Influencer Marketing For Finance and Fintech Brands (2024)

415

Do you wonder, why and how finance brands can do influencer marketing?

Well, you have come to the right place to understand the power and role of influencer marketing for finance brands.

Let’s start with a lively example first. Sharan Hedge, one of the leading finance influencers in India, gathered over 20 million views on just of his six Instagram Reels and attracted over ₹1 Crores+ in investment for a fintech brand in the year 2024!

The campaign was a massive hit. Do you know why? Because it reached a well-segmented audience base who consume finance-related content produced by the creator on a regular basis and hence they are connected well with their leader. When the right message is delivered to the right demographic through the word-of-mouth recommendation, the impact is splendid!  Because today’s socially intelligent customers want to be informed and educated when taking key finance-related decisions and expect transparent business communications.

• As Millennials and Gen Z are connected with these influencers and are keen on the management of personal finances, influencers play a dominant role in it. Therefore, making influencer marketing characteristically more operative for finance brands.
• As per data by Qualtrics and Credit Karma study, 56 percent of Gen Z and Millennials purposefully seek out financial advice through social platforms.

Understanding Influencer Marketing For Finance Brands

“Technological innovations will be the heart and blood of the banking industry for many years to come, and if big banks do not make the most of it, the new players from FinTech and large technology companies surely will.” – David Brear

When one hears the term “influencer marketing,” it’s unlikely that a company in the financial services sector will immediately come to mind. After all, the majority of the content you come across is produced by influencers from various niches like fashion, beauty, and entertainment industries. Moreover, sales cycles in the financial services industry are normally longer and involve far higher stakes than those in the retail and entertainment industries.

As a result of the disruptive effects that digital transformation has had on traditional means of conducting business, businesses of all stripes, ranging from banks to financial software providers and everything in between, have been convinced to jump on the bandwagon of influencer marketing.

And certainly, there is a great deal of rationality to be found here. As a result, a significant number of your prospective customers can be located on these platforms.

1.1 Tripartite gains of Influencer marketing

Influencer marketing is beneficial for all parties involved. As a direct result of this, the influencer, your target market, and your brand all emerge victorious. Customers who have access to the information they require from a credible source are less likely to be confused, exit their shopping carts, or abandon as compared to customers who do not have such access. If your company is already well-established, an influencer can help you increase sales. Grynow, a leading influencer marketing company for finance brands, capitalize on their mass appeal and their experience. Influencers, on the other hand, can get benefits from this arrangement in monetary terms they receive as well as their credibility.

According to a Deloitte study, 93 percent of BFSI firms agree that the objective of their marketing strategy is to develop customer experience and engagement. Influencer marketing for BFSI helps brands enhance customer experience and engagement through the development of problem-solving content.

1.2 Reaping associated hallmark of influencers

Cultivating trust and credibility is pivotal for a fintech brand when launching a new product or service or re-establishing an existing one in the market. Influencer marketing helps brands enjoy brand association leverage strategy as the influencer’s trust is transferred to the fintech brand, and pivotal in building brand affinity. Consequently, countless financial brands have reinvented their marketing strategies and scaled their growth via influencer marketing.

According to Sharan Hedge, influencer marketing for finance brands has exploded in admiration over the past three years and has become the must-implement marketing strategy. This rise is an outcome of key paradigm shifts in consumer behaviors-anticipations, the cusp of a digital transformation – augmented social media consumption for financial literacy, and key opinion leaders’ valuable content that has impacted hugely on how people finance, invest, spend, and save.

Clambering on this drive, India has developed as one of the fastest-growing fintech markets in the world with a market size projected at $150 billion by 2025 (Source- Economic Times).

Moreover, it is not surprising that the top 20 Indian YouTube channels concentrating on equity markets have a subscriber base of more than 13 million.

1.3 Utilizing the credibility of finfluencers

The growing finance industry in India, and people following finfluencers take us to the next step, ‘choosing the best-suited finance influencer for a given brand’.

