Fintech

How finance brands can drive the ROI with content creators

Published

12 months ago

December 20, 2023

The FinTech industry is highly competitive. In 2017, global FinTech industry revenue was approximately $90.5 billion, and it has grown by over 100% by the end of 2023.

Finance brands are constantly seeking innovative ways to connect with their target audiences, as a result, their marketing channels have also changed. The once-traditional financial sector, often associated with formal advertising, such as billboards, TV commercials, and print advertisements, now commonly uses influencer marketing.

Today, trust in traditional advertising methods has weakened, and consumers now are turning to sources they perceive as authentic and relatable. Influencer marketing, with its ability to build trust and credibility, has become a common strategy for finance brands aiming to enhance their ROI and their engagement with audiences. At the same time, 67% of brands are increasing their influencer marketing budgets that also proves the effectiveness of this channel.

The rise of influencer marketing in finance

Influencers’ recommendations are highly effective, with 92% of consumers trusting influencers more than traditional advertising channels. Social media platforms have further amplified the impact of influencer marketing, allowing influencers to engage directly with their audiences and foster trust within niche finance communities.

Influencer marketing is commonly used by such companies as Binomo, Olymp Trade, Ego, Klarna, Exness, Pay Senger, Capital.com, and many more. If you are interested to see the example of a strategy, here is how Famesters helped FxPro drive 18K+ installations and more than 18M views.

Trading services, especially those strongly connected with cryptocurrencies, get the largest influencer marketing budgets among finance brands. According to Famesters, in 2022 Binance was the top-mentioned finance brand on YouTube.

Choosing the right influencers

Selecting the right influencers is key to the success of influencer marketing campaigns in any business sector, and it is especially crucial for the finance sector due to its specificity. To find the right influencers with authentic audiences, you have to spend time and resources. But if aligned with a creative strategy, such publications can pay off greatly: brands can earn around $5.78 for every dollar spent on influencer marketing. Here are some key considerations to pay attention on:

Alignment with brand values. This ensures that the influencer’s content will reflect the brand’s mission, maintaining consistency in messaging.
Target audience compatibility. Effective influencer marketing hinges on reaching the right audience. Finance brands should thoroughly analyze an influencer’s follower demographics to ensure they match the intended target audience. For instance, promoting credit cards to young adults may require influencers with a predominantly youthful and financially active audience.
Domain expertise. In the world of finance, domain expertise is a significant asset. Influencers who demonstrate a deep understanding of financial matters and can communicate complex topics in a clear and accurate manner are considered to be the best choice to cooperate with.

Not all financial products are best promoted by financial influencers. For instance, if you’re marketing a banking product designed for children, it’s more effective to collaborate with influencers who are able to reach the parents of potential users. Similarly, for B2B financial products like business bank accounts, it makes more sense to partner with influencers who cater to entrepreneurs rather than those focused on personal finance or budgeting advice.

Engagement and trustworthiness. High engagement rates, authentic interactions, and a track record of trust-building are indicators of an influencer’s effectiveness in conveying messages and recommendations (that are crucial for finance brands). Besides, the FinTech creators market is full of fraud and scam, this is why it is worth taking time and ensuring the quality of potential partners.

Ask for a screencast of the creator’s statistics instead of a screenshot if you have doubts; a trustworthy creator would provide it, and if the statistics are fake, the influencer will likely refuse.

Content quality. FinTech brands should assess an influencer’s content quality and relevance to ensure it aligns with their campaign goals. Consistency in producing valuable, informative, and engaging content is key.

You can analyze around 10-15 of the latest videos on the channel, review the comments, and ensure that they have not been purchased from a shady website. For example, when you come across comments such as “Yes sir,” “Great video,” “Thanks!”, “Love you man!”, “Quality content,” etc., they should raise red flags, as these are most likely bot-generated comments.

Past collaborations and reputation. Examine an influencer’s past collaborations and reputation. For instance, if a FinTech company partners with an influencer known for promoting risky investment schemes in the past, or associated with controversial practices, it could harm the brand’s credibility and integrity.

Besides choosing the right creators for your campaign it is also crucial to craft a well-thought brief – a clear communication tool that helps convey your app or platform’s value. Provide influencers with guidelines on your brand message, goals, budget, and content expectations, including tone of voice and key messages. Trust influencers to communicate naturally while ensuring essential ad points are covered.

Influencer fraud risks and how to reduce them

Influencer fraud is actually decreasing year by year as more tools to detect it appear and improve. But still, 64% of companies name influencer fraud an issue that worries them. And yes, there are significant risks that can be divided into two major categories: distorted ROI and brand reputation risks.

Distorted ROI:

Brands engage with influencers expecting benefits like enhanced brand recognition, sales boosts, or greater audience interaction. However, influencer fraud distorts these projections.

