Recruiting social media influencers to promote a financial brand's interests means walking a fine line. The legal and ethical obligation to disclose sponsorships needs to be balanced against giving internet personalities the freedom to persuade their followers to buy your product or engage with your brand.
The Consumer Bankers Association grappled with all of these challenges when it launched its first influencer campaign. In early September, the CBA announced Credit Card Confidence, a campaign to educate consumers on the credit card market.
Credit card education is one of the most appropriate spaces [financial companies] can play...where the risks are universal and the benefits are clearly mapped.
If you want to reach younger generations, social media is the spot to do it, said Meghan Phillips, managing director of brand relationship design in the U.S. for R/GA.
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