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Choosing the Right Influencer Partners: How influencers are changing the game

Caoimhe Ryan

Caoimhe Ryan

Affiliate Relationship Manager
  • Last Updated: February 22, 2024

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Picture this : A well-known, trusted social media influencer recommends a financial product in a way that feels more like friendly advice than a sales pitch.

And the followers who trust her and her recommendations take her advice and take action.


Influencers have played a key role in changing customer behavior and influencing purchasing decisions in a variety of industries, including the financial sector, in recent years.

Bank affiliate marketing is no exception, and influencers have ushered in various improvements. Banks and fintech companies are turning to these credible influencers to help showcase and promote their products and leverage their insights and trust to reach new audiences and grow awareness about a new service or product.

Read on to find out more about how FIs are successfully tapping into the influencer space.

If you are a financial brand ready and curious about how to tap into influencer (or affiliate) marketing, reach out to our team of experts – they’ll be happy to help walk you through the process of getting started.

Understanding Influencer Marketing

Influencer marketing is traditionally where a brand will partner with an influencer (typically a personality that has expertise in a particular area – think lifestyle, entertainment, travel) to help showcase a product or service in exchange for a fee.

Typically, these fees are flat fees placements for posts, feed posts, or video product reviews.

Most recently, and especially in the fintech space, we are seeing influencers look to diversify their revenue streams by tapping into the affiliate model, where instead of receiving flat fees, they receive cost-per-acquisition (CPA) when a follower takes an action, for example signing up for a credit card and it’s approved.

Not only does the bank acquire a new customer but the influencer earns a commission as well. This is where the affiliate and influencer worlds start to collide and where new opportunities are arising for fintech’s and FIs.

Influencers are classified into several types, each with their own style, content focus, and audience. Here are some examples of common sorts of influencers:

– Macro-Influencers :

These influencers have a large following, which frequently exceeds 100,000 followers. They often operate in wide market segments.

– Micro-Influencers :

Micro-influencers have a smaller but highly engaged following, typically ranging from 1,000 to 100,000 followers. They frequently specialize in specific areas.

– Nano-Influencers :

Nano-influencers have a small following, typically less than 1,000 followers. They are, nonetheless, extremely powerful inside their close-knit societies.

The Role of Influencers in Bank Affiliate Marketing:

Influencers play a multifaceted role in bank affiliate marketing, causing a shift in traditional marketing techniques within the financial industry.

The following are significant characteristics that define the role of influencers in bank affiliate marketing:

– Trust and Authenticity :

Influencers are well-known for establishing trust and authenticity in their audiences.

When they promote banking products or services, their endorsement is often perceived as sincere, creating trust within their target audience. This trust is essential in a business where credibility is essential.

– Targeting Audiences :

Influencers have specific audiences with specific demographics and interests. This enables banks to more accurately target their preferred consumer categories.

Institutions can improve the efficiency of their affiliate marketing strategies by engaging with influencers whose following are similar to the bank’s target market.

– Affiliate Partnerships :

Influencers often participate in affiliate marketing programs, earning a commission for each customer they refer to the bank.

This performance-based model aligns the interests of the influencer with the success of the bank’s marketing efforts, creating a mutually beneficial relationship.

– Tracking and Analytics :

Influencer marketing in the banking sector often is accompanied with robust tracking and analytics tools,  like Fintel Connect.

Banks can assess the performance of influencer-driven campaigns, measuring the impact on customer acquisition, conversion rates, and overall return on investment.

– Humanizing Financial Brands :

Financial institutions are often perceived as impersonal and intimidating.

Influencers can humanize these brands by showcasing the personal side of banking through their own experiences, e.g. creating a video on how they utilize their cash back credit card on a daily basis. This approach helps build a more approachable and relatable image for the bank.

Check out one of our influencers @Jess Delight and how she incorporated Neo Financials’ everyday cash back credit card into her video – it’s as easy as that!

