The financial technology sector is constantly lagging behind customer needs. With criminals holding even with technology leaps, or sometimes staying one step ahead, fintech companies have struggled to provide tech-savvy customers with the security they need and demand. Lanistar promises to solve those problems with their new banking card, and they’ve recently taken a leap forward into influencer marketing with a new program.
I Am Lanistar
Recently, Lanistar unveiled an influencer marketing program, launched with the hashtag #IamLanistar. The company briefed over 3,000 influencers on their up and coming programs, and made available their new banking system. Some influencers leapt at the chance to jump on board the new security solutions card and marketing program. The U.K.-based company is focused on a demographic of banking users who are front-lined by influencers. The customer persona these influencers represent are called, “Pioneers.”
Pioneers are young, tech-savvy, and entering the world of personal banking for the first time. Because they’re more aware than generations past entering the banking world, security personalization is a top priority for Pioneers. The Lanistar card hopes to meed the needs of this unique demographic, of which 43% are high-income earners, like influencers.
Influencers Get Behind Lanistar
What Does the Lanistar Banking Card Offer That Is Unusual?
For those in the pilot influencer program, and soon those living in the UK, the Lanistar card offers unrivaled security and personalization. In a persona study of Pioneers, per Forbes, “Personalization (95%), confident user of technology (89%) and alert about data privacy (and cybersecurity)(87%) are the three most essential criteria members of the Pioneer persona care most about when it comes to selecting a new financial service. Increasing the urgency of providing a more secure bankcard platform for Pioneers and all personas is how fast bankcard fraud is increasing.”
Lanistar promises to meet those needs. Per Forbes, “Lanistar’s announcement of the world’s first polymorphic payment card with a keypad and display allowing users to generate one-time PINs and CVV2 codes that expire after one use is noteworthy for how it solves the financial services industry’s most significant challenges to growth. Lanistar cardholders can customize security to the transaction level in seconds and add up to eight bank cards on their Lanistar card and freeze and unfreeze it in a second either via the app or on the card. The cards will also have limited personal details on the card itself to protect users.
Cardholders can pay with and convert multiple currencies, including Euros, Danish Krone, Bulgarian Lev, Norwegian Krone, Polish Zloty, Hungarian Forint and more. Users can monitor activity across all payment methods within the app, including Lanistar, change the payment card used up to seven days after payment was made, set financial goals and round up and split payments. Users will be able to sign up for three types of account: Chrome (free), Chrome X (£3.99/month early bird)(£5.99/month), Chrome Volt (£14.99/month early bird) (£19.99/month), each with varying benefits.”
Lanistar Comes Under Fire
Unfortunately for Lanistar, all has not been smooth sailing. Financial News London reports on a complaint filed against Lanistar that suggested the banking company was acting without the ASA’s (Advertising Standards Authority) blessing. Per FN London, “Lanistar updated its website, app description and marketing materials on 24 November, stating that it does not have FCA authorisation and is ‘finalising arrangements with various partner firms who are authorised and/or regulated’ for the cards to go live once those partnerships are in place.
Lanistar said in a press statement on 16 November that more than 3,000 influencers took part in the campaign on the day of its launch, with more signing up to advertise its upcoming debit card every day.
Those who have joined the campaign so far include top Premier League footballers, reality TV personalities, rappers and the star of a popular Netflix TV show.
Lanistar said that its debit cards are set to launch in January 2021, under a partnership with Mastercard and GPS via a third party based in Gibraltar. It has yet to confirm a licensed partner for e-money services, which would give Lanistar the ability to carry out banking functions.”
Influencers Represent the New Customers to Woo
Conventionally, banking and financial institutions ignore the younger set. While they’ve been interested in wooing younger bankers to have them around when they are older and wealthier, they didn’t have much intrinsic values in and of themselves. However with the advent of the young influencer market and the swiftly rising category of other young, high-income earners, banks are now eyeing the Pioneers market with interest. Lanistar may be the first to really target the influencer group and offer a way to meet their unique needs, but they won’t be the last.
Across the business and financial worlds, older teens and 20-somethings are becoming the demographic to target. Influencers are now desirable commercial props to sell clothing, food, and even travel destinations. Influencers truly are influencing life in 2020 in unexpected ways.