Back in 2022, Sprout Social released a report, titled “The State of Social Media Marketing in 2022,” surveyed over 1,200 and found that 68% of consumers are more likely to trust a financial brand that is active on social media.
What’s more, the 2023 Fintech Consumer Report by Mintel also found that 75% of consumers say that social media has influenced their financial decisions. These results are enough to start considering investing in social media activities for fintech companies.
Let’s take a deep look at best social media practices for fintech companies.
Don’t Talk about Money but People & Feelings: Humanizing the Brand
Yes, we are indeed referring to fintech firms! The art of storytelling and sharing posts that deeply resonate with internet users is a well-established technique for this sector as well. Fintech companies like CashApp, ANNAMoney, Zopa, and so on effectively connect with their audiences by utilizing memes, TikTok videos, and relatable first-person narratives.
For instance, Zopa, the firm connecting individuals looking to borrow money with investors, usually takes its Instagram account to share posts focussing on the needs of people & daily challenges about finance.
The firm also gives advice on budget management through events like “Money Mindfulness Challenge.”
Another financial company Cleo with the motto “your AI companion for financial well-being,” focuses on the issues related to mental health and talks about investing in wellness.
As for ANNAMoney encourages their audience to start their own business:
So, it is possible to say that they have mastered engaging their audience through these mediums and establishing strong connections.
Many fintech firms actively engage in celebrating special days & occasions on social media as part of their marketing efforts, aiming to connect with users on a deeper emotional level. These companies embrace various significant days and events, leveraging them as opportunities to foster a sense of community and resonate with their audience. By participating in these celebrations, fintech firms demonstrate their understanding of user sentiments and their commitment to building strong relationships through social media channels.
Stash, the fintech company, takes its social media channels with the celebration of special occasions. For Mother’s Day, the marketing team of the company, shared videos that center around the theme of financial freedom. Through these videos, Stash aimed to highlight the importance of empowering mothers – and women as well – to achieve financial independence.
What’s more, Affirm, a well-known fintech company focusing on point-of-sale lending, celebrates special days on social media as part of their marketing and engagement strategy.
Social media contests and giveaways are a great way to generate excitement and engagement for fintech brands. These contests can offer a variety of attractive prizes, such as free products, services, or even cash. By doing so, brands can create a vibrant and engaging atmosphere that encourages active participation from their audience.
The investment app that allows users to invest in stocks, ETFs, and fractional shares, Stash is a great example of utilizing contests and giveaways to enhance brand awareness. By running such campaigns, Stash effectively exposes its brand to a broader audience, ultimately contributing to increased brand recognition and visibility.
Similarly, Cash App offers in-game challenges on weekly basis to connect its target audience:
Share Up-to-Date Content
In addition to sharing the latest news, trends, and insights, financial institutions – a.k.a fintech companies – should keep their social media profiles active and engaging all the time. This approach leads them to stay ahead of the competitors while encouraging their followers to interact on social media channels.
As part of its effective social media strategy, ANNAMoney, a fintech business, shares posts that humorously tackle the current hot topics, such as AI:
Some of the fintech companies who are very good at social media management do not forget to refer to viral occasions. For instance, Cleo took to Instagram, using a photo of Kourtney Kardashian holding a sign during Travis’ concert as a creative reference.
Collaborate with Influencers & Public Figures
Like in other industries, collaborating with influencers and public figures in finance on social media is a game-changer for your brand. This strategy allows you to reach new horizons while elevating your brand’s visibility. As known, finance advertising faces unique challenges that can make trust-building difficult – like complexity and skepticism.
At this point, it is necessary to collaborate with respected influencers and public figures to enhance your brand’s credibility. This credibility boost can lead to higher conversion rates as potential customers feel more comfortable engaging with your brand. More than being respected? It’s a good call to team up with a figure that caters to your brand.
As a great example, there has been a collaboration between the well-known rapper Drake and a fintech brand – the mobile payment app – Cash App. Since that date, Drake has been sharing videos & static posts on his social media channels promoting Cash App’s services, products, giveaways, and more.
Embrace an Engaging Voice According to Target Audience
In the world of fintech social media, it’s crucial to hit the nail on the head with an engaging voice that speaks the language of your target audience. In case there is a stereotype that the fintech industry is a straight-laced and monotonous world, it is important for a unique social media presence to show your audience that you can have a whale of a time. Of course, while doing that embracing a professional tone of voice is not to be neglected: Creating balance is the key.
Cleo, mentioned above due to its outstanding social media approach, sets an example for a balanced tone. In some of the posts, the firm embraces a hilarious & dynamic tone of voice to reach its target group.
In others – containing educational content, news, trends, or updates – Cleo uses a professional tone & asks questions about related fields of the economy to engage with the audience. And it seems that works well (it has 123K followers just on Instagram!)
Achieving such a significant impact on the audience through social media can go beyond the reach of internal marketing efforts alone. In such cases, it may be wise to consider partnering with one of the best fintech marketing companies. Collaborating with a reputable agency can provide the expertise, resources, and industry knowledge needed to elevate your social media presence to new heights.
Build Trust Among Users
Despite the challenges related to the complex nature of the finance sector, robust marketing strategies (of course with outstanding social media management) allow brands to build trust among its users.
Establishing trust for your fintech company on social media requires implementing a few key strategies related to digital marketing.
Foremost, prioritize transparency by sharing information about fees, security measures, and data usage without causing confusion. That kind of approach shows your commitment to credibility. Second, be very responsive to inquiries, feedback and needs of customers, and provide them with honest answers. What’s more, sharing informative content – blog posts and videos talking about your products and services – helps position your company as a thought leader in the fintech sector.
And, of course, paid advertising campaigns, testimonials, and case studies are great players in the game of trust building.
In the fast-paced world of fintech, a rich social media presence is paramount to stay ahead of the game. Yet, the sector’s intricacies demand a specialized touch, making it critical to team up with social media agencies.
It’s absolutely true for digital marketing activities for fintech startups as well. Marketing agencies for finance companies provide a strategic approach & social media data you need to navigate the unique challenges and competition of the fintech sector. With their deep understanding of the fintech landscape and their innovative marketing strategies, these agencies can help your business achieve unparalleled growth and heightened visibility in the digital marketing realm. Just think about it. 🙂