Leveraging influencer marketing for banks: An empirical study on young consumers in Vietnam

Abstract

This study examines the role of influencer marketing for banks in Vietnam with the objective of reaching to the demographic of young customers between the ages of 18 and 35. A quantitative methodology was utilized in this study, which involved the distribution of an online survey to a total of 732 young banking consumers in Vietnam. The data were analyzed using partial least squares structural equation modeling (PLS-SEM). The results indicated significant positive indirect effects on the intention to use influencer marketing in relation to influencer credibility, trustworthiness, expertise, friendliness, similarity, and attractiveness. The impacts mentioned were mediated by the individual’s attitude toward the influencer. Favorable attitudes toward an influencer boosted respondents’ intention to use endorsed banking products/services. Similarly, positive attitudes toward influencers directly increased usage intentions. The results offer innovative empirical proof that partnering with influencers on social media can serve as a successful marketing tactic for banks to positively impact the acceptance of their services among young consumers in Vietnam’s digital landscape. The study provides practical recommendations for banks to effectively identify and collaborate with influencers who have the strongest appeal to youth target audiences. AcknowledgmentI would like to express my gratitude to those of you who took part in the survey and to the Ho Chi Minh University of Banking for their assistance in enabling me to finish my research.