- Banks on TikTok: a frontier has been crossed in the digital territory, which until recently was taboo for regulated activities
- Use cases. expert opinions. how banks are deploying their strategy on this social media platform.
¨In an ever-evolving financial environment, traditional banks are constantly adopting innovative strategies to connect with digitally active audiences. Young… and not so young!”
Despite having millions of users worldwide, TikTok, with its extremely informal, even childish profile, was, until recently, not included in the marketing strategy of companies in the banking and financial sector.
However, with the banking of Generation Z, it has begun to be accepted as another channel for financial institutions to strengthen their relationship with potential customers through creative and engaging content.
Damian Baptista, Business Developer at Boomit—a marketing and technology agency specialized in the financial sector of Latin America—explains that “TikTok has evolved from being an entertainment-focused platform to becoming a powerful digital marketing channel. Traditionally, banking entities were reluctant to be present there due to its youthful and entertainment-oriented focus. However, this taboo has started to fade, and today more than ever, traditional banking has much to gain by integrating into this platform.
Regarding the platform’s target demographic, baptista defines: ‘It’s no longer just a social network for teenagers. In fact, its user base is constantly growing, with significant penetration in segments over 30 years old. This represents a great opportunity for banks looking to connect with audiences from different demographic groups, including High-Value ones. The platform has a large active user base in Latin America and is ideal for generating awareness and capturing quality leads through the precise targeting it allows.’
But, how does it differ from platforms like Facebook or Google?
“In terms of performance,” the expert adds, “other networks have become increasingly saturated and competitive; TikTok remains a channel where acquisition costs are relatively low, and massive reach is guaranteed. It’s fertile ground to impact new audiences with a CPM below what we get on other platforms.”
Moreover, banks on TikTok can find a space to showcase their brand in a less formal, more approachable, and creative way. Through a performance marketing strategy, banks can optimize their return on investment (ROI) by generating relevant and emotional content that drives interaction, active user participation, and ultimately, conversion.
Of course, as with all regulated activities, boundaries are also essential. As Baptista points out, “Financial institutions must approach this platform with a well-thought-out and, above all, ethical strategy. The boundaries banks should not cross are mainly related to trust and user data protection.”
Another clear boundary is communication transparency. Unlike other industries, financial services require a level of seriousness and trust that is not always compatible with the “lightness” of some social media content; it is crucial to avoid sensationalist content that could damage the perception of solidity and security that they need to convey.
Use cases: banking on TikTok
When asked about use cases that caught his attention, Damián Baptista highlights the strategy of Peigo (the digital wallet from Banco de Guayaquil) because “they have leveraged the potential of this platform to connect with younger audiences and promote the use of their mobile app in an innovative way.”
Rather than focusing solely on the traditional benefits of the digital wallet, they have opted to generate viral content. This has allowed not only for a great reach but also a high user engagement with their posts.
Marketing and advertising experts generally try to steer humor away from banks’ strategies. However, humor allows complex concepts to be more understandable and helps the audience feel more connected. Viral examples on TikTok show how this approach can spark meaningful conversations and increase engagement with banking content.
Banks are also combining financial education with entertainment to make complex topics more appealing. A notable example is ING’s campaign, which uses animated characters to explain financial concepts in a simple way. This approach has increased brand recognition. They have also heavily invested in humor, as seen in this campaign:
Promotion of ‘musical ommunities
Banco Santander has stood out with the creation of LoudT, a musical band formed exclusively through TikTok. Bringing together young international artists, this initiative combines music and social media to establish a direct connection with Generation Z, achieving high levels of interaction and solidifying the bank’s image as a promoter of emerging talent.
Collaborations with content creators
Partnerships with influencers and content creators allow banks to reach a broader audience and humanize their brands. Campaigns like those of Banco de Bogotá show that this approach not only extends reach but also reignites interest in financial services, even among customers who had disengaged from the bank.
In the face of growing competition from neobanks like Revolut and N26, traditional institutions have developed their own digital platforms to attract younger users, but they are also betting on new communication strategies.
Financial institutions are redefining their digital presence with creative strategies on TikTok, showing that even a traditional sector can innovate to remain relevant. The key is understanding new generations and adapting their messages to an environment where creativity and authenticity are essential.