Social media can be intimidating for bankers. Most banks avoid new forms of social media until the last possible moment, but if you want to make an impact, that’s a mistake. TikTok has become increasingly popular and we’d like to share how you can use the platform to your advantage. In this article, we’ll discuss how bankers can leverage the popularity of TikTok. Read on to learn more about TikTok for bankers!
Check Out These 2021 TikTok Statistics
Though TikTok is a relatively new social media platform (launched in 2016), it has over 1 billion active monthly users. Compare this to other forms of social media that have been around longer:
- Facebook (launched in 2004): 2.9 billion users
- Youtube (launched in 2005): 2.2 billion users
- Instagram (launched in 2010): 1.4 billion users
- Snapchat (launched in 2011): 500 million users
- Pinterest (launched in 2010): 480 million users
- Twitter (launched in 2006): 397 million users
It’s undeniable that TikTok has exploded in popularity. The app’s been downloaded over 2.6 billion times worldwide, with 62 million of those in January 2021 alone. They currently have over 130 million active users in the US. Users spend an average of 52 minutes per day on the platform.
TikTok was projected to earn $500 million in revenue in the US in 2020. The engagement on TikTok is out of this world. Though we don’t have hard stats for this, Jennifer Lopez conducted an experiment of sorts by posting the same video on Twitter and TikTok. She had 45 million followers on Twitter and 5 million on TikTok. She got 2 million views on Twitter, but 71 million views on TikTok. TikTok usage only increased with the pandemic, with no end in sight.
Ready to get on board? Here’s why you should leverage TikTok for your bank!
It Helps You Blend Education and Entertainment
TikTok offers banks a unique opportunity to present education in a fresh, new way. This “edutainment” can be used by bankers to teach people financial literacy. You have a higher chance of encountering and influencing people who really want to learn about the subject you’re talking about. There are already a few banks on TikTok. If you want to make your mark on the platform, now's your time!
You can cover a number of banking topics and use hashtags to make them easier for people to find. These include the following financial literacy subjects:
- Saving money for the future
- Credit card management
- Building a retirement fund
- Building a college fund
- How to effectively pay off debt
- Applying for a home loan
- And more!
Snackable Content is Viewable Content
For better or worse, the world is becoming increasingly fast-paced. People don’t want to watch a 15-minute video, especially if they can get the same information packed into a 2-minute one. Videos on social media should be 1-2 minutes long if it’s social media content. By posting shorter videos, consumers have more time to absorb more information too. This time limit fits perfectly in the TikTok video limit of 3 minutes, so there’s no excuse not to create something.
Post on TikTok to Humanize the Brand
The world of finance is something that the average consumer tends to think of as difficult. By posting on TikTok, though, you can break down some of the barriers between their world and the world of finance. By posting informative videos (or even fun updates about events or promotions at your bank) you’ll humanize the brand and see more engagement from followers.
TikTok Appeals to All Ages
The TikTok user base is getting older, which means that you will likely find some of your own clients on Tiktok. Here’s a breakdown of the age range and user percentages on TikTok:
- 10-19 years old: 32.5%
- 20-29 years old: 29.5%
- 30-39 years old: 16.4%
- 40-49 years old: 13.9%
- 50 years old and over: 7.1%
Since TikTok appeals to all ages, it’s only logical that you would want to get in on the action. By joining TikTok, bankers can enjoy the benefits of having less competition on the market. You can experiment with the platform a bit before other banks come streaming in. Look at what other people are doing and see if you can translate that to the financial sector. TikTok is a fun app, so enjoy it!
How Can WSI Help You?
Our superpower is that we understand the banking world and the digital world. We know how to keep you secure and compliant while ensuring that you have an engaging digital presence. Do you have questions about how your bank can branch out and enjoy a successful TikTok marketing strategy? Contact us - we’d be glad to help!
Special Perk: A Bonus for The LinkedBanker Community Members…
For the October M&M (monthly mastermind call), members of The LinkedBanker community will get to enjoy a detailed conversation about TikTok for the banking industry. We’ll be joined by a TikTok’ing banker who’s been creating content for several months now and she’ll be sharing some of her observations from her time on the platform.
To be part of the live show on October 20th, 2021 (or, if you read this after October and would like to get access to the recording of the M&M), hop over to our Join The LinkedBanker page to sign up today!