Becoming financially literate today doesn’t require students to sit through boring class presentations about the magic of compound interest or how to stay on top of your bank balance. Quite the opposite, actually. Some of today’s best money messages don’t look like financial education at all. That’s because social channels like TikTok and Instagram are remaking our expectations for how to engage audiences and deliver value. “TikTok isn’t just about dance challenges and viral memes – you might pick up some financial advice, too,” according to NextAdvisor’s Can TikTok Make You Better at Money?
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While it’s true that “the short-form video platform has experienced breakneck worldwide growth over the past year, thanks to its virtual duets and short-form comedy,” as NextAdvisor says, financial brands of all stripes are finding their footing. With 25% of consumers under 30 getting money and budgetary advice from TikTok, FIs that aren’t implementing video-forward strategies are missing huge opportunities for engagement, especially as the ranks of young people move into their prime earning, saving and spending years. While neither platform was created with consumer brands at the forefront, here’s how some forward-thinking financial institutions – both large and small – are seeing success.
Leveraging influencers to deliver messages on their core value proposition of environmentally responsible banking, Aspiration partners with people like Amelie Zilber, a model and activist who uses her platform to spread political awareness. Brands employing video as outlined in Taking TikTok Seriously, include FIs like FNB Community Bank, which saw a cross-platform viral video pay off in amplified awareness. Naturally gravitating toward new platforms, challengers like Chime clearly pay attention to social trends, using voice-over (VO), sounds, music, and moments to communicate with the TikTok generation. The neobank’s #MexicanPizza TikTok garnered nearly 60,000 views, promoting their Credit Builder Card.
With active attention, a dash of creativity and some authentic voices, financial brands are finding that even though these platforms may not be perfectly suited for a typical banking message, their organizations can (and should) take part in the conversations and community happening on TikTok and Instagram. For more information on inspirational brands and what banking can learn from them, stay tuned to Believe in Banking as it looks at industry inspiration and tracks the big trends in financial services. To learn more about the creative brand, social media, marketing, and advertising campaigns for your bank or credit union, email firstname.lastname@example.org.
Photo Credit: Chime