When it comes to financial services, marketing can be very challenging!
Financial institutions are required to ensure regulatory compliance at all times. On top of that dealing with economic challenges as well as changing customer habits makes marketing financial services a very demanding business aspect!
In this regard, social media can serve as an instrumental tool! Today, these platforms are not just used for sharing pictures or videos or connecting with others; businesses, including banks, are using them to leverage their wide outreach and drive business growth. Banks like Capital One, American Express, HSBC, NatWest, and Scotia Bank are among the industry leaders when it comes to their social media presence!
You may be wondering why banks are making a splash on popular social media platforms like Instagram, Facebook, YouTube, Tiktok, etc. Let’s look at the reasons behind this growing trend and explore how financial institutions are effectively increasing their social media presence.
Why Banks Need to Be on Social Media
We are living in an era where social media impacts every aspect of our lives! From shopping habits to traveling and seeking services, social media is everywhere! Financial services like banking are also no exception to this.
That said, for banks to have a strong social media presence is now not an option but a necessity. Here are some reasons why banks need to be on social media.
Presenting their Brand
A bank’s social media presence is like its storefront- a reflection of its personality! Whether you want to adopt a fun and more approachable tone or take on a more serious and professional demeanor, you can easily represent via your social media profile what your brand stands for.
Building Relationships
Like any other business, social media allows banks to connect with their customers on a more personal level. You can engage directly with your followers via your social media profile, answer their queries or concerns, and provide them with the requisite information for assistance. This helps you build deeper and more meaningful relationships with existing and prospective clients.
Stay Relevant
It is a well-known fact that the younger generations, like Gen Z, spend a significant amount of time on popular platforms like TikTok. Hence, banks need to adapt according to their preferences. This can help ensure that financial services remain relevant and appealing and can reach out to a broader audience.
Generate More Leads
Social media can also serve as an instrumental tool for generating new leads in the financial services sector! Hence when a bank has a well-executed social media strategy, they can enjoy maximum ROI from their social media marketing efforts and drive increased business growth.
Key Strategies for Social Media Success
In order to effectively engage with their audience, banks are employing a myriad of strategies that keep them relatable and their content engaging and fresh! Here are a few tactics we find to be working for banks on social media.
Using Video Content
Video content gets the most attention on social media! You probably scroll through countless videos on social media every day, including tutorials, news, or entertainment. Banks are tapping into this trend by engaging in video content that appeals to their viewers.
For instance, Capital One, a Virginia-based financial institution, uses dynamic videos on Instagram to represent various promotions or events. This helps them attract more attention and also prompts shares, thereby expanding their outreach on social media.
Leveraging Popular Trends
If you want to stay relevant on social media, leveraging popular trends can be very helpful! Scotia Bank understands this concept and is successfully tapping into TikTok’s wide audience by making trends a part of its social media strategy.
The bank collaborates with popular creators and influencers and has managed to establish a fun and relatable image on the social image that is highly appealing to the younger audience.
You can also adopt a similar approach by keeping an eye on the latest social media trends like viral challenges, popular topics, memes doing rounds, etc., and find creative ways to incorporate them into your social media account.
Focusing on Visuals
Platforms like Instagram are all about visuals! This is why banks like American Express have focused on creating and capturing eye-catching visuals. If you look at their feed, you will see luxurious travel destinations, high-quality, inspiring lifestyle content, and exclusive events that appeal to both Gen Z and millennials.
So, as you think about your social media strategy, consider adding high-quality visuals to enhance your engagement.
Engage with your Audience
Social media is a two-way street! It does not merely include posting your content or sharing your messages; it is more about engaging with your audience.
In this regard, one example we can think of is that of NatWest; one of the leading banks on social media. The bank maintains quite colorful and varied forms of content, especially on TikTok, that generates a lot of interest and invites engagement. They leverage user-generated content memes, etc., to create an environment where their audience feels involved and engaged.
Making Educational Content
For most individuals, the financial industry is pretty complex and intimidating. In such an instance, providing educational content can help your bank establish its reputation as a trusted resources and services provider!
Take Barclays and HSBC, for instance! These institutions have a strong focus on making educational content! They regularly share financial advice and offer tips and insights that can help individuals understand complex financial matters so they can make informed decisions.
You can also leverage this content form and create informative posts or videos that can help explain various banking topics, thereby making financial information and literacy accessible to all. In the long run, this will help you gain more traction online and increase your presence.
Make Your Social Media Presence a Success- Learn from the Best
As a bank, leveraging the opportunities that social media provides can do wonders for your growth. You have the opportunity to build meaningful relationships, engage with a diverse audience, and establish a strong brand presence!
However, it is important to remember that to be successful on social media, you must have a good strategy, be creative with your content, and have a genuine understanding of what the audience wants. When you learn from the industry leaders and adapt their successful strategies for your social media profile, you can also make your mark on social media.