Investments in influencers who have artificial followers or engagement don’t deliver tangible outcomes, resulting in a reduced ROI.

Brand reputation risks:

In the finance market where authenticity is highly valued by consumers, the discovery of deceit by an influencer connected to a brand can breed doubt, not only about the influencer but also about the brand itself. This association can damage the brand’s reputation and weaken trust with its audience.

Influencer fraud in the FinTech sector doesn’t just affect individual campaigns; it threatens the integrity of influencer marketing as a whole. In an industry built on trust and precision, deceptive practices have far-reaching consequences, making vigilance and informed decision-making imperative for FinTech brands.

To avoid fraudulent influencers and reduce risks, finance brands should prioritize vetting influencers. To do so, brands can:

Review content history, engagement rates, and alignment with brand values.

Look for genuine audience interaction and content that resonates with your brand’s message.

Engage directly with influencers to grasp their audience’s age, gender, and location.

Seek personal stories of audience interactions, indicating authentic connections.

Here are some FinTech brands’ self-audit tips:

Engagement analysis. Check the ratio of followers to engagement; low engagement with high followers is a warning sign.

Audience location. Be wary of influencers with most followers from regions irrelevant to their supposed base.

Content evaluation. Genuine influencers mix sponsored and organic content, showing true interest in their niche.

Feedback checks. Seek testimonials from other brands or agencies.

Consistency. Authentic influencers show regular posting and engagement patterns.

And last but not least: for brands venturing into influencer marketing, especially in sectors like FinTech where trust and credibility are essential, the importance of formalizing collaborations through contracts cannot be overstated. Contracts serve as a foundational safeguard against influencer fraud, clearly delineating expectations, deliverables, and terms of engagement. This formal agreement helps to ensure that both parties are accountable and that the influencer’s following and engagement metrics are authentic and aligned with the brand’s objectives. Contracts also provide legal recourse in the event of misrepresentation or non-compliance, significantly reducing the risk of financial loss and reputational damage.

A well-structured contract is not just a formal requirement; it is a strategic tool in mitigating the risks associated with influencer fraud, ensuring transparency, and maintaining the integrity of the brand’s marketing efforts.

Conclusion

You can see that the success of influencer marketing in the FinTech sector hinges on a strategic and analytical approach. Its key aspects include:

Selective influencer engagement. Choosing influencers with a deep understanding of financial products and alignment with brand values is crucial for effective audience engagement.

ROI and risk management. It’s vital to employ robust analytics for assessing influencer authenticity to mitigate risks to ROI and brand reputation.

Audience and content analysis. Detailed examination of the influencer’s audience demographics and content relevance is essential for ensuring alignment with the brand’s target market.

Adaptive strategies. Staying adaptive to the evolving digital marketing trends and consumer behaviors in the fast-paced FinTech industry is key.

Effectively navigating these elements can significantly enhance ROI and market positioning for FinTech brands in an industry that values innovation and trust.

Fintech

Fintech Pulse: Your Daily Industry Brief (Axos Bank, Global Trading Network, Fonepay, Compass Plus Technologies, Instacoins)

Published

15 hours ago

December 4, 2024

Peter Tolan

fintech-pulse:-your-daily-industry-brief-(axos-bank,-global-trading-network,-fonepay,-compass-plus-technologies,-instacoins)

Axos Bank Partners with Way.com to Address Rising Car Costs

Axos Bank has teamed up with Way.com to help customers mitigate increasing car expenses. This partnership focuses on vehicle refinancing and aims to offer savings through integrated digital solutions. By combining Way.com’s auto services with Axos’ financial products, users can streamline their vehicle-related expenses, from insurance to payments. This move reflects Axos’ strategy to enhance its consumer offerings by leveraging partnerships in niche sectors.

Source: Axos Bank.

Brazil’s Largest Drug Gang Under Investigation for Fintech Infiltration

Brazilian authorities are probing the country’s largest drug gang for using fintech platforms to launder money. This investigation highlights concerns over the growing use of digital financial tools by organized crime. The gang allegedly exploited fintech’s lack of stringent oversight compared to traditional banking, raising red flags about regulatory gaps in the digital financial landscape.

Source: Bloomberg.

GTN Appoints New CEO to Drive European Expansion

Global Trading Network (GTN) has appointed Christopher Gregory as CEO for Europe, marking a pivotal step in its strategic expansion across the continent. Gregory, known for his expertise in fintech and capital markets, is expected to lead GTN’s efforts in diversifying its product offerings and enhancing its market presence. This leadership shift underscores GTN’s commitment to capitalizing on Europe’s burgeoning fintech market.

Source: PR Newswire.

