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Any business needs social media to gain new customers. This includes banks. Some people may look at different banks on social media and then decide based on their profiles. As these social media accounts prove, it's an interesting time to live in, from funny memes to using Facebook as customer service. This post will examine how banks use social media to drive business by attracting new consumers and retaining their current consumer base. Also, consider visiting buytoplikes.com to purchase instagram followers. If you want to boost your social media presence and help grow your own business.
Some Interesting Facts About Banks on Social Media
First, we should examine some facts about banks and social media before we explain how they use them.
Almost All Banks Use Social Media and Are Active on It
Nine out of 10 banks understand the importance of social media, and 88% are active on their accounts, or at least somewhat active. These banks include large corporations and smaller businesses. It makes sense, as everyone has some social media, and most companies do.
Most Are on Facebook
Facebook is the platform that most banks use, at 95%. This fact makes sense, as Facebook is a mostly adult audience, and most people on the platform use their real names. LinkedIn is also a runner-up, with 75% of banks using it. Again, this fact makes sense, as LinkedIn users use their real