From White Collar to Influencer Marketing? How Banks Can Reach Young Customers

Abstract

Banks distribute intangible services, so that traditional marketing instruments are often limited concerning their effectiveness to reach new clients, especially teenagers and young adults. With respect to this relevant practical problem, we used survey data for the relevant group (n = 302) in Austria to investigate whether influencer marketing could be a banking strategy to reach the young generation. Due to the particular complexity of a financial product, we assume that the credibility and trustworthiness of an influencer can lead to respondents being more willing to engage with financial products. Based on our survey results, we can provide first evidence that influencer marketing also has untapped potential for banks. Although our respondents revealed a certain skepticism towards this form of marketing, the results indicate a weak positive correlation between influencer marketing, customer engagement with the subject of financial products and ultimately the purchase of financial products. In this respect, our results are of particular interest to decision-makers in banks. However, they are also relevant for the whole of society. If influencer marketing works for financial products, then other topics that are particularly sensitive, e.g., health care, could be addressed accordingly.