Banks have generally steered clear of influencer marketing even as some fintechs like Current and Chime have used it to connect more widely to their audiences. And this reluctance to use creators in their marketing is also emblematic of how little traditional FIs understand about this sector.
This lack of understanding also seeps into capturing the creator economy as customers and results in financial products that focus on making creators’ lives easier, being few and far in between. It’s a missed opportunity to connect to a customer base that is grossly underserved, growing rapidly – especially due to the low barrier to entry–, and strongly financially motivated.