How the future of the platform will shape a generations financial literacy and marketing strategies for fintech companies.
The rise of personal finance education on TikTok has had a significant impact on the financial literacy of the younger generation, women, and marginalized communities. The pandemic-fueled lockdowns of 2020 led to a surge in financial education content on TikTok, causing financial education to gain newfound cultural relevance. Fintech companies like SoFi, Current, and Step began leveraging TikTok to meet users where they are, partnering with influencers, hosting events, and offering personalized finance tips through short-form videos.
According to Plaid’s 2022 fintech effect report, 79% of users are looking for education on emergency funds, credit score improvement, and saving habits. In response, fintech companies have turned to TikTok to cater to these untapped demographics. Personal finance creators like Tori Dunlap, Lea Landaverde, and Humphrey Yang use the platform to educate and inspire financial independence, break generational wealth gaps, and turn value-based content into businesses.
With the potential ban of TikTok in the US, fintech industry leaders should take note and oblige. As fintech continues to accelerate, financial brands are looking for ways to create deeper and more meaningful connections with consumers. The fintech category has experienced rapid growth in recent years, benefitting from increased interest and activity. But how can marketers harness this appetite for fintech edutainment to grow their brands and attract new customers?
Human-centric storytelling is crucial to attracting customers in South East Asia, where consumers have become highly sophisticated and tech-savvy. Suki Lin, senior regional director at Nativex, believes financial service providers need to look at the consumer journey from a human-centric perspective and offer personalized solutions to consumers.
SCB, a financial institution, has engaged its staff to create and run its content channel, ensuring all outputs are authentic, engaging, and delivered by trusted sources — the real people behind the financial institution. SCB’s channel has attracted 660,000 followers and almost three million likes.
Creating high-quality, engaging content is crucial to engaging users on TikTok. Marketers must avoid repurposing content from other platforms and create and curate content specifically for TikTok if they want to achieve success. Brands need to co-create with TikTok’s team, design campaigns on the platform, and engage TikTok Fin-fluencers to leverage the platform’s expertise and content.
In conclusion, TikTok has made it easier than ever for users to access educational content regarding financial well-being. Fintech companies, founders, and personal finance creators have been doing remarkable work on TikTok to fill the financial education gap that America has faced for years. TikTok is now the “go-to” place for consumers to learn about fintech in a fun way, with one in two users discovering a new financial product on TikTok. This presents an opportunity for a new generation of fintech creators to share their knowledge and establish a wide range of business models.
