.
House of Marketers (HOM) is a leading TikTok Marketing Agency. Our global agency was built by early TikTok Employees & TikTok Partners, which gives us the insider knowledge to help leading brands, like Redbull, Playtika, Badoo, and HelloFresh win on TikTok. Want us to convert more of Gen Z and Millennials with TikTok? Get in touch with our friendly team, here.