Back in 2022, Sprout Social released a report, titled “The State of Social Media Marketing in 2022,” which surveyed over 1,200 and found that 68% of consumers are more likely to trust a financial brand that is active on social media.
The 2023 Fintech Consumer Report by Mintel also found that 75% of consumers say that social media has influenced their financial decisions. Yes, these results are enough to start considering investing in social media activities for fintech companies.
Let’s look deeply at the best social media practices for fintech companies.
No messing, in today’s world, every business needs to be social media savvy, and fintech companies are no different.
In the simplest terms, social media lets fintech companies reach great numbers of people outside of traditional marketing approaches. By creating related, informative, and interesting content, fintech companies can get their message while building awareness. When it comes to younger folks who spend their time online, social media can boost brand recognition.
What’s more, the financial world is all about trust. Social media allows fintech companies to express their unique voice while sharing valuable info about their services & products, and answer questions right away. This open communication helps build trust and convince people that the company is reliable. Like a new-age finance organization, Revolut does:
On the other hand, social media platforms are like a treasure trove of customer feedback & insights. By paying attention to what people are saying and keeping an eye on trends, fintech companies can pinpoint areas for progress. Similarly, social media can be used to encourage users to share their content – a.k.a user-generated content. In this manner, fintech companies can build a base of loyal customers who advocate for their brand and spread positive word-of-mouth.
We also know that more and more people are turning to social media for financial information and services. By building a strong social media presence fintech companies can ensure they are meeting the evolving needs of their customers.
Even though the core principles of social media strategy remain consistent across industries, there are some key differences to consider when building a strategy for a fintech company.
The most important difference to consider is “sensitive financial information.” While building up a social media strategy, it is a must to provide transparency in data practices. At that point, sharing content addressing security or privacy is a good call.
What’s more, fintech companies need to deal with projecting a trustworthy image that is both informative and engaging. However, that does not mean that humor and trends should not be included in social media strategy; the opposite way around, we recommend financial companies carefully inject humor to connect with their audience without compromising trust.
Besides, financial matters often require primary assistance. So, fintech companies need to prioritize customer support on social media. Responding to messages and comments promptly, and encouraging interactions among your customers to build a sense of belonging are several ways to do so.
#Tip 1: Don’t Talk about Money but People & Feelings: Humanizing the Brand
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. So, it is possible to say that they have mastered engaging their audience through these mediums and establishing strong connections.
For instance, Zopa, the firm connecting individuals looking to borrow money with investors willing to lend funds, usually takes its Instagram account to share posts focussing on the needs of people, and daily challenges about finance.
The firm also advises on budget management through events like the “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 Mastercard focuses on how they support small businesses and build a relationship with people in a deeper level:
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.
Take NYC Pride celebrations released by Mastercard as an example:
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 its 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 every week to connect with its target audience:
#Tip 4: 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.
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.
#Tip 5: 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? Teaming up with a figure that caters to your brand is a good call.
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.
Identify Your Persona
For fintech companies, understanding ideal customers’ needs, wants, and pain points means tailoring the products, services, and marketing efforts accordingly. And, of course, this leads to increased product adoption, customer satisfaction, and loyalty.
Knowing your persona’s demographics (a.k.a. target audience), behavior, and preferred communication channels allows marketers to create tailored marketing campaigns that result in higher conversion rates.
Identifying the persona’s behavior also means providing a seamless and enjoyable user experience and increasing user engagement and satisfaction.
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, a unique social media presence needs 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 their users.
Establishing a 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 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.
#1 Compliance with industry regulations: That is a non-negotiable aspect for fintech companies in social media. It is essential to stay informed and up-to-date about the regulations specific to financial services and advertising on each platform. To maintain credibility and trust, it is important to ensure that all your social media content complies with industry standards.
#2 Focus on understanding your audience: Specifying your target audience is actually the foundation of your social media strategy. Carefully identify the demographics, preferences, and behaviors of your prospects (and current customers if you have any) as you frame your digital marketing approach.
Take a look at how Mastercard does it right:
#3 Determine “the right” social media platforms: Focusing on social media platforms that align with your audience is the next essential step. In case you’re new in fintech, platforms such as LinkedIn, Instagram, and TikTok (regardless your audience is covering youth) are often the most relevant. While selecting the platforms, it is best to research where your competitors are most active.
#4 Respond promptly to users: Social media is a two-way conversation, so actively participate in discussions and encourage user engagement. Running polls, asking questions, and seeking feedback are effective ways to foster interaction with your audience. At that point, being transparent about your products and any potential risks related to your services is a good call.
#5 Look for chances to collaborate & network: Engaging with influential people or thought leaders or attending industry events & online forums to expand your connections is another great move you need to take. Keep in mind that building a robust social media presence takes time, so it’s important to be patient, stay consistent, and regularly reassess your strategy to ensure that it aligns with your business goals.
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 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.