David Goodman

Influencer marketing is quickly gaining traction amongst all industries. Everyone from fashion to travel agencies to mattress companies are using social media platforms more than ever before. In fact, the influencer market is now worth $1 billion. The use of financial influencer marketing makes sense now more than ever before.

However, when it comes to an influencer marketing financial services, financial institutions are typically hesitant. This is because of the heavy regulation by the Federal Trade Commission and Financial Industry Regulatory Authority. However, if used correctly, influencer marketing financial services could be an excellent way to grow your bank.

Reach a New Generation with Banking Influencers

It is no secret that Millennials do not trust financial institutions. Since the market crash of 2008 especially, they have shied away from using financial institutions for financing their dreams and using the services that they have to offer.

However, Millennials do trust the recommendations of others, even if they do not know the person. In fact, 92% of people trust recommendations more than all other forms of advertisement.

An influencer marketing financial services has the potential to give your financial institution a warmer presence and the opportunity to set you up as a reputable organization. The traditional methods of marketing that financial institutions used in the past make the newest generation of potential customers unsure about whether they can trust them, but by using people that they trust, such as bloggers, vloggers, and Instagram, you can show them how your bank can help them.

The Ultimate Guide To Financial Marketing

Download this 6-step guide for expert research, trends, tools and templates to help you build financial education into your marketing strategy.

Tips for Influencer Marketing for Financial Services

Appealing to the customer experience is different now than it was in generations past. Millennials are more interested in experiences over things, so it is important to appeal to that. Show how they can finance their travels or artistic pursuits over cars or clothes.

Using banking influencers to show how using your services allows your customers to live their most fulfilling lives. Reading about small business loans, for example, may not interest many potential customers. However, seeing the exciting business that an Instagram celebrity is able to start up with the help of your services makes others excited to do the same. An influencer marketing financial services shows potential millennial clients a vision of what you can do for them and gives you the credibility millennials are looking for.

Next, Millennials are unsure about their financial state, so they are looking for financial educational content. Giving basic financial advice through a YouTube channel, for example, will help bring important attention to your institution. Rather than overtly advertising your brand in this way, you help build goodwill by educating.

Although you need to be careful about the financial advice you give (because of FTC and FINRA oversight), giving very basic advice on how to invest, prepare for retirement, or finance a home will give your financial institution credibility and authority when the viewers look for a bank.

Using banking influencers is the perfect way to get potential customers to not just see and know your bank but like it. It builds credibility and puts you back in a positive light. Harness this incredible opportunity today!

Digital Financial Education During COVID-19

Findings from a 2020 survey of marketing executives at financial institutions. Financial marketers continue to face key challenges in the COVID-19 era, from consumer acquisition to brand loyalty and more.