Studying the properties and composition that make up the FinTech ecosystem
Welcome to this week’s industry analysis with the FinTech Chemist. While I may not be literally mixing solutions and preparing reagents, I am studying and testing out the latest and greatest in FinTech. My most recent experiment has me focusing on society’s obsession with celebrities and influencer marketing. It is a fascinating phenomenon, and no industry has been spared.
Think of it like this: some elements are just meant to go together, like hydrogen and oxygen. Not to mention, all living things need water to survive! (If you don’t need water, you might be an alien, but that is for another article). However, what happens when opposites attract? What kind of chemical reaction occurs when you mix celebrities, social media, and FinTech? You get a muddled mess of question marks. Is it genuinely effective to have celebrities promote a FinTech company or brand?
Based on my research and general observations, here is what I can formulate: social media is ingrained in our everyday lives, and we are constantly inundated with celebrities promoting fashion, beauty, and lifestyle brands. Ashton Kutcher, Paris Hilton, Bono – these are just a handful of celebrities who have cashed in on FinTech. It has now become paramount that FinTech companies position themselves as brands so they can compete in a crowded marketplace. Most FinTech companies pride themselves on being innovative, which is why it is so surprising that FinTech companies are approaching marketing and advertising in a traditional manner. Take the partnership between Klarna and Snoop Dogg, for example. The American rapper is a minority shareholder in the company, which offers buy-now-pay-later services at 100,000
