Fintechs are utilizing platforms like TikTok, Instagram, and YouTube far more effectively than traditional banks, which often neglect these channels or lack engaging content.
According to Kelvin Chen from the Consumer Bankers Association, traditional banks find newer social media platforms intimidating, with limited influencer track records making them cautious.
The CBA's Credit Card Confidence campaign aims to improve consumer understanding of credit cards through engaging TikTok content, as traditional methods have proven ineffective.
Chen highlights that over-reliance on conventional communication methods, like mailing, is failing to connect with audiences, prompting exploration of innovative outreach strategies.
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