
There Is Why You Are Seeing Celebrities Promoting Fintech Products, and it Will Definitely Surprise You

The financial world is slowly yet increasingly taking advantage of celebrity influencers to promote their products to customers. In that spirit, Klarna, a banking company based in Sweden, has signed Snoop Dogg to become its new face in their upcoming advertising campaign, offering the musician shares in the company in return. This is not the first time that celebrities have signed on with financial companies to endorse their products, as Will.I.Am and Akon, to name a few, have also done the same in the past.
Snoop Dogg would be involved in a variety of ways with Klarna, apart from his appearance in a video called Get Smoooth. According to Forbes, the musician would also be promoting the brand on Reddit, and the trading app called Robinhood, which involves Dogg as one of its investors, will also be collaborating with Klarna and help it expand business in the European region.

Snoop Dogg has invested in Klarna and is now also the new face of the brand
Social Media and Fintech
With the growing influence of social media on consumer behavior, the effectiveness of promoting fintech on the medium is still a question mark. Although many lifestyle product categories such as fashion and beauty have found social media promotions to be quite rewarding, it is yet to be seen whether fintech brands would find the same kind of success.
And it has become very important for fintech companies to establish themselves as brands, considering the increasing number of companies offering the same kind of products. Now, in order to attract customers, these companies must differentiate in the way they promote their products and using an untested medium such as social media seems like the most viable option, regardless of whether it would be successful or not.
But this increasing attention on promoting themselves as brands has resulted in Fintech companies approaching advertisement in the traditional manner, and the hiring of Snoop Dogg by Klarna is the perfect example of that. Although this makes complete business sense, it may not be the most sustainable option if the goal is to retain customers in the long run.

Fintech companies are looking towards establishing themselves as brands considering the highly saturated market
Would Celebrity Endorsements Work For Fintech Companies?
The fintech market is very different, and although the presence of celebrities in their adverts may grab the attention of potential customers, the buzz is likely to die out once a competitor comes up with a newer, fresher campaign with some other celebrity.
For lifestyle products, celebrities offer an aspirational appeal to the products which sticks to the minds of consumers even long after a campaign has ended. With fintech, the case is different, both because financial products are much more complex to understand, and because customers may not trust celebrities to be actually making those investments.
Celebrity endorsements for financial products are not being considered completely harmless by regulatory authorities, especially the SEC which has issued warnings stating that customers should not base their investment and finance-related decisions simply because their favorite celebrity is endorsing the same. It had become necessary to issue such a warning considering the increasing number of celebrities who had begun to endorse financial products to millions of their follower on social media and other mediums.

Although celebrity endorsements work very well in order to establish lifestyle brands, only time will tell if they work the same way with fintech products
Many Celebrities Are Endorsing Financial Products
Snoop Dogg is certainly not the first celebrity to associate himself with a financial company. The musician Will.i.am has associated himself with Atom, a bank in the UK which exists only via an app, as one of their advisors, providing them insight into the different aspects of culture and charity, and also technology. While technology may not seem like the strong suit of Will.i.am, the fact that the musician has previously partnered with Intel and launched i.am+, a hardware setup, goes to show that he does have past experience in the field.
That is not all. The musician Akon has also made his mark in the fintech industry by launching his own brand of crypto-currency called Akoin, although his motivation with it is much nobler than making a profit. Through Akoin, Akon hopes to afford the African people the opportunity to use this currency and take back control of their money from the government, eventually paving way for economic advancement.
More in Bank Stories
-
Hailey and Justin Surprise Fans with Matching Wedding Rings, And You Won’t Believe How Much They Cost!
In June 2018, Justin Bieber and Hailey Baldwin shocked the world when they reignited their romance, just weeks after the Canadian singer...
October 23, 2022 -
Kelly’s Gloomy Financial Situation: One Bank Account Has a Reported -$13 Balance
‘90s kids would know who singer-songwriter R. Kelly is, he was extremely popular at the time, thanks to his undeniable talent...
October 23, 2022 -
Kelly Clarkson’s Determination to Earning Money Is All the Motivation You Need Right Now
Before The Voice came out and took away a major part of its fan base, American Idol was the show that...
October 23, 2022 -
7 Simple Ways To Get Rid Of Stress
Are you sometimes too stressed out to even think clearly and have no time for a therapy or to relax properly?...
October 23, 2022 -
Celebrity Ventures That Surprised Everyone
Actors, writers, singers and TV stars are all famous in their world. On many occasions, they have ventured out into businesses...
October 23, 2022 -
This Clever Plan Could Help Disney Dominate Netflix By 2020
In 2006, senior Disney executives predicted an enormous shift in the media industry. They predicted that the modern media would consist...
October 22, 2022 -
David Beckham and Simon Fuller No Longer Business Partners! What Will Happen to the Beckham Brand?
More than two decades in doing what he does best, David Beckham announced that he was retiring from football at just...
October 22, 2022 -
Jeff Bezos Might be a Multi-Billionaire, But He Refuses to Spend Because of This Surprising Reason
When you think about all that you would want to do if you had a billion dollars, we bet your list...
October 22, 2022 -
Goodbye Cassini : Check Out The Grande Finale Of This 20-Year Space Journey
If you have been watching the news for the past couple of days, then you must have heard the name ‘Cassini’...
October 22, 2022
You must be logged in to post a comment Login