What works in digital communication for financial services and insurance?
By 2027, 85% of Spaniards are expected to use digital banking services, according to a report by Funcas and KPMG. This trend has led to a change in the typical user profile, which is now characterised by younger audiences, greater economic stability and a strong willingness to adopt technological innovation.
Another recent study by fintech company Finwave defines the average digital banking consumer in Spain as someone under 35, with a stable job and a medium income. With this target audience in mind, many banks, financial institutions and insurance companies have begun testing new ways to reach them. As in many other sectors , influencer marketing is revolutionizing the way of communicating and informing.
N26, the neobank that has changed the rules in influencer marketing
At Keepers we have helped N26 to position as a leading digital bank among young people, through a strategy focused on educational and branded content, with influencers playing a central role.
One example was a 360° campaign designed to raise awareness of N26’s savings account offering a 2.25% APR. Rather than focusing purely on the product conditions, we challenged influencers specialising in travel, lifestyle plans and recommendations to tell stories that were more engaging than the figures themselves, always through entertainment and education.
From this entertainment-led approach, N26 launched a collaboration with the podcast ‘Poco se habla’, creating a dedicated section within the programme. A segment called “El Bombo” invited listeners to share their own experiences, which were later repurposed as branded content on the podcast’s Instagram channel.
Financial education is happening on social media
An increasing number of influencers, commonly referred to as finfluencers, are sharing content about saving, investing and managing personal finances. According to a study by Intuit Credit Karma, one in three members of Generation Z now seek financial advice from influencers, particularly on TikTok, rather than from traditional financial advisers.
Financial institutions that understand and value the educational role influencers can play will earn a strong position in consumers’ minds. Many users now research financial products primarily through online channels, and influencers offer a sense of closeness and trust, especially for younger audiences who are far less accustomed to visiting traditional bank branches.
At Keepers we have also helped companies such as Nickel, in explaining essential topics to customers in Colombia and Venezuela, such as how to open a bank account in Spain. In this case, the brand adopted an educational role, offering clear, accessible guidance through Latin influencers who already have strong relationships with these communities.
Rise of finfluencers, the kings of financial influence
TikTok has become one of the most relevant platforms for the so-called financial influencers or finfluencers. A wide range of profiles now cover topics including basic financial concepts, savings and investment advice, retirement planning, mortgages and inheritance.
The proliferation of these influencers is attracting the attention of many professionals, such as the global association of investment professionals, which, precisely, warned in a study about the abuse by the younger generations of social networks as a means of learning about finance and economic management. Thus, according to research, in the same period of time analyzed, finfluencers achieved more than 800 video views compared to the 500 obtained by other influencers. These figures give us an idea of the influence they currently have, especially among young people.
Responsibility when reporting financial information on social networks
With influence comes responsibility. Influencers must be particularly careful when discussing financial products. Kim Kardashian herself was fined 1.26 million dollars for promoting cryptocurrencies on her Instagram account without disclosing that it was paid advertising. In Spain, the National Securities Market Commission (CNMV) has already issued warnings to several influencers for similar reasons.
Spanish regulations state that when recommendations are prepared and disseminated by influencers and not by supervised companies, they are qualified as ‘experts’ and are subject to specific requirements. In practise, this means their recommendations must comply with EU Regulation 596/2014 on market abuse and the Delegated Regulation (EU) 2016/958 that develops it.These laws require recommendations to be clear, accurate and objective, and to disclose any interests held by the person issuing them. Fines for non-compliance can reach up to €500,000 when advice is given without appropriate financial expertise.
