Chennai: Banking, financial services, insurance and fin-tech startups are looking to tap into Millennials and Gen-Z as their prospect consumers who have increased spending power. Brands realise the potential of social media platforms’ reach with the above communities.
Many brands across the BFSI, fashion and FMCG sectors including fin-tech startups have launched many successful campaigns on TikTok. Most recently, Khatabook, a digital ledger app for small businesses, Money View, a loan app and Angel Broking Ltd. took to the platform to build awareness around their respective brands and tap into a wider audience.
Ved Prakash Yadav, vice-president, KhataBook, said, “Majority of our customers today own a smartphone and consume content through various social media platforms. Hence, it was crucial for us to advertise on short format video platforms, which allowed us the freedom to create relatable videos to showcase our app use cases in different situations for our target audience.”
Nikhil Arora, head of marketing, Money View, said, “Our focus was to highlight the convenience and benefits of using the Money View Loans app. Our partnership has significantly contributed to our customer growth and has created a healthier lead generation ecosystem. Using lookalike audiences has helped us broaden our scales with lower acquisition cost.”
Speaking about the partnerships with the brands and successful campaigns, Sameer Singh, vice- president, monetization, TikTok India, said, “Our diverse demographics are attracting a slew of brands from across categories, including BFSI. Apart from the opportunity to engage with 200 million users, the platform offers a whole new way to engage with Gen-Z and millennial consumers as BFSI brands look to embrace newer digital touchpoints.”