Fonepay and Compass Plus Launch Nepal’s First Virtual Credit Card

Nepal’s digital payments ecosystem takes a leap forward with Fonepay partnering with Compass Plus Technologies to introduce the nation’s first virtual credit card. This innovation aims to promote cashless transactions and enhance financial inclusion by offering secure, contactless payment options. This development aligns with Nepal’s digital transformation goals and is set to redefine consumer payment experiences in the region.

Source: Fintech Futures.

Instacoins Partners with Luxury Brands for Digital Payments

Instacoins is expanding its footprint in the luxury market by partnering with high-end brands to enable cryptocurrency payments. This initiative is designed to offer affluent customers a seamless digital payment option, blending traditional luxury shopping with modern fintech solutions. The partnership also reflects the increasing adoption of cryptocurrency in mainstream commerce.

Source: PR Newswire.

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Fintech

Bety Unveils Enhanced Offer of 20,000+ Crypto Games and Sportsbook Events

Published

15 hours ago

December 4, 2024

Peter Tolan

bety-unveils-enhanced-offer-of-20,000+-crypto-games-and-sportsbook-events

Bety is a decentralized casino and sportsbook platform that supports Bitcoin deposits and withdrawals. It is owned and operated by 12 Stars International Gaming Solutions Limited, a company established in Seychelles.

Bety, one of the leading Web3 betting platforms with a decentralized approach to casinos and sportsbooks, has unveiled its enhanced offer, boasting over 20,000 crypto casino games, sports, and eSports events. The platform aims to become one of the top Bitcoin casinos with a fair, transparent, and unmatched gaming experience for everyone

Blockchain technology is a catalyst for innovation in all sectors, and online casino gaming is no exception. The growing adoption of cryptocurrency into the mainstream supports the emergence of groundbreaking platforms in digital entertainment. Bety is one of the major players spearheading this revolution by offering secure and accessible gaming experiences to change how people interact with online gambling services.

The Advantages of Web3 Betting

Traditional online casinos have been around since the early days of the Internet. However, they have always faced the same challenges, such as slow payouts and high deposit/withdrawal fees. Moreover, users have often complained about the improvable fairness of game bets and their outcomes.

Web3 betting solves these issues and takes online casino gaming to the next level through blockchain gaming. Its use of decentralized ledger technology ensures a transparent gaming experience for all users. It also accelerates deposit and withdrawal times at considerably lower costs than what traditional casinos practice.

The processing times for deposits at traditional and crypto casinos are similar, often occurring instantly. However, there is a significant difference in withdrawal times between conventional online casinos and blockchain-based casinos.For example, traditional casinos can take several days to process withdrawals. Users often have to wait up to 3 days to transfer winnings to their credit/debit cards and 7 days via bank transfers. On the other hand, crypto casinos process payouts in only a few minutes, sometimes instantly, depending on the blockchain network’s congestion. This remarkable speed allows players to access their earnings faster and enhances the user experience.

The Rise of Blockchain Gaming

Blockchain gaming is a game-changer for the online casino experience. This technology offers unprecedented levels of trust and transparency. Thanks to its decentralized nature, players from various regions can play in complete anonymity and privacy. Furthermore, the lack of a centralized authority enhances game insights. It sets the stage for provably fair game mechanics, thus empowering players to make informed choices.Bety is an innovative blockchain gaming platform that employs the Provable Fairness concept, which is fundamental for Web3 betting. The platform ensures that game outcomes are determined randomly and cannot be manipulated by the operator or any other party. Therefore, Bety guarantees equal winning odds for all players.

Innovation and Accessibility

Bety stands out as a popular crypto casino with a rich selection of classic casino games and sports events catering to high-end players. The platform excels through its user-centered approach, which includes various bonuses, an exclusive VIP program, and 24/7 customer support.Moreover, Bety embraces the latest technological advances by incorporating the many benefits of blockchain networks, such as Bitcoin payments. The platform supports quick Bitcoin deposits and withdrawals, offering higher privacy and accessibility than traditional payment methods, such as debit or credit cards.

Hash Games at Bety Casino

Blockchain technology increases the gaming offer for online casinos, providing games not supported by traditional casinos. For example, conventional casinos rely on the classic offer of vintage games with limited scalability and versatility potential. On the other hand, blockchain provides a fertile ground for boundless creativity, spurring innovative concepts, such as play-to-earn and hold-to-earn.Gaming diversity is one of the most exciting aspects of building a Web3 betting platform on blockchain technology. In addition to offering traditional casino games such as slots, poker, blackjack, and roulette, Web3 casinos also provide hash games.Hash games are fast-paced, simple games that mimic classic casino games while adding a pinch of excitement. The game mechanics use hash value calculation and blockchain algorithms to deliver a thrilling, straightforward gaming experience. Players must wager on a predicted hash interval and win if their prediction is correct. Hash games involve various betting options that broaden the winning odds.Bety has several hash games in its versatile blockchain gaming offer, including Hash Banker Player, Hash Bull, 3-Min Bull, 1-Min Banker Player, and more. These games function by simple, easy-to-understand rules and ensure provable fair outcomes with appealing RTP rates.

