The financial technology (fintech) industry is one of the world’s fastest growing industries, set to be worth $310 billion by the end of 2022.

Today, demand for fintech apps has grown by 132%, and thousands of fintech companies are flooding the market trying to get in on a piece of the action. As is the case with many booming markets, a lot of opportunity comes coupled with fierce competition.

If you want your fintech company to stand out in the crowded online space, you may have considered a range of techniques to boost your SEO, such as incorporating relevant keywords and building backlinks. However, in this blog, we’ll discuss why influencer marketing might just be your secret weapon.

What is Influencer Marketing?

Even if you haven’t participated in it yourself, the chances are that you have heard of influencer marketing, or have been influenced to buy a product or service after seeing a content creator recommend it online.

Influencer marketing has exploded in popularity over the past decade, thanks to the rise of social media, and the industry is now worth an estimated $13.8 billion. The premise of influencer marketing is simple: an influencer (a person with a large or particularly engaged online following) works with a brand to promote a product or service to their followers. Compared to regular marketing, influencer marketing has been shown to be more effective and provide a higher ROI, as consumers often trust their favourite influencers more than they would trust traditional advertising. Today, influencers regularly influence buying decisions for millions of people worldwide.

It’s no wonder that 93% of marketers said that they currently utilize influencer marketing. To learn more about influencer marketing, check out our blog: What is Influencer Marketing?

Why Should Fintech Brands Invest in Influencer Marketing?

In the crowded world of fintech, influencer marketing can set your business apart. Many of the major players in the fintech industry, such as Monzo and Starling, began as startup companies and have grown into multi-billion dollar ‘unicorn’ brands. Although influencer marketing isn’t the only reason for their success, it has played a key part in these brands’ ability to attract a young, tech-savvy audience that enabled them to grow and scale their businesses.

As influencer marketing can often be more associated with lifestyle and fashion brands rather than finance, you may not have realized the opportunity that influencer marketing can bring to your business. But if you’re yet to jump on the influencer marketing train, you could be missing out on a key opportunity to engage new audiences, especially potential millenial and Gen Z audiences – who are said to make (x) purchasing decisions as a result of influencer marketing.

How Can Working with Fintech Influencers in the UK Boost your SEO?

Improve high-quality backlinks 

Did you know that influencer marketing can boost your SEO? As the Google algorithm has become more sophisticated, old-fashioned SEO shortcuts such as keyword stuffing or low-quality link building have become less effective. Today, the algorithm favours backlinks from high quality websites with a good domain authority. In a recent study conducted by Moz, it was found that the quality and authority of the sites linking to your page are among the top search engine ranking factors.

Working with fintech influencers can help improve the quality of backlinks to your site. If an influencer has a website and links to your site from it, this will likely result in a high-quality back link. Also, if the content that an influencer creates about your brand goes viral, you will also be rewarded with backlinks as a result.

Increase site traffic 

As we mentioned earlier, influencer marketing can be particularly effective because many consumers trust their favourite influencers, and therefore are more likely to invest in products or services that they recommend. By working with an influencer with a large and engaged following, you can capitalize off an already engaged following and drive more traffic to your website. Increased site traffic can suggest to the Google algorithm that your site is popular and should therefore be rewarded with a higher ranking.

Improve brand awareness and credibility 

Working with influencers who are established in the fintech space can help you to build brand awareness and credibility. Increased brand awareness will lead to more searches for your company online and website visits, all of which contribute to improving your SEO ranking.

Tips for Working with UK Fintech Influencers

Do your research 

Just because influencer marketing can be very effective, this doesn’t mean that it will lead to guaranteed success. Just like every other marketing method, you need to carry out thorough research of your target market and understand their consumer needs and behaviours. When it comes to choosing the right fintech influencers in the UK, you need to make sure that the audience you are targeting forms a large part of this influencer’s audience.

Cover your legal bases 

Some fintech brands have gotten into hot water when working with influencers, due to not disclosing necessary information. If you are selling a financial product and working with fintech influencers in the UK, you have to ensure that you are keeping up with the Advertising Standards Agency (ASA) but also the Financial Conduct Authority (FCA).

Create useful and informative content 

Creating content that adds value for your customers is key to any marketing campaign, and influencer marketing is no different. By partnering with a well-known influencer in the fintech space, you can work together to create content that their audiences will engage with and present your brand as a thought leader. This could be a series of talks and videos around a subject matter relating to your brand; for example, you could create a video series giving advice on managing money or tips on saving, pensions and investments.

Fintech giant Stripe is leading by example when it comes to adding value on subjects relevant to your brand, using its social media channels to share information and advice with their customer base.

Is your fintech business a unicorn in the making? Whatever your goals, Social Chameleon’s team of experts can help you to cut through the noise and meet your customers at the right time, on the right platforms with the right message.

That’s why we’ve recently been crowned ‘Best Social Media Agency’ at the UK Agency Awards. Get in touch with our expert team today!