Two years ago, we explored how TikTok was becoming a hub for financial advice. Today, that trend is more relevant than ever. The platform, now boasting over 2 billion users worldwide and continuing to grow, has cemented its role as a go-to source for personal finance guidance, especially among younger generations. For banks, this shift presents a unique opportunity to connect with new audiences. According to a survey by pay.uk, nearly two-thirds, or 58%, of Generation Z follow “finfluencers”, who share their thoughts in bite-sized videos on everything from budgeting to saving, investing, debt, and other personal finance topics.
The study also found that 40% of respondents believe that TikTok finfluencers give better advice than traditional media. In comparison, 26% said they are better than their financial providers, and 46% made financial decisions based on content they found on the video app. The rise of the hashtag “FinTok” (short for financial TikTok) highlights a significant opportunity for banks to position themselves as trusted financial advisors through engaging, educational content.
Meanwhile, a fundamental change in the digital banking landscape, driven by increasing customer expectations and growing digital adoption, has led to a new breed of competitors disrupting the status quo of banking, according to Deloitte’s Winning in the Era of Digital Banking report. By 2026, 4.2 billion people worldwide are expected to use digital banking services, boosted by new generations of customers, such as Generation Z and Alpha – the biggest demographic of registered users on TikTok.
Here, we explore how traditional banks can leverage financial education on the social media platform to build engagement and attract new customers.
Build trust to educate consumers
TikTok’s finfluencers play a significant role in educating users about banking, investing, and budgeting. However, as concerns grow about some influencers’ financial experience and transparency about paid promotions, banks have an opportunity to join the conversation with responsible advice, enabling them to tap into a younger demographic of potential customers, according to a report by The Financial Brand.
“To fight off financial misinformation and guide consumers to reliable advice, banks can (and should) play an important role as responsible voices on the platform,” it says.
Takeaway: Responsible content is key for banks to build an audience on TikTok. One good example is the UK’s Martin Lewis. The financial expert has over 700,000 followers on TikTok, where he shares finance tips, hosts Q&A sessions, and helps followers understand financial developments that will impact their finances.
Addressing financial cybersecurity awareness
Two of the biggest risks associated with TikTok’s financial content are scams and the spread of misinformation. According to a survey by the National Cybersecurity Alliance, 43% of Generation Z reported being victims of cybercrimes.
“These findings underscore the urgent need for targeted educational initiatives that… incentivize tech-savvy digital natives to adopt safer online behaviors and a more secure digital environment,” the NCA said.
Takeaway: Banks can play a vital role in educating TikTok users on safe financial practices, such as how to avoid being scammed and creating content that aims to stop the spread of financial misinformation.
Building a trusted brand for new generations
Banks that join TikTok are in a unique position to combine financial literacy education with entertainment, otherwise known as “edutainment”. Topics for short videos could include how to save for the future, budgeting, paying off debt, or managing a credit card. Banks could also humanize their brand with updates about events or promotions, which could lead to more engagement from followers.
Building a genuine community and offering trusted advice – rather than viewing it as a selling opportunity – is key for banks to succeed on TikTok. It is also important to note that TikTok users are highly engaged with the app, averaging 58 minutes and 24 seconds on the platform daily. This is due to what is known as the “infinite scroll” phenomenon.
“The infinite scroll taps into users’ psychology by triggering the release of dopamine… With every swipe, TikTok presents a surprise element, leaving users curious and eager for more,” according to a report by Medium.
“This cycle of anticipation, reward, and curiosity drives users to keep scrolling.”
Takeaway: To boost engagement sessions, focus on building a real community of engaged followers and offeringnovel content, such as budgeting or saving tips. Developing a genuine strategy is key to meaningful engagement.
Lessons for the banking world
As banks increasingly turn to social media to reach customers, some early TikTok adopters include the US-based FNB Community Bank, Farmers State Bank, and Flagship Bank Minnesota. All three copy TikTok’s “FinTok edutainment” approach by creating short-form videos that offer authentic finance tips. Partnering with TikTok influencers is also a popular way for banks to boost engagement with youth. UK bank NatWest teamed up with Star Holroyd, who has 1.5 million followers on TikTok, to create budgeting videos. Charli D’Amelio, who has the second-highest number of followers on TikTok at 157.4 million, partnered with US neobank Step Bank to target the teen market.
Other banks that are increasing their brand presence on TikTok to reach younger generations include BNP Paribas, Barclays UK, ING Deutschland, and South Korea’s KEB Hana Bank. “Social media is changing how banks connect with customers, setting new standards for user experience,” a report by EMarketer found. “Features like short-form reels and interactive polls help banks push product awareness.”
The future is TikTok
As younger generations come of age and begin to drive the adoption of digital banking, traditional banks need to rethink their social media strategies to remain relevant. Banks can become trusted financial advisors in the edutainment space on TikTok by creating engaging and responsible content to reach younger generations.
However, it is no longer a question of “if” they should join the world’s most popular video app, but how quickly they can adapt to the new way of making meaningful connections with the next generation of banking customers in the digital age.
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