For banks — especially challenger banks that focus on a Gen Z and Millennial audience, alternative asset, investment platforms, B2B and B2C SaaS, and ESG financial firms, finfluencer marketing could be a useful growth strategy.
Busy CMOs are under more pressure than ever to get results.
At the same time, the industry now has ensured content is aligned with Generative Engine Optimization (GEO) and the whole new AI landscape in search, because being the source that AIs are citing is more important now than ever.
One way to become the go-to source for your customers, the customers you want, and AI (because you’ve now got to do all three at once) is PR. We talk about why this is important for SEO and, therefore, GEO and AI-generated answers in this article.
But PR — and securing those crucial backlinks — isn’t the only way.
Finfluencer marketing is another way.
Both PR and finfluencer marketing demonstrate credibility, trust, and brand authority, and that’s communicated through a trusted third-party to their audience.
Search engines and AI algorithms weigh these trust signals higher than if an article or social media post is published by your brand. That’s why backlinks, PR articles, and social media posts by influencer’s are so valuable.
Beyond AI’s and search engines, the people you need to reach are potential customers, and finfluencer marketing is another channel that will help you achieve that.
In this article, we show you why having a team of finfluencer’s amplifying your brand can be so useful, and how to implement this long-term growth strategy.
What is a Finfluencer?
The term “finfluencer” originates from the “influencer” concept.
An influencer is someone who has built a dedicated following on social media by creating content that resonates with their audience, often in a specific niche such as fashion, travel, technology, or finance.
When influencers have enough followers (usually 1000 as a minimum), and a genuinely engaged audience, they approach brands or brands approach them (either DIY or via influencer agencies), and they “collaborate.”
In other words, influencers promote a particular product, company, or brand. It could be a restaurant, a spa hotel, clothes, gadgets, or savings and investment accounts.
Examples of influencers include Chiara Ferragni, known for her style-focused Instagram and blog, and Marques Brownlee (MKBHD), who reviews gadgets and tech products on YouTube.
A finfluencer is an iteration on this idea.
A finfluencer is a social media content creator who shares tips and insights on personal finance, commonly discussing subjects such as saving, investing, and cryptocurrency.
Finfluencer’s usually use platforms like TikTok and Instagram to deliver quick, easy-to-understand content aimed at engaging wide audiences. However, many finfluencers lack formal financial credentials and may not be licensed or regulated to give professional financial advice. For any brand collaboration, it’s worth ensuring this is communicated to avoid any regulatory issues.
Examples of finfluencer’s include Kyla Scanlon, who’s also a published author of In This Economy?: How Money and Markets Really Work (May 2024, Penguin Random House), and Tori Dunlap (@herfirst100k), who educates followers — especially women — on saving, investing, and financial independence.
Now, let’s look at how banks and other financial institutions can make use of finfluencer’s for marketing and sales campaigns.
Tori Dunlap (@herfirst100k)
Do Finfluencers Make a Positive Impact on Marketing & Sales Campaigns?
Firstly, we need to look at the size of the market. The worldwide influencer market is currently worth $24 billion and is still growing.
Considering influencer marketing wasn’t really a thing at the turn of the century, that’s a strong sign that it generates an ROI for brands that work with influencers, whatever the sector.
Another positive trust signal is “the fact that 69% of consumers trust influencers’ recommendations over information straight from a brand. For this reason, the primary goal when running influencer campaigns is to create user-generated content (UGC).”
In 2023, HubSpot found that: “50% of marketers worked with influencers. According to HubSpot, “Marketers at B2C brands and agencies were more likely to have worked with influencers than those at B2B brands and on in-house teams.”
Shopify says that: “Brands are seeing increasing returns from influencers, with 84.8% finding influencer marketing effective and 36% stating that influencer content outperforms brand-created content.”
As for the question: Does finfluencer marketing specifically generate an ROI for financial firms?
It always depends on a number of factors, and not every campaign is going to generate an ROI. However, academic studies have looked into this and found that:
“In 2021, over 60 per cent of Americans turned to social media for financial guidance, with even higher rates among Gen-Z and Millennials – a trend that has continued to accelerate since the COVID-19 pandemic, as economic uncertainty and stay-at-home orders drove a surge in both social media usage and retail investing (Chiah & Zhong; Bonsaksen et al).”
With that in mind, let’s look at how you can implement a finfluencer marketing campaign.
Financial influencer: Kyla Scanlon.