In an interview with Economic Times, Neha Nagar exclaimed, “In a situation when a brand is looking for influencers, they check, of course, the number of views they will get, number of followers they have, and what kind of audience they have. Does their audience trust them or not? So that is also important,”

Therefore, to capitalize on the bandwagon, brands must employ, our experienced team at, the best fintech influencer marketing agency in India, to leverage a holistic strategy pertaining to its goals and customer’s pain points, so that it can provide solutions via selected influencers’ content. By connecting insights, expertise, and ecosystems, we, foster stable, sustainable, and inclusive growth through innovation and social media transformation.

Harnessing The Benefits Of Influencer Marketing For Finance Brands

Influencer marketing is essential for any brand to succeed in social media, regardless of the market they’re targeting. It’s important to have a unique strategy while building financial brands. We provide these benefits through a successful influencer marketing campaign for your financial services company:

1. Strong understanding of audience to capitalize on KPIs

It is absolutely necessary for a brand that provides financial services to have an influencer marketing strategy that has been carefully designed. Before beginning a campaign, it is essential to have a solid understanding of its objectives as well as the material that will be provided to the audience that you intend the campaign to reach. Users seek out brands associated to finance more for the data and insights they provide than for the entertainment they provide.

 2. Comprehensive understanding of Customer behaviour

When directed at a suitable audience via us, influencer marketing methods have a much better chance of being successful. If financial institutions and other businesses in the same industry want their marketing efforts to be effective, they need to use discretion when choosing the people, they wish to target. As an illustration, let’s imagine you’re working on marketing for an online banking service. Younger generations such as millennials and Gen Z are particularly well-suited as a customer base since they are comfortable with technology and are heavy users of mobile banking apps such as PayPal and PayTm. This makes them particularly well-suited as a customer base.

3. Execution of strategy on congruous social media platform

It can be difficult to select the appropriate social media channels for the influencer marketing of companies that provide financial services. Our fintech influencer marketing experts give a clear picture of the people you want to communicate with, and then determine which social media platforms they use the most. Our specialists implement bespoke fintech influencer marketing strategy over the widest possible variety of platforms to make your campaign as successful as possible.

4.  Influencing content to nudge customers to funnel

We make sure that the context of your influencer marketing approach is very clear. The sort of content that we choose to publish will have a significant impact on your target audience. To get the most out of your finance influencer marketing strategy, we make sure that the content influencer produce for the social media channels triggers purposeful interactions. This will allow us to maximize the effectiveness of your strategy.

 5. Hand-picked Finfluenceers to elevate right information relay

Influencer marketing has the potential to be successful, but businesses that deal in financial services must exercise caution when choosing which influencers to collaborate with. There are a lot of people that have a lot of power, but only some are able to communicate financial signals. We make sure that the individuals we choose to spread the word about your firm have a good reputation and that they are making their efforts in good faith. We give careful consideration to the content that they are providing online because any mistakes could have severe ramifications from a legal standpoint. This is because the BFSI industry is subject to a significant number of rules and regulations, which is the root cause of the problem.

6.  Competitor assessment cum Strategy implementation and performance analysis

Banks are rapidly adopting a more widespread practice of promoting financial goods with the assistance of influential individuals. In order to build a strategy that will be successful, we carry out a comprehensive social media audit of your competitors. We help you learn who your competitors are collaborating with and what sort of content they are sharing with their audiences. Maintaining a close watch on these indicators will assist you in determining the areas of your plan that could benefit from being modified.

7. Campaign ideation: Formulation, Implementation, and evaluation

We provide a brief outline that contains all of the information that is relevant to your campaign. To ensure that all of the carefully selected financial specialists are operating from the same rulebook, we monitor, execute, track, and optimize end-to-end influencer marketing services.

