The Banking Executive Magazine - March 2022 Issue

Tiktok for Banking and Finance tention to ongoing trends. • Mobile-friendliness and intuitive designs are two important compo- nents for digital attraction. Having a platform optimized for mobile use provides tremendous value to customers. Likewise, an intuitive and responsive design is also help- ful in attracting customers. • Branding: The way a bank brands itself is important. Branding helps to make a business more relatable to the customer. • Social Media Presence: Social media is a valuable and powerful tool. It helps connect professionals directly with their customers. There are millions of users across the many social platforms. This makes social media a great place to seek out customers. • Video Content: While written con- tent is good, visual content can be more effective. Video content goes hand-in-hand with changing tech- nologies. This makes it a comple- mentary element for digital attraction. • Engagement: Engagement is cru- cial to connect with customers. Driving up engagement will help to attract more new customers. Using TikTok as a digital marketing tool has several benefits, including: • Building and Maintaining Relation- ships • Boosting Revenue and Traffic • Creating a Digital Reputation • Staying Ahead of Competition Important considerations for using TikTok to drive digital attraction are: • Influencer Marketing: Like all so- cial media, TikTok is full with influ- encers. Taking advantage of this and partnering of influencers to promote a business is smart. This will help a company to reach a much larger audience. • TikTok Ads: TikTok offers a few dif- ferent styles of ads. Using TikTok ads can help banks prepare for the future as the app continues to grow. • Bite-Size Education: Though Tik- Tok is primarily used by younger people, finance is still a profitable niche on the platform. The key is to offer short and simple video content centered around educa- tion. Providing useful educational resources on banking and finance will help build trust in an audi- ence. • The Demographics of TikTok: Tik- Tok’s most notable demographic is the age group it attracts. THE FUTURE OF TIKTOK The New York Times depicts TikTok as an app rewriting the world. The current popularity of the TikTok app is astonishing but still does not guar- antee that it will ever reach the levels achieved by other social networks like Instagram and YouTube. To maintain its current popularity, TikTok will have to keep innovating and finding new ways to engage their user base. They will also have to make the platform more marketing- friendly for brands to establish the app as a social network that is going to stay. With more brands looking to TikTok to further expand their social media marketing reach, TikTok is on the right track. If it is able to capi- talise on brand engagements, it is sure to grow further and may even be able to compete with other social media platforms. HOW ARAB BANKS CAN LEVERAGE TIKTOK? Tik Tok app has the potential to be- come the next big marketing and so- cial networking platform. However, how the app creators leverage this potential and maintain the current popularity of the app, has yet to be seen. Below are some tips and recommen- dations for Arab banks to leverage TikTok potential: • Research the platform. Follow other banks and businesses to get ideas. • Customize content. Existing social media content can be remade into videos with a smaller compliance hurdle than completely original content. • Engage customers. Making TikTok content can be a fun way of involv- ing everyone. • Get creative. Some TikTok can be made relevant with captions or voiceovers and using the app Canva for adding quick anima- tions. • Be authentic. Arab banks should devise their own strategy to use TikTok customised to their needs and adapted to their goals. • Target the Z generation: Arab banks should raise the younger au- diences interest in finance. • Leverage TikTok best features: The key when using TikTok is to lever- age its best features. Connecting with influencers in the finance niche and providing educational resources are two great ways to build a loyal TikTok following. • Use TikTok for bank digital attrac- tion: As more Arab banks embrace digital transformation, digital at- traction will continue to grow in importance. When used wisely, apps like TikTok can help banks to find new audiences and future suc- cess in the years to come. REFERENCES Investopedia, Wikipedia, TikTok website, Pulse on Linked in, Inde- pendent Banker, Mozo news in Aus- tralia, Medialogic, Times, Fanbytes, New York Times, CNN the BANKING EXECUTIVE 14 ISSUE 159 MARCH 2022