Why the Financial Industry Should Embrace Social Media

April 2nd, 2018

When you think of how to approach a social media strategy for a financial institution, the words ‘creative freedom’ probably don’t pop into your head. But while there may be additional guidelines and restrictions when it comes to the social media space for the financial industry, content published doesn’t have to be dull or tiresome. In fact, there are tons of content possibilities when you think of the wealth of information that can be shared diving into the depths of all things banking.

The best way to reach target audiences is by taking the time to learn what makes them connect with a brand personally. For millennials on the subject of finance, this can mean sharing information in an easily digestible way and taking a firm stance on causes and national issues. And according to The Financial Brand, millennials love to see educational content from brands. Finding what’s important for your audience will help to connect a seemingly impersonal topic like finance to its audience.

Sharing aspects of a financial institution on social media is a delicate balance. When the objective is to share something as cut and dry as products and offerings, it’s important to add a human touch to the social media environment as well. A large part of this personal touch can come from engaging with comments and inserting the brand into trending conversations online (you can’t deny the effectiveness of Wendy’s social strategy, which now includes a literal EP). No audience wants to see sales messaging 24/7, so mixing in content that’s fun and engaging – but still on topic – is very impactful.

With a personalized touch, social media holds the power to transform the relationship between customer and bank. Incorporating customer service into social can add an element of personalized care that will not only turn a negative comment into a positive experience, but might also attract new potential customers if a brand proactively reaches out to those already talking about the industry. The Huffington Post says that while social may be a place to gain a competitive advantage and play a role in customer retention, it can also introduce the risk of customers sharing sensitive information on the internet, increasing chances of identity theft.

The best way to make social media work hard for your brand, regardless of industry, is to develop a social strategy that incorporates creativity, while weaving in brand messages. Leveraging social as a key component of your overall marketing strategy has the power to result in enhanced brand messaging, consumer loyalty and customer retention.