Banking on Influence: How Financial Brands Can Cash In with Influencer Marketing

While it may not come as a surprise—given social media’s turn towards more authentic content— financial and banking brands are facing an increasing demand to appear more human and relatable. 

Gone are the days when banks could rely solely on traditional advertising methods like TV commercials or print ads. Today, customers want connection, trust, and authenticity—and that’s where influencer marketing steps in.

For industries like finance and banking, which may have historically been viewed as impersonal or complex, leveraging influencer marketing can be a game changer. 

In this blog, we’ll dive into how these brands can effectively use influencer marketing to grow their audience, foster meaningful relationships, build trust with their customers, and essentially “cash in” on a trend that’s not going anywhere anytime soon.

Why Influencer Marketing Works for Finance & Banking Brands

Financial services often deal with topics like saving, investing, loans, and mortgages—subjects that can be intimidating for many consumers. What sets influencer marketing apart is its ability to break down complex subjects into digestible, engaging content. By collaborating with the right influencers, financial and banking brands can bring credibility, transparency, and even a little personality to their messaging.

Here’s why influencer marketing has become such a powerful tool for the finance industry:

• Trust & Credibility: Influencers have already built strong relationships with their followers based on trust. Partnering with a trusted figure in your space allows you to piggyback on their credibility.
• Relatability: Influencers make financial topics more relatable by tailoring content to their followers’ everyday experiences. This is crucial when tackling sensitive subjects like saving or investing, which can feel overwhelming.
• Authenticity: Consumers, especially millennials and Gen Z, want authentic brands. Influencers are often seen as more “real” than corporations, making their endorsement of a brand feel more genuine and less sales-driven.

For example, in 2023, our client Comerica Bank partnered with Dallas-based influencer @awesomejuliee to help publicize its CoWorkSpaces initiative. Comerica hoped to connect with small business owners in the area and turn them on to the free workspaces available at various bank locations (as well as increase the amount of Comerica business customers). Partnering with @awesomejuliee was a great way to reach young professionals in the area.

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Building an Influencer Strategy for Financial & Banking Brands

Now that we understand why influencer marketing is a valuable tool, how can financial brands craft an effective influencer strategy? Here are the key steps:

1. Define Your Goals & Audience

Before diving into influencer partnerships, it’s important to know why you’re doing this. Are you aiming to raise brand awareness? Educate consumers about a new product? Drive traffic to your website or app? Defining your goals will help determine the type of influencer you need—whether that’s a macro-influencer with a large following or a micro-influencer with a more niche community.

Also, don’t forget to define your audience. Are you targeting millennials who want to know how to save for their first home? Or are you reaching out to Gen Zers who need financial literacy guidance? Tailor your influencer selection to the demographic that aligns with your goals.

2. Choose the Right Influencers

Not all influencers are created equal, especially in the highly regulated financial space. Here’s what to keep in mind when choosing an influencer:

• Relevance: Ensure the influencer’s content aligns with your brand’s values and message. For example, if your bank is offering a product for young professionals, look for an influencer whose followers are primarily in that demographic.
• Engagement: A large following is great, but engagement rates matter more. Influencers with higher engagement (comments, shares, and likes) are typically more influential than those with a larger but less active audience.
• Trustworthiness: Financial services require a great deal of trust. Choose influencers who are known for their credibility and authenticity. Look for content creators who’ve previously shared their experiences with finance products or who have a reputation for offering practical advice.

For example, Capital One Bank partnered with finance influencer @ShayBudgets to help promote credit cards to a younger audience. Shay, who shares budgeting, planning, and productivity tips with 90K YouTube subscribers, has built up trust and credibility with her audience by posting content specific to finances. 