Few of the Finance Brands that are Using Influncer Marketing like a Pro

• Kotak Mahindra Bank – Kotak811, a zero balance account a semi-autonomous digital bank by Kotak Mahindra Bank Limited, hurled an ad starring comedians Tanmay Bhat and Samay Raina. The #SamayKoSahiKaamPeLagao campaign emphasized how Kotak811 lets you put your time to good use by means of smart gags. The bank also launched its campaign to promote ‘Kotak Mahindra Bank White Credit Card’, targeted at affluent audiences with Sonam Kapoor and Keerthy Suresh. Kotak Mahindra also gained vast adoption, engagement, and credibility viainfluencer marketing agency in India with numerous successful fintech influencer marketing campaigns!
• Groww – Groww, a provider of investment options, started running commercials with various finance-related YouTube stars in association with us. The campaigns were envisioned to focus on the Tier 1 city group of audiences of age 20-28 years, proceeding with niche influencers like Himesh Madaan, Seeken, and The Urban Fight. Other creators included were Arun Surya Teja, Gauravzone, and Warangal Diaries. We worked with brand and our campaigns raised cognizance about the benefits of their app, which makes investing in the stock market and mutual funds stress-free.
• The #DoubleBenefitFromRBLBank, is a great fintech influencer marketing campaign example. The brand collaborated with Sameera Reddy and Ujjawal Pahwa and targeted salaried people and home-makers across India to magnificent outcomes – grasped approx. 670,000 target consumers and reaped 770,000+ engagements.
• The campaign, FinancePeer’s #FeeFinancing utilized micro-influencers like Rashi Vohra, Jasmeet Kaur, and Deep Resham Kukreja, which acquired 15,000 app downloads.
• Stashfin, a fintech brand reached young adults, home-wives, and first-time jobbers by collaborating with run-of-the-mill creators Tanya Khanijow, Shivesh Bhatia, and Rajiv Mahkni, which upsurged brand awareness and got colossal app downloads.
• HDFC has been organizing creative fintech influencer marketing campaigns like #spenditwell and #moohbandrakho which made a great impact in the market. The #moohbandrakho campaign starring Gauhar Khan, Prajakta Kohli, and Dhanashree Verma which revolved around cyber frauds grew 19+ million views and 1.5+ million engagements within 2 days only!
• Angel Broking, the stock market brand, collaborated with influencers from the financial industry who broadcasted the merits & usage of the app and thus informed the target consumers through YouTube videos. The key is to select the right influencer cluster for your brand and employ a strategic influencer marketing for finance brands marketing plan while keeping in mind the industry trends and social media algorithms.
• Cred -The popular ‘Building Uncles’ series by Rahul Subramaniam, in which he discusses a lockdown issue with his building-specific “uncles,” now includes a smart plug for the credit card payment app CRED. Subramaniam spoke up to Kunal Shah, founder of CRED and his next-door neighbor, to learn more about the app. Subramaniam made fun of Kunal for showing too much concern for his customers by awarding 100 CRED points for a Rs 100 credit card payment. Surprisingly, the video was only shared by Subramaniam on LinkedIn, and Shah commented on it by saying “I need to relocate out of my building.”
• American Express – American Express has collaborated with a broad variety of notable people, including celebrity Amex Ambassadors, in order to increase awareness of its Pay It, Plan It payment plan and get the word out about the program. One of the influencers is also Clariss Alvarado, who has more than 385,000 followers on her Instagram account.

Final Thoughts: The Requisite Role of Influencer Marketing for Finance Brands

In the words of Pranjal Kamra, “If you look at most business news channels, they principally focus on market updates, while the new investor needs education,” Influencer marketing for fintech brands helps in educating potential customers, boosts sales ROI, raises trust and credibility, drive purposeful engagements and more.

Many well-established organizations in the financial sector have demonstrated significant maturity in their influencer program by incorporating influencers in their analysis of the whole customer experience. This is one way in which they have demonstrated this maturity. Because relationship marketing in the financial services industry has evolved to such a comprehensive level, companies in this sector devote significant resources to each stage of the client journey.

This firmly places the influencer in the role of a storyteller and an advocate for the brand over the course of the long term. And the fact that this kind of relationship can result in such a diverse set of outcomes is indeed one of its many attractive features.

We empower customers by providing them with informative finance-related content in a great way to generate brand distinguishability and awareness. Hence, Indian brands combined with strong financial influencers can take the country to prodigious levels.