A Unique Classic Casino Gaming Offer

In the most recent offer upgrade, Bety reveals an enhanced gaming offer, including slots, live casino, table games, lottery games, and sports events. Users can pick from over 10,000 casino games from leading brands, such as PGSoft, Evolution Gaming, Evoplay, Yggdrasil, Red Tiger, EG Games, Spribe, JILI, AE Sexy, Ezugi, and PNG. This stellar collection of games from reputable brands ensures players have non-stop access to the latest games and live events while enjoying a cutting-edge gaming experience.Bety offers a versatile library of over 10,000 slot games from more than 100 leading brands. Many of these games involve highly appealing bonuses, making the playing experience even more exciting. The platform replicates an authentic casino experience through its live casino that players can enjoy without leaving their homes. Also, the table games section includes many traditional and fan-favorite games, such as poker, blackjack, baccarat, craps, roulette, and more.

Promotions & Bonuses

Bety also provides several promotions for new and veteran players to make the gaming experience even more thrilling and fulfilling. The platform offers bonuses on the first 4 deposits and 7-day and monthly bonuses. Furthermore, referring friends to Bety entitles players to additional bonuses and earning opportunities.

The VIP Program

Bety invites players to explore its large blockchain gaming selection. They can quickly make transparent and instant Bitcoin deposits to play these games and boost their profiles on the platform. In time, the most loyal players can enter Bety’s VIP program and enjoy several advantages, including cash back incentives, free chests, free spins, and personal VIP assistants. Moreover, the platform also supports instant Bitcoin withdrawals.

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Fintech

Fintech Pulse: Your Daily Industry Brief (21X, 9fin, Upstart, LendingClub, Cloudflare)

Published

2 days ago

December 3, 2024

Peter Tolan

fintech-pulse:-your-daily-industry-brief-(21x,-9fin,-upstart,-lendingclub,-cloudflare)

1. 21X Secures Historic EU Blockchain License

In a groundbreaking development, 21X has obtained the first fully regulated EU license for a blockchain-based trading venue, setting a new precedent for digital asset trading within Europe. This initiative aims to integrate blockchain technology into traditional financial markets, enhancing transparency, efficiency, and trust. By leveraging Distributed Ledger Technology (DLT), the platform will allow both institutional and retail investors to trade digital securities under a stringent regulatory framework. This move is expected to accelerate the convergence of traditional and decentralized finance across the European Union.

Source: GlobeNewswire

2. 9fin Raises $50 Million to Expand Legal Tech Solutions

UK-based fintech legal platform 9fin has secured $50 million in Series B funding led by major VC firms. Known for its AI-powered data analytics in legal and financial services, 9fin plans to utilize these funds to scale operations and expand its presence in the U.S. The investment reflects growing confidence in fintech solutions that bridge legal and financial markets, particularly in streamlining debt capital markets.

Source: Artificial Lawyer

3. Bolivia’s Crypto Ban Lifted: A Surge in Digital Currency Interest

Bolivia has reversed its longstanding ban on cryptocurrencies, signaling a potential shift in Latin America’s approach to digital assets. This regulatory relaxation has ignited a crypto boom in the country, as entrepreneurs and investors rush to capitalize on the newfound legal status of digital currencies. With this change, Bolivia aims to foster innovation in fintech while maintaining safeguards to prevent financial crimes. Analysts predict this could spur broader adoption across the region, potentially reshaping Latin America’s fintech landscape.

Source: Bitcoin.com

4. Top AI-Powered Fintech Startups Identified by VCs

A recent report highlights the 15 most promising AI-driven fintech startups poised to disrupt the financial industry in 2024. From enhancing fraud detection to automating investment strategies, these startups are leveraging machine learning and AI to redefine financial services. Key players include fintech firms specializing in lending, insurance tech, and wealth management. This surge in AI integration is reshaping consumer interactions, driving efficiency, and creating new revenue streams across the fintech ecosystem.

Source: Business Insider

5. Upstart, LendingClub, and Cloudflare in the Spotlight

Leading fintech stocks such as Upstart and LendingClub saw significant market activity, reflecting broader trends in consumer credit and fintech innovation. Meanwhile, Cloudflare continues to impact the tech sector, particularly in cybersecurity for financial institutions. These companies are setting the pace in their respective domains, with investors closely monitoring their growth trajectories amid a competitive market landscape.

Source: Yahoo Finance

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