How Banking Can Capitalize on the TikTok Effect

The Story: With a big leap in users in just the last year, TikTok has become the place to reach an increasingly influential demographic. Or as Adrenaline’s Taking TikTok Seriously puts it: “With more than one billion active users spending 19.6 hours scrolling each month, TikTok is a powerhouse and its influence is growing.” Of the nearly 150 million users reached by brands on TikTok, 43.3% are aged 18-24 – the most sought-after cohort among FIs trying to supercharge their growth.

The Takeaway: We know that digital media allows brands an easy – and trackable – path to education, awareness and conversions. As young people use platforms like TikTok to express themselves and take ownership of their identities, bonds formed with brands there will result in more authentic and enduring affiliations, even as they interact off-platform. Key to driving followers and engagement, brands should embrace authenticity and video-forward approaches to make the most of TikTok’s conversations and communities.

Source: DataReportal, “TikTok Statistics and Trends,” May, 2022