2 Ways to Implement a Finfluencer Marketing Strategy
- A DIY Approach
As a CMO, COO, or the person responsible for marketing, this would involve researching, contacting, and working directly with financial influencers yourself.
This will take time. It’s usually more involved than simply finding a few finfluencer’s and tasking them with work.
You’ll have to find and verify that they’re right for your brand, and then work with legal and other teams to ensure what they’re creating is suitable, and aligns not only with brand guidelines but also financial regulations. It can take a lot of work.
- A DFY Approach
Hence why many financial institutions, ESG firms, challenger banks, and SaaS companies work either with marketing agencies and studios, like Uncommon, or with dedicated influencer agencies.
We would caution against that slightly because the majority of influencer agencies deal with things like consumer goods, fashion, food, or furniture, not necessarily finance.
So, it’s worth looking for one that’s worked with brands like yours, or with a specialist financial studio like Uncommon that knows the market, and can find an appropriate influencer agency that has expertise and specializes in working with finfluencer’s.
Once that’s moving forward, you will know that the campaign can be managed for you, with you simply being responsible for approving campaign assets.
5 Steps for Implementing a Finfluencer Marketing Strategy
For either approach mentioned above, you need to take the following 5 steps:
1. Deep Vetting
A high follower count is not enough, and not always a sign that someone is a genuine influencer or finfluencer.
Financial brands must thoroughly vet potential finfluencers before entering into any partnership. This means conducting background checks, reviewing past content, scanning for controversial opinions or behavior, and identifying any affiliations that could present reputational risk.
Especially in finance, one misstep from an influencer can bring regulatory scrutiny or damage public trust in your brand.
2. Audience Alignment
An effective finfluencer doesn’t just speak broadly about finance — they speak directly to your customers and the customers you want; in other words, the demographic you’re trying to reach.
Whether it’s Gen Z investors, young professionals learning to budget, or crypto-curious savers, audience alignment is everything.
Before selecting a finfluencer, check the following (or ensure a dedicated agency does this):
- Does this influencer reach the demographic we are trying to reach?
- Is their tone and content style appropriate for our brand?
- Do they inspire trust and credibility with their followers?
An amazing and high-profile example of influencer marketing done well for a financial brand is this: “Star quarterback Travis Kelce and his mom drove billions of impressions to State Farm after the brand capitalized on his heightened visibility following rumors of his dating life with pop star Taylor Swift.
“State Farm’s notable mascot, “Jake from State Farm,” was strategically seated next to Kelce’s Mom during an Eagles game. Shortly after, State Farm released a commercial featuring Travis Kelce.”
“The outcome included over 400 media placements, 2.6 billion social media impressions, and a 15% increase in the brand’s search engine ranking.”
- On-message Collaboration
While finfluencers bring their voice and creativity, your brand must remain involved in shaping the message they are using in every post. Never give any finfluencer free rein — especially when compliance and messaging are critical.
Work closely with your chosen influencers to co-develop content that reflects your brand’s values, adheres to regulatory guidelines, and clearly communicates your key messages.
Remember: “No one knows your brand values better than you,” so your collaboration should reflect that. This can include:
- Pre-approved talking points
- Brand-safe scripts or content outlines
- Joint brainstorming sessions to find the right tone and format
- Ensure Regulatory Compliance
In most countries, financial institutions and brands of every kind need to ensure that marketing aligns with financial regulators. We wrote about the various marketing-related regulations here, and as a CMO, we assume you know them all too well.
Boilerplate legal text keeps your brand safe, so make sure to use it in every finfluencer post, while not spoiling the overall look and feel of how they will promote your brand.
At the same time, advertising regulators have rules around influencer and finfluencer marketing, too, so make sure you are compliant with them.
- Finfluencer Marketing is a Long-term Strategic Investment
Influencer marketing in finance isn’t just about going viral or making a quick impression — it’s about building relationships and credibility over time. The true return on investment comes from consistency and trust.
A long-term partnership with a finfluencer allows you to:
- Evolve your messaging over time
- Create a more authentic relationship with their audience
- Build ongoing awareness and trust, not just one-off engagement
Key Takeaways: Would Finfluencers Work For Your Brand?
It depends on your brand and audience. However, if you’ve got the right audience (and it isn’t just younger generations this appeals to either, older ones are just as easily influenced online) and it would work well for your brand, then this could be a smart strategic move.
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