The Role of Influencer Marketing in the FinTech Industry

Growth in the FinTech environment has been meteoric in recent years. Because of technological changes and more product automation, the financial and technology services business is expected to grow to $305 billion by 2025. Now that they see the potential for growth and revenue in this direction for brands, they intend to develop a solid web footprint. Thus, fintech brands realize the potential of influencer marketing. The following are some of the reasons why fintech brands should put influencer marketing at the top of their list of priorities.

Millennials and Gen Z account for a sizable chunk in terms of population share. Soon, this age group will be a significant force in the economy, as they represent the borrower and investor markets. Fintechs, if they want to attract their target market, need to go where their customers already are. Both groups will use social media, as they have grown up with the internet. Qualtrics and Credit Karma research shows that 56% of Generation Z and Millennials use social media to seek financial advice. Most millennials (51%) and members of Generation Z (51%), who are younger than millennials, say they have taken the financial advice of a stranger they met online. It's good news for the country as a whole, as a large percentage of the population is now or soon will be part of Gen Z, and as a result, the government will have a substantial surplus of cash. So, if fintech brands want to reach their ideal customers for their product, they need to use influencer marketing. This is because the sector's target audience is easy to get and can be achieved through influencers with a strong following. People worldwide use social media, making Facebook, Twitter, Instagram, and YouTube ideal advertising platforms.

Since the beginning of time, brands have put a lot of money into TV and print ads because they can reach many people for a low cost. But the target demographic is so large that much of the money spent on this type of advertising is wasted in the modern era. But with the help of influencer marketing, brands reach their specific target audience and get a firm hold on that audience because the audience follows the influencers willingly and religiously.

Many people regularly interact with the content posted by the platform's influencers because they trust them. People with a lot of influence have been said to treat their fans like extended family, even going so far as to build an emotional and psychological bond with them. Because of this, influencer marketing endorsements can help establish brand trust. In addition, this guarantees extensive exposure, substantial revenue, and lasting results. Contrary to traditional media like television and newspapers, content on social networking sites rarely grows stale. Social media content can still bring in new viewers months or even years after you first posted it, which helps the brand reach more people and get more exposure.

Many consumers don't feel as enthusiastic about purchasing fintech items as they do about other types of product. Since the financial crisis of 2008, the sector has been working hard to repair its image. Using influencers in your marketing strategy might help you show off your company's good reputation in ways that go beyond selling things. You may build trust in your brand accurately and authentically by forming partnerships with influential figures in the world of finance who are respected in their field and who care deeply about the people in their neighborhood or a particular cause.

In the past months, there has been an uptick in the number of posts made by influencers, highlighting that the $15 billion influencer marketing sector has received increased attention from the financial technology business. The following are some examples of fintech solutions that take an influencer-led approach:

In recent years, HDFC has set up several creative and eye-catching influencer marketing campaigns, like #spenditwell and #moohbandrakho, which both got a lot of attention in the market. Within the first 42 hours after it went live, the #moohbandrakho campaign, designed to educate people about various forms of online fraud, received more than 19 million views and more than 1.5 million engagements.

Influencer marketing was one of the first things Klarna did, and they did it in style by partnering with one of the earliest hip-hop pioneers for their product. Snoop Dogg can strike a chord with many subjects, but finance is not one of them. Klarna worked on the rebranding of a product, which included a marketing campaign that focused a lot on design. Their campaign for a product, which they called "Smooth," contained a wide variety of unrelated things, and the video advertisement quickly ascended the rankings, eventually receiving more than 15 million views for the product.

The founders made the stock market app to teach people about the stock market. With the help of influential people in the financial business, the company used YouTube videos to get the word out about its new app and product and teach users about the many features and benefits of the software.

The use of influential people as a promotional tool is nothing new. Influencer marketing is a crucial way to advertise, especially if one of your brand goals is to get a larger share of the younger market. The use of influencer marketing can help fintech brands demonstrate their unique value by spreading their message in a way that stands out and is easily remembered. The difference that influencer marketing makes comes from the fact that the influencers are creative and the product is unique. As a result, fintech marketers must devote their full attention to influencer marketing.