Fino targets 20-70K income range customers on TikTok
The new age bank is actively using TikTok platform to drive customer engagement: (The interaction took place before the government banned TikTok.)
Fino Payments Bank had started using TikTok for marketing in early March 2020. As per the bank, TikTok core audience age group is 18-25-years. While the bank is focussing on the age group of 25-35 years, who have incomes in the range of `20-70K per month. The bank is also using TikTok’s rural focused platform Vego.
Anand Bhatia, Chief Marketing Officer at the bank, describes a story behind the adoption of TikTok platform for marketing: “During our field visits, we saw some of the customers and merchants talking excitedly about TikTok. They were sharing content, and some were creating it too! We then thought this would be a great tool to engage with an audience and build a connect with them. Personally, I am optimistic that such a platform is a great way to tell my consumers ‘how to use’ my bank for things such as a micro ATM, banking point, BPCL outlet, etc.”
REGIONS, COMMUNICATION STRATEGY
TikTok is more of a top 15-20 city platform and Vego is more rural. The bank is getting good response from states like UP, Bihar, Rajasthan and MP on TikTok. Says Anand Bhatia: “It’s still early days for us. We are right now running our OTT communications and a few user generated videos on TikTok. The treatment of content must change for extracting the best from the platform. It must have the rough edges of user generated content. We are exploring ways to work with influencers who can help us drive traction. I can foresee a 10% marketing budget allocation to the platform soon.”
IDEAL PLATFORM FOR ‘HOW TO USE’
The b a n k u s e d to have 1 5 0- 2 00 conversations over social media platforms like Facebook, Twitter, YouTube, LinkedIn, etc, daily, but post 27 March it is averaging 500 conversations a day.
Anand Bhatia also talks about the effective use of the TikTok platform: “This is an excellent platform to present ‘how to use’ a product or how a product is woven into daily life. Hence, things like applying for a loan, availing a debit card offer, going to a BPCL petrol pump and withdrawing cash from a Fino microATM, even opening a bank account can be communicated well.”