Could Snapchat Work for Financial Services Marketing?

Share on facebook
Share on twitter
Share on linkedin

By now most financial services marketers are informed about LinkedIn, Twitter, Facebook, YouTube and even Instagram as digital resources for marketing campaigns. So, why not Snapchat?

Tech-savvy B2C’s are already using Snapchat to target millennials.
With 100 million daily active users and the millennial audience (73% of Snapchat users are millennials) that financial services need to captivate as they emerge as clients and colleagues. Snapchat could be just what finserv needs to liven up their marketing.
I’ve broken down what Snapchat is before. So here is a quick recap:
Snapchat is a social media app (available for iOS and Android) that cornered a niche market in 2011 as a disappearing photo and video messaging service. Because of new content orientated features the app is being recognised as an expanding resource for marketing and advertisements.

  • Stories, a stream of snapshots from your day, which can be seen by friends for 24 hrs.
  • Snapcode, instead of a regular profile picture you get a unique scannable code that when scanned other users can add you.
  • Geofilters super impose location/ event graphics onto your captures.
  • Lenses alter your selfies to look like animals, aliens, unicorns and other bizarre creatures (even your own friends by using the face swap features!)
  • Discover, publishers upload content straight to channels accessed by users.

Snapchat features
Although financial services have dipped a toe in Snapchat advertising, it is yet to gain many regular industry users.

J.P. Morgan recruit on Snapchat

  • And have since started using Snapchat filters to promote industry events, such as their corporate challenge:

j.p. morgan snapchat filter

  • The Bank of Ireland are promoting their FeelFree student reward programme on a company Snapchat account. Hoping to cultivate Snapchats youthful appeal to attract Students to the FeelFree programme, a 3rd level current account and up to €100 worth of millennial attracting rewards, including cinema tickets, pizza vouchers, festival packs and beauty treatments. FeelFree is set to run from October 2016 until May 2017.

However, there is an uncertainty surrounding the potential mixed message that financial services using a platform like Snapchat could send. The same uncertainty that could hinder a Snapchat robo-advisor: issues surrounding trust and compliance.
So, I suggest these best practices that focus on positive relationship building.
Financial services social media marketing should be about promoting a positive atmosphere for your brand. It should be a fun way to express a human touch.
An app like Snapchat should be focused on company culture. Less about selling a product and more about sharing your brand. Much like Instagram, it is a millennial dominated and image driven platform great for sharing company events and charity work.

Having a Company Snapchat Account:

  • Share behind the scenes moments at the office expressing a positive company culture.
  • Tease with exclusive previews of up and coming projects.
  • Share exclusive offers or rewards on your Snapchat story like the Bank of Ireland’s FeelFree initiative.
  • Screenshot your snaps and post them to your other social accounts telling your followers to add you on Snapchat to see more. (J.P. Morgan did a similar thing by promoting their London corporate challenge filter on Instagram)
  • Promote your Snapcode across your other social accounts.

Forbes Snapcode
Forbes have their Snapcode as their official Twitter icon.

Remember to work in conjunction with your compliance department!

Advertising on Snapchat:

Follow J.P. Morgan’s lead and utilise Geofilters, for company events make exclusive filters, find out how here.
Attendees will share their own positive experience of the event (and by association your brand) with their friendly following on Snapchat.
So, if you’re brave enough: Happy Snapping!

katie smart

katie smart