Abstract
In today's fast-evolving media landscape, brands encounter the challenge of engaging
modern consumers effectively, especially as digitalisation shifts consumer behaviour.
Younger generations, such as Millennials and Gen Zs, increasingly turn to social
media over traditional media, significantly impacting industries such as banking.
Financial products are often complex and intangible, and as a result require a certain
level of financial literacy from consumers. However, studies show that many young
South Africans only engage with financial products when the desire arises or during
major life changing events, such as when they purchase a home or car.
In South Africa, financial literacy remains low, and financial education is essential to
empower consumers in making informed decisions about their financial future. With
25.8 million active social media users and a youth-dominated population, South Africa
presents an ideal setting for exploring the role of influencer marketing.
This research investigates how First National Bank (FNB) leverages influencer
marketing as part of its brand communication strategy through its #HelpYourself
campaign. The campaign, aimed at promoting financial literacy, involved influencers
who shared educational content about budgeting, saving, and financial management.
The FNB #HelpYourself campaign utilised three different social media platforms to
execute the campaign, being Instagram, X (formerly Twitter) and YouTube.The
researcher focused specifically on Instagram to analyse the content from the
campaign's influencer posts, and to understand the engagement patterns and the
effectiveness of their strategies.
By analysing the campaign's content and conducting interviews with influencers, this
study assesses the effectiveness of using influencers, or "finfluencers", to engage and
educate consumers on essential financial topics. The study also explores the broader
implications of influencer marketing for the financial services sector, in order to
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determine whether it can be a viable tool for fostering meaningful connections between
banks and modern consumers.
Through qualitative research and an in-depth analysis of the FNB #HelpYourself
campaign, the study finds that FNB successfully used influencer marketing to promote
financial literacy and engage its target audience. The use of credible influencers who
specialise in financial content made the campaign's messaging more authentic and
effective.
Ultimately, the research concludes that influencer marketing can serve as a dynamic
component of a bank’s communication strategy, complementing traditional marketing
approaches to drive awareness, education, and engagement. These insights
contribute to the growing understanding of influencer marketing’s role in the financial
services industry.