Santander Seeks To Create TikTok Appeal For Gen Z Audience

Santander plans to polish its credentials with Gen Z by searching TikTok for talent to assemble an international online music band.

The bank has introduced an international competition ‘Louder Together’ to look for five skilled musicians from Uruguay, Portugal, Mexico, Spain, Chile, Brazil, and Argentina. The five selected will earn a trip to Barcelona to produce a video clip and a song with a skilled team.

The Program Aims To Provide A Platform For Artists To Showcase Their Talent

Omar Montes, the Spanish artist with 1.6 million TikTok followers, will be the global ambassador of the program, with support from other renowned artists in each nation.

Individuals who want to join will need to upload a video of their original song to their profile on that social network. Then they must use the hashtag #loudertogether, and mention @santandersmusic if they are in Spain.

According to a survey conducted last year by the UK’s Current Account Switch Service, 58% of 1,000 18 to 24-year-olds follow TikTok influencers who discuss budgeting, personal finance, or money. Of these individuals, 40% asserted that influencers offer better advice than conventional media.

Almost half of those surveyed said TikTok influencers have assisted them in making financial choices, such as investing in shares, ISAs, or selecting a mortgage.

Santander Seeks To Achieve High-Single-Digit Revenue Growth In 2024

Santander has raised its profitability goals because it saw strong growth in its main retail business, particularly in Spain and Brazil. This helped balance out some issues in Britain and the impact of hyperinflation in Argentina.

Santander, the second-largest bank in the eurozone by market value, used to depend heavily on Latin America for revenue growth. Recently, it has also gained from higher interest rates in Europe.

Even with some currency depreciation in Latin American markets, the bank’s net profit rose 20% year-on-year to a record 3.2 billion euros ($3.47 billion) in the second quarter, meeting analysts’ predictions.

In the second quarter, Santander’s revenue went up by 9.6% from last year, reaching 15.67 billion euros. This was more than the 15.5 billion euros that experts had expected. The bank raised its growth goal for 2024 from a small increase to a bigger one. Santander’s shares were up 1% and have grown about 20% this year.

Santander’s retail business made 49% more revenue, which is a big part of its new global teams. The digital bank made 12% more money, and its wealth and insurance segment had a 6% increase in revenue.

But, the Corporate and Investment Banking segment made 5% less money because of higher costs. The payments unit lost 89 million euros because they had to write off 170 million euros after the closure of Wirecard’s payment system in Germany.