3. Create Educational & Transparent Content

Influencer marketing in the financial industry isn’t about flashy ads or gimmicks. It’s about creating content that educates and empowers your audience. Here’s how financial brands can work with influencers to create valuable, transparent content:

• Financial Education: Partner with influencers who can break down complex financial topics into bite-sized, easy-to-understand posts. For example, an influencer could explain how credit scores work or share tips on saving for retirement, using your product as an example.
• Storytelling: Encourage influencers to share personal stories about their financial journeys, particularly how your products or services have made a difference. Authentic storytelling builds trust and allows potential customers to relate to the influencer’s experience.
• Transparency: Consumers, especially younger generations, are highly attuned to “selling” language. Influencers should be upfront about sponsored content and disclose how your brand can help. This transparency enhances credibility and maintains trust.

There are lots of financial influencers—or “finfluencers” as they are commonly referred to—to choose from that do this very thing, including Humphrey Yang, Jeremy Schneider, Tori Dunlap, Dasha Kennedy, and more. All do a great job of using their background in finance, ability to tell compelling stories, and the use of transparent, relatable language to connect with viewers and offer real-world advice to an audience that might be overwhelmed by finances.

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A post shared by Tori Dunlap — Money Expert (@herfirst100k)

Types of Influencer Content for Financial Brands

Once you’ve selected your influencers, you can explore different types of content. Here are a few ideas:

1. Financial Tips and How-To Videos

Educate your audience with bite-sized videos that explain financial concepts or share useful tips. Influencers can create a TikTok or Instagram Reel breaking down topics like how to start budgeting or how credit works, all while featuring your product as a helpful tool.

2. Sponsored Blog Posts or Instagram Captions

Long-form content, such as blog posts or Instagram captions, can be used to dive deeper into product details. An influencer could write a post about their personal financial journey, including how they use your app or service to stay on track.

3. Livestreams & Q&A Sessions

Livestreams are a great way to build real-time engagement and showcase your brand’s personality. Influencers could host live Q&A sessions about personal finance, answering questions from their followers while promoting your brand’s services.

4. User-Generated Content & Reviews

Invite influencers to create and share content that highlights your product in real-life scenarios. These authentic, peer-generated experiences provide credibility and social proof, which can drive engagement and conversions.

Check out this example from Chime, who used a customer testimonial story to show how their services can help make customer dreams come true.

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A post shared by Chime (@chime)

Successful Examples of Financial Brands Using Influencer Marketing

Here are a few brands that have nailed influencer marketing in the financial space:

• American Express: The brand frequently partners with travel and lifestyle influencers to promote its premium credit cards, often using influencers’ real-world travel experiences to highlight benefits like airport lounge access or exclusive offers. This strategy humanizes their offerings, showing how they fit into everyday life. And they’ve been doing it for awhile now; check out this older but still relevant example from a partnership with travel influencer @marcustroy. 

• Chime: A challenger bank like Chime has worked with micro-influencers in the personal finance and lifestyle space to promote its no-fee banking services. By tapping into smaller, more engaged communities, Chime has positioned itself as a go-to brand for younger, tech-savvy consumers.
  
• SoFi: Known for offering student loans and investing tools, SoFi frequently partners with personal finance influencers who have a strong presence in the financial literacy space. These partnerships focus on educating audiences about financial planning, including how SoFi can simplify investing or loan management.
• SoFi works with macro- and micro-influencers alike, including WNBA player Cameron Brink, who they tapped to help promote women’s financial independence. At just 22 years old, Brink is the perfect rising star to help connect with a young, female audience, while also putting a spotlight on the history of women’s fight for financial freedom. 

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A post shared by 𝐂 (@cameronbrink22)

Key Takeaways for Financial & Banking Brands

• Influencers Add Authenticity: Influencer marketing offers a unique opportunity to humanize your brand and build trust. Focus on influencers whose voices align with your brand’s mission and values.
• Education Is Key: Financial topics can be daunting, so prioritize educational, transparent content. Help your audience understand how your services fit into their everyday lives.
• Engagement Over Reach: Choose influencers with highly engaged followers. It’s not about how many people see the post; it’s about how many people take action.

By leveraging influencers, financial brands can build stronger relationships with their audience, provide value, and navigate the complexities of financial products in an accessible way. Ready to jump into the world of influencer marketing? It’s time to make your financial brand real and relatable on social media!

Want to learn more about how to integrate influencer marketing into your overall strategy? Contact Random today.