Unlocking TikTok's potential: Key strategies for financial brands in 2024 [Free Report]

Ornico’s Social Media Landscape Report 2024 highlighted the rising adoption of TikTok among brands in South Africa, solidifying the platform's relevance in the local market. But how can financial brands best utilise this space to connect with today’s dynamic, digital-first audience?

In Ornico’s latest report, "Financial Brands TikTok Report 2024: Strategies for Success", top financial institutions from both South Africa and the U.S—selected from Brand Directory's annual brand value rankings—are examined in detail, revealing their strategies for success on TikTok. If your brand isn’t leveraging TikTok yet, you could be missing a valuable opportunity.

Why TikTok is Essential for Financial Brands

TikTok may have initially been viewed as a platform for entertainment, but it has rapidly evolved into a valuable space for serious engagement. Financial institutions, known for their traditional approach to marketing, are increasingly recognising the potential of TikTok to educate, engage, and build trust with digital-first audiences.

Ornico’s Financial Brands TikTok Report 2024 explores how industry leaders like FNB, Nedbank, and Standard Bank in South Africa, as well as international giants like Visa and MasterCard, are effectively using TikTok to connect with audiences. Companies like Momentum and Discovery Limited, in particular, are leading the way with creative, engaging content that resonates deeply with users.

For anyone involved in financial marketing—whether you’re in PR, social media, or digital marketing—understanding how to harness TikTok could be a game-changer. As the Social Media Landscape Report 2024 indicates, the platform's rising importance means brands that act quickly will have the upper hand. For those looking to stay ahead, Ornico’s report provides the strategic guidance needed to succeed on TikTok in 2024 and beyond.

Key Insights: What’s Driving Success on TikTok?

The Financial Brands TikTok Report 2024 reveals that while TikTok adoption rates among South African financial institutions are slightly higher than their U.S. counterparts, U.S. brands are leading in engagement. This is largely due to their more frequent posting and deeper understanding of content that resonates with TikTok’s user base.

However, South African companies like Discovery Limited and Momentum have shown that success on TikTok isn’t just about volume—it’s about strategy. Discovery, for instance, has managed to generate 647.3K likes with fewer posts by focusing on the quality and relevance of their content. Momentum, with 89.5K followers, blends frequency with creativity to keep audiences engaged. These examples prove that thoughtful content, aligned with brand identity, can outperform sheer volume.

Comparing U.S. and South African Financial Brands

U.S. companies like Visa and MasterCard dominate in terms of followers and likes, with MasterCard accumulating a staggering 2.5 million likes. However, South Africa is not far behind, with brands like Standard Bank and Old Mutual using a mix of direct product promotion and a showcase of workplace culture to engage audiences effectively.

One of the standout findings from the report is the emphasis on Creative Product Integration, where financial brands successfully integrate product messaging within engaging and entertaining content. Discovery Limited and Momentum are prime examples of how South African companies can excel with this approach, while U.S. brands like Visa are leveraging a similar strategy to achieve even greater reach.

Significant Opportunities Remain

Despite TikTok’s growing influence, there are still several major South African financial brands yet to join the platform, including Liberty, Absa, Investec, OUTsurance, and others. For these companies, TikTok represents untapped potential to connect with a young, engaged audience. The Financial Brands TikTok Report 2024 offers valuable insights into how to take advantage of this opportunity.

Don’t Get Left Behind—Download the Report Today

The financial landscape is changing, and TikTok is fast becoming a critical platform for audience engagement. Ornico’s Financial Brands TikTok Report 2024 is filled with actionable insights that can help financial brands navigate this space. Visit Ornico’s website  to download the full report and ensure your brand stays ahead of the curve. DM