the new bet of the bank to attract young clients

The banking chooses TikTok to attract young people. Financial entities break into this content platform in order to contribute positively to their business resultssales, customer acquisition or what is known in social networks as engagement (commitment translated into Spanish), and they do it with the help of well-known faces from the world of networks.

Although customer acquisition “is something very 360”, as quoted by Luis González, director of Brand Management at ING for Spain and Portugal, he assures that “they have grown in customers of that target (young) and TikTok is a fundamental part of that customer improvement“. In the words of the director, the bank’s audiences and sales are linked and “it generates this predisposition of the brand in the targets younger.”

As part of its strategy, the ING lion, named ‘Leonardo’, enters the Academy of Operation Triumphinteract with influencers like Lalachus (plus 11 million likes) or meet Jorge Cyruswho accumulates more than two million followers on this platform.

This campaign achieved 50% more efficiency in customer acquisition, becoming the bank’s second most efficient acquisition channel with a better cost per account opening. “We look for creators who are suitable and there are debates about scope or relevance and how credible it is.. Since the start of the campaign with Leonardo, we are looking for more established people in the TikTok community, so we contacted their agencies,” says González.

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@ing_esp For the real ones #NomadaFans! I’m giving away two more caps signed by the 16 otitos of @operacióntriunfo. Follow me on TikTok and tag someone in the comments to participate. I will announce the winners in stories on July 25. #GiraINGOT23 #Leonardo #ING ♬ original sound – ING Spain

Among the contents, there is entertainment along with videos aimed at personal finances for young people. “We were looking for something very close to entertainment. However, when we went to financial topics, we achieved a greater engagement and interaction. In our startup strategy, we start with the target ages 18 and 25 and we expanded. We connect with entertainment so that the bank joins potential trends (trends)”, explains González.

The director assures that “helps business results“and they see it in two ways: part of performancethat is, as a critical sales channel, since 90% of those under 35 years of age access social networks daily, and TikTok increases their brand awareness by 11 points. There are videos on his account that reach five million views.

ING is not the only bank that is taking advantage of tiktokers, influencers or personalities from the world of music. For example, the singer Aitana is the new image of Santander Bankwhile BBVA upload videos in the same format that the streamers, ( a person who is dedicated to transmitting content on the Internet in real time).

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@santander_es When you have secure digital solutions, scholarships, concert pre-sales and much more, everything flows.✨ Do you want to feel it? #wellbeing ♬ original sound – @santanderespaña

In this way, it is increasingly common for Spanish banks use platforms like TikTok to reach targets of a younger profile, all with the same strategy. In addition to contacting content creators, the protagonists of the videos are, in the vast majority of cases, people under 30 years of age who either make entertainment content or make videos for the personal finances of young people.

At a time when financial education in this age group in Spain leaves a lot to be desired, 6 points lower than in 2018 according to the latest PISA report —which highlights that 4 out of 10 Spanish students do not know how to interpret an invoice or a payroll—, the banks take advantage. They carry out, above all, educational content: help with savings, emancipation or the purchase/rental of a house, optimization of income, understand a payrollthe income tax return, in addition to new products from the bank itself such as the launch of a young mortgage.

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“Over the last few years, we have witnessed how more and more banks and financial entities worldwide have found TikTok a platform to connect with growing audiences, with 90% of users stating that they plan to watch the same amount or more banking-related content in a future than what they see now,” says Teba Lorenzo, general director of Business Solutions at TikTok for Spain and Portugal.

Taking this percentage into account, according to the platform’s study entitled Marketing Science51% of users want financial content to include only essential information about the product and/or the brand and 76% like financial content with a sincere direct tone.

Thus, the banking entities join to the TikTok wheel. ING accumulates 88,000 followers and 1.2 M likes; Santander, 108 followers and 520,000 ‘likes’; BBVA, 44,000 followers and 453 ‘likes’; CaixaBank, 48,000 followers and 667,000 ‘likes’; and Bankinter 100,000 followers and 307,000 ‘likes’.

The banking chooses TikTok to attract young people. Financial entities break into this content platform in order to contribute positively to their business resultssales, customer acquisition or what is known in social networks as engagement (commitment translated into Spanish), and they do it with the help of well-known faces from the world of networks.