Jess Delight – https://www.youtube.com/@jessdelight

Changing the Game

In the realm of bank affiliate marketing, influencers are indeed changing the game in several ways, disrupting traditional approaches and introducing innovative strategies.

Here’s how they are bringing about a transformation in the landscape:

– Authenticity Over Traditional Advertising :

Influencers thrive on authenticity, and their recommendations often feel more genuine than traditional advertisements.

– Community Building :

Influencers often create communities around their content. Banks can tap into these existing connections by aligning with influencers, generating a sense of belonging and common objectives.

This community-focused strategy results in a more devoted consumer base.

– Data-Driven Decision Making :

Influencer marketing in the banking industry is becoming more data-driven. Banks can use indicators like engagement rates, conversion rates, and audience demographics to make smarter decisions and optimize their influencer collaborations.

Utilizing platforms like Fintel Connect will also support tracking of clicks, impressions, conversions, commissions, which can be further analyzed for more granular insights and direction.

– Cross-Industry Collaboration :

Influencers frequently have audiences that extend beyond the finance niche.

Collaborations between influencers from various industries and banks can result in cross-promotional opportunities, hence increasing the reach of bank affiliate marketing initiatives.

Influencers are changing the game in bank affiliate marketing by using their digital savvy, authenticity, and community-building abilities.

Banks that adapt to these changes will be able to form better relationships with their target audiences, remain relevant in a volatile market, and create effective affiliate marketing initiatives in the digital age.

Choosing the Right Influencer

Choosing an appropriate influencer for a bank’s marketing activities is critical for affiliate marketing campaign success.

Here are some important factors to consider while choosing an influencer

– Relevance and Alignment :

Make certain that the influencer content, audience, and values are consistent with those of the bank. The influencer should cater to a demographic that corresponds to the bank’s target customer base.

This congruence guarantees that the promotion feels natural and is well received by the target demographic.

– Performance Metrics :

Consider the influencer’s previous performance in similar initiatives.

Examine key performance indicators (KPIs) including conversion rates, engagement rates and click-through rates, as well as the overall success of previous influencer/affiliate marketing engagements.

Data-driven judgements can assist in identifying affiliates who produce results.

– Content Quality :

Evaluate the influencer’s content quality. High-quality, well-produced content benefits the bank’s brand. Influencers who consistently produce useful, educational, and visually appealing content can help the bank’s image.

– Compliance and Ethics :

Ensure that the influencer follows ethical procedures and abides by appropriate legislation, particularly in the financial business.

Transparency in identifying affiliate agreements, as well as adherence to advertising restrictions, are critical to the bank’s reputation.

– Utilizing Affiliate Marketing Technology :

Working with an all-in-one affiliate marketing technology platform and agency like Fintel Connect.

 

At Fintel, we operate as an affiliate platform, network, agency and compliance engine, all specialized in helping fintech and financial services companies with affiliate marketing.

We’ve supported fintechs like Ramp and Neo Financial, and banks like Royal Bank of Canada and Scotiabank with their partner marketing programs.

The benefit here is that you only need to work with one partner for all of your affiliate marketing needs, and you don’t have to worry about working with a company that might not have the right network or knowledge for financial services.

Learn more about how to chose the right partner here.

Learn more about Fintel Connect’s platform here: Fintel Performance for Fintechs.

Conclusion

In conclusion, influencers play a critical role in modern marketing across a variety of channels. Promotional initiatives benefit from their authenticity, engagement, and targeted reach.

The type of influencer selected is influenced by the brand’s target demographic, campaign goals, and unique niche or industry.

Influencers help to increase reach, reduce marketing costs, boost reputation, and adapt to changing customer behaviors.

Implementing influencer affiliate programs can improve brand visibility, customer acquisition, and strategic relationships, making influencer collaborations a crucial component of a holistic marketing strategy in the digital age.

Learn more about how to start your financial services influencer marketing.

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