Instagram and TikTok are the new battlegrounds for digital banks

Scrolling through Instagram today, you’ll find countless photos of glamorous bloggers posing with colourful bank cards, discussing “financial wellness” and “savvier spending” between sips of their cappuccinos.

That’s because it’s not just luxury fashion brands using “influencers” these days, digital banks are too.

Indeed, fintechs are now focusing their fight for market share and customers online, paying social-media influencers to post endorsements across Instagram, YouTube, Snapchat and TikTok.

Challenger banks like Starling, Revolut, N26, and the now defunct Bó have all publicly used ‘fin-influencer’ campaigns, as well as Chime in the US.

Several other consumer fintechs are also experimenting with influencer marketing,  according to a review of social media. These include Plum, digital mortgage-broker Habito, Gen-Z banking app Zelf, Germany’s Vivid money, SME bank Penta, and Klarna.

The trend reveals a quiet shift in fintechs’ tactics; dominating platforms where big banks don’t yet play.

Banks are changing, read more here.