DigitalCFO Newsroom | 12 April 2022
Snap today hosted its first fintech and financial services virtual event in Singapore. As the Asia-Pacific (APAC) region has been leading the charge in the fintech and financial services industries, the event targeted advertisers in this space, giving them an opportunity to understand Snap’s core product value and advertising solutions, and how it’s a preferred platform for brands to reach global audiences.
Gen Z and Millennial consumers have been playing a key role in shaping the economy as both cohorts are projected to compose half of all APAC consumers by 2025. This combined impact can also be seen on Snapchat, where there is rising demand from fintech and financial services advertisers who want to reach the Snapchat audience wherever they may be in the world.
4 key insights about Snapchatters vis-à-vis their financial habits
To help businesses in this sector understand how Gen Zs and Millennials are driving the rapid pace of change in these fields and invest in them as part of its growth plans, Snap surveyed Snapchat users across the UK, US, and Australia from 2021 to 2022. Here are the 4 insights:
- Savings is the most stress-inducing element when it comes to finances!
The biggest source of financial stress amongst Snapchatters was surprisingly – not debt nor homeownership but the amount of savings individuals have.
This is perhaps a hangover effect from the pandemic and the last few years. People have now come to the acute realization of the importance of having a safety net in place for uncertain times.
Key takeaway: Knowing this, there is a clear role for businesses to be able to educate and inform Snapchatters on effective and meaningful ways for them to maximize their saving ambitions.
- It pays to be mobile
Snapchatters are also overwhelmingly comfortable using mobile devices to manage their finances. 3 out of 5 Snapchatters manage their finances on their mobile device, and 1 in 3 use a financial app daily to manage their personal finances.
This regular usage showcases how important it is for companies to go mobile and to meet these consumers where they are.
Key takeaway: This is a chance for businesses to reach an untapped and motivated audience on Snapchat who are wanting to invest.
- Decrypting Crypto will pay off
When it comes to finance, Snapchatters are eager to learn more about investing. In particular, Snapchatters are looking to understand more about cryptocurrency, given its rise in the last few years.
Key takeaway: More education is needed with Snapchatters around cryptocurrency. There is an opportunity here to both educate people on why they should be investing in this asset class, and also how to buy it.
- NFT on the rise
The term ‘NFT’ (non-fungible token) started showing up more in our lexicon in November 2021 and as we entered 2022, it started to take over from crypto in terms of keyword mentions.
This data may only be indicative, but it shows the rising interest of NFTs from the Snapchat community. It’s worth noting though the data also shows that for most part, NFTs are still emerging and despite the growth in awareness in 2021, ownership is still relatively low.
What brands need today is good quality human attention to inspire an action. Today, Snap is already working with fintech and financial services businesses who see the value in reaching the Snapchat audience through our platform.
Just recently, Snap worked with Crypto.com to create awareness around the Super Bowl. For this execution, Crypto.com wanted to amplify their Super Bowl commercial across media and transport people to Lebron James’ bedroom in 2003. To do so, they tapped into the unique power of Snap AR to create immersive experiences to develop a Portal Lens experience where Snapchatters could walk around and interact with various elements in Lebron’s room.
Kathryn Carter, General Manager, APAC, Snap Inc., “We are delighted to be hosting our first APAC virtual summit for the fintech and financials services industries. Snapchat Ads are a stand out example of how a platform can tailor make ad solutions to meet the brands objectives. Our ad solutions allow brands to create ads, launch campaigns, monitor performance, and optimize goals – all in one place. The Snapchat Generation is our core audience and is a growing force to be reckoned with within the fintech, financial services and cryptocurrency sectors. We are confident that businesses will see an opportunity in investing in this Snapchat generation that is untapped and waiting to be explored.”
By being part of conversations on Snapchat, businesses have a real opportunity to influence an audience in search of guidance and motivation to act. By investing time in reaching this audience authentically, businesses are also investing in their growth and long-term success.
Snapchat is a camera app that empowers people to express themselves, live in the moment, learn about the world, and have fun together. Snap’s camera supports real friendships through visual communication, self expression and storytelling.