TikTok is for more than just entertainment: Young people use it to shop and find money management advice, making it a key platform for financial services firms.   

American Express has partnered with TikTok to offer guidance and advertising credit to small businesses that want to reach younger audiences. The promotion marks Amex’s first foray onto TikTok and is centered on “Small Business Saturday,” a marketing initiative that encourages holiday shopping the weekend after Thanksgiving.  

Amex’s own research found that 44% of TikTok users have bought something they discovered on the platform, while a separate recent survey found that 34% of Gen Z consumers obtain financial advice from TikTok (versus 24% that seek advice from financial advisors).  

That creates a huge opportunity for traditional financial institutions to get in front of younger audiences. Experts say that banks should create the types of videos that will resonate most with their desired audiences and outcomes, which could mean spotlighting their business customers – like Amex – or providing reliable financial education and explanations, or even sharing recruiting info. Alongside Amex, other financial firms that already have active TikTok accounts include Fidelity, Blackrock, NatWest, and FNB.