CashNews.co
Despite the impact of the expanding banking industry on the financial industry, financial technology firms remain constrained by rising competition for recognition.
PayPal, Klarna, and Chime, among other fintech giants, have been aggressively leveraging celebrity endorsements and brand campaigns to expand their reach in a growing number of banking markets.
Celebrities are a shortcut to stand out and create a well-defined personality, as stated by Tom Murphy, the chief creative office for VML North America, who noted that the market is flooded with choices.
PayPal and Klarna are employing a strategy to achieve this goal. In the first week of this month, PayPal unveiled its largest advertising campaign in the United States, which features Will Ferrell as the star. The campaign will run until the end of the year and coincide with the introduction of PayPal’s new logo and brand identity.
A collaboration between Klarna and Shaquille O’Neal was launched by the tech company last week. The campaign features movies, videos, and social media posts promoting its latest cash back offering, and was rolled out globally last week.
A significant national brand campaign, dubbed as MyPay, a cash advance product, was unveiled by Chime on Labor Day, with influencer partnerships and TV spots broadcasting highlights such as the Emmy Awards, NFL’s opening night, and U.S. presidential debates.
Clearly, the initiatives point to an increasing swell of startups in fintech, forcing brands to step up their game from product innovation to brand awareness tactics to be on the front foot of the market.
Geoff Seeley, chief marketing officer at PayPal, emphasized the need to boost brand lieberaar by activating its fame and involvement in the behind-the-scenes activities of PayPal, as well as building trust among customers.
PayPal’s latest campaign may prompt shoppers to reconsider their choice of PayPal. Seeley explained that PayPal’s functions are not limited to allowing online shopping.
Megan Gokey, the head of B2C marketing and brand partnerships for North America and the U.K. at Klarna, explained that shoppers can choose from Klarna, PayPal, Apple Pay, Stripe, or an outdated credit card payment method at the bottom of an online checkout page.
As per Gokey, the company has gained a significantly larger following in the U.S. compared to a few years ago, and they are striving to increase their visibility and popularity.
Speaking about brand positioning, executive points out that marketing has long been a dialogue among marketers centered around the fundamental idea of brand, not just in relation to fintech companies. Celebrities have played a significant role in shaping brand awareness, with John Geletka leading the discussion.
According to him, celebrities of greater prominence are more easily accessible and have greater potential for generating media attention.