Finfluencers: Business Drivers of the Digital Era

64% of the global population is connected through social media, so it’s no surprise that industries across the board are looking for new ways to innovate. For financial institutions, this shift provides an opportunity to rethink how they can best connect with audiences.

Influencer marketing – once primarily the domain of lifestyle brands – is rapidly making its way into financial services, offering B2B companies a powerful tool to reach, engage and build trust with key stakeholders in a previously unattainable way. So, why is leveraging influencers a powerful asset for financial brands? Let’s explore the potential impact it can have on your marketing mix.

The Value of Finfluencers

The financial sector has traditionally relied on structured and predictable tactics, but the ongoing adoption of influencer marketing signals a move toward a more disruptive approach. The creator economy has also continued to boom across platforms like Instagram and LinkedIn, and is expected to be worth over $500 billion by 2030.

By leaning into this momentum via financial creators – coined as “finfluencers” – organizations can more meaningfully connect with desired audiences by leveraging trusted figures. This provides consumer-focused and traditional institutions an avenue to cut through the noise by sharing product offerings, proprietary insights and events in a more organic format. Financial influencers act as a conduit between brands and their audience members. Finfluencers are also generally equipped to translate complex financial concepts into digestible content, helping to humanize businesses and their strategic efforts.

Creators have an innate ability to “breathe new life” into promotional posts, leveraging their unique content production flair that’s memorable and not easily replicated. Take Vivian Tu for example, a creator who’s coined herself as “your rich bff” and has amassed a following of 3.2 million on Instagram alone. Her platform is a personal finance haven, partnering with brands like SoFi and Capitalize to give her followers more accessible money conversations.

Influencers have earned the trust of their audiences, bringing credibility and authenticity to their messaging. This trust effectively elevates conversations, enhances engagement and supports overarching goals of awareness and conversion.

Meeting Demands in a Digital-First World

In an age where audiences crave personalized, story-driven experiences and brands strive to deliver them, influencers can seamlessly enhance existing social media strategies, especially in highly competitive spaces.

Beyond connecting with the right audience, influencers can also help organizations pinpoint and adapt to the changing expectations of today’s consumers, clients and prospects. Through their own interactions and previous campaign experiences, creators are well-versed in the ever-evolving landscape and provide an edge for those who engage them. In turn, this allows brands to both better anticipate, and meet, the needs of key segments.

Navigating the Future of Financial Marketing

As stakeholder expectations continue to shift, financial brands must keep pace. Transactional relationships are being deprioritized, and genuine relationships are paving the way to more favorable business results.

In an era where personalized solutions are paramount, influencer marketing is an integral tool – when coupled with existing strategies – ensuring financial brands remain competitive in a saturated space.

If you’re interested in conducting an influencer activation as part of your efforts, please reach out to Laura Edwins to learn more about our offerings: ledwins@prosek.com.