Why Fintech Needs a Specialized Affiliate Strategy

Written By Amy Park

By: Jessica Robinson

Affiliate Marketing is not a one-size-fits-all strategy. The industry was really based on (and still centers around) eCommerce / Retail brands. Most affiliate marketing programs drive a significant portion of their revenue through coupon, deal and loyalty partners. That strategy does not work well for most financial products. Sure, some brands can incentivize sign-ups with free trials, offer bonuses in newly opened accounts, etc. But the overwhelming majority can't leverage these tactics and need to rely on other partnership models to make up the bulk of their affiliate program's revenue.

The Fintech Difference: Why Standard Approaches Fall Short

Financial products follow fundamentally different customer journeys than retail e-commerce:

  • Consumers typically research financial products thoroughly before applying

  • Fintech affiliate conversion cycles tend to be longer from initial click to completed application

  • Trust and education factors outweigh promotional offers

  • Regulatory compliance creates an additional layer of complexity

As global fintech investments reached $113.7 billion in 2022[¹], companies are increasingly looking for more efficient customer acquisition channels. Specialized affiliate programs represent one such opportunity.

Five Essential Elements of Effective Fintech Affiliate Strategy

1. Compliance-First Approach

All marketers should be focused on making sure they are following the rules and standards set forth by the industry and government, but regulatory bodies like the FTC, CFPB, SEC and others keep an extra close eye on the financial space. All money matters are sensitive, but the level of personal data required to run financial institutions and products is equally sensitive. Not only do we need to make sure that all marketing includes typical advertising disclosures, but we need to ensure that all content is reviewed for compliance, any live marketing is audited frequently to ensure it stays in compliance and that publishers are adhering to appropriate targeting practices that don't violate laws (i.e. Fair Lending Act).

Not having a compliance-first approach can have very real and very costly consequences. The CFPB regularly issues enforcement actions against companies with deceptive financial marketing practices, as evidenced by their public enforcement action database[²]. A specialized affiliate program provides necessary guardrails to protect both brands and their partners.

2. Quality of Partners Over Quantity

Given the need to focus on compliance, it's crucial to only partner with quality, trusted partners. This not only helps to ensure that the program and marketing remains compliant, but also helps with monitoring for conversion quality. We often test with many publishers to start and then weed out any relationships that are not meeting our performance benchmarks.

Our preferred partners typically fall under one of these categories:

  • Financial content publishers with established trust

  • Personal finance influencers with engaged audiences

  • Comparison sites with sophisticated matching algorithms

  • Media buyers, app marketers or programmatic partners that specialize in the Finance space

3. Education-Driven Content Strategy

Because of the extensive research process most people go through before making financial decisions, content is still a major focus in this vertical. This can be challenging for smaller brands or start-ups because there are often flat fees involved. Outside of conversion driven performance, we also find that these partnerships help to further legitimize lesser known brands. A nice bonus is that VCs/investors love to see their brands on high-authority sites like Forbes, Nerdwallet, Bankrate, etc.

Research has shown that emotional connections with brands drive customer loyalty and value. Understanding how specific emotions affect consumer behavior can lead to better customer experiences and stronger relationships[³]. This is particularly important in financial services, where trust is paramount.

4. Down Funnel Performance Tracking

Most affiliate programs are built around sales. This is often not the case for financial products. The affiliate's commission is typically paid out on a non-revenue generating action or is greater than actual cost a user pays at the time of conversion. These structures are built around expected down funnel revenue assumed through benchmarking data from other acquisition channels.

That's why it's crucial to have a process in place to regularly check in on performance at the partner level. Affiliates prefer this data to be shared in real-time reports, but when that's not possible, we review weekly and provide feedback to partners for optimization. Most partners can adjust down funnel performance with this feedback, but if not, there are plenty of other fish in the sea.

5. Creative Commission Structures

Because of the complex conversion process, many financial programs have more complex commissioning structures. The goal is to reward affiliates based on customer quality rather than just volume. Some strategies include:

  • Tiered commissions for higher-quality applicants

  • Performance bonuses for higher approval rates

  • Revenue sharing aligned with customer retention

Understanding the emotional journey of customers can help design better commission structures that reward affiliates who connect with customers in ways that build lasting relationships.

Case Study: FloatMe's Transformation with AMP

FloatMe, a financial wellness app providing cash advances and financial education, partnered with Affiliate Marketing Partners to develop a specialized affiliate strategy. The results showcase the power of a fintech-specific approach:

Challenge

FloatMe had attempted to run an affiliate program internally but needed a partner who understood the nuances of promoting financial products while scaling their partner network effectively.

Solution

AMP implemented a specialized fintech affiliate strategy:

  • Recruited quality finance-focused publishers and influencers

  • Developed compliant creative assets and tracking

  • Created an optimized partner onboarding system

  • Implemented advanced performance analytics

Real Results

The partnership with AMP delivered remarkable growth:

  • +241% Year-over-Year Revenue through the affiliate channel

  • +88% Year-over-Year EPC (Earnings Per Click), demonstrating improved quality and conversion

  • +540% Partner Growth, expanding FloatMe's reach within relevant financial audiences

These impressive results highlight how a specialized approach can transform affiliate marketing from an underperforming channel to a significant revenue driver for fintech companies.

The Bottom Line: Specialized Strategy Delivers Results

The impact of a specialized approach can be transformative for fintech companies:

  • More efficient customer acquisition

  • Higher application approval rates

  • Reduced compliance risks

  • Better customer retention

Generic affiliate strategies may work for impulse purchases, but they often underperform for complex financial products. By implementing a fintech-specific affiliate strategy, companies can transform this channel from an underperforming experiment to a reliable growth engine.

At Affiliate Marketing Partners, we help fintech companies like FloatMe develop specialized affiliate programs that deliver higher-quality customers at lower acquisition costs. Ready to optimize your fintech affiliate strategy? Let's talk.

Sources:

[¹] Statista, "Total value of investments into fintech companies worldwide from 2010 to 2023," 2023

[²] Consumer Financial Protection Bureau, "Enforcement Actions," 2024

[³] Harvard Business Review, "The New Science of Customer Emotions," 2015

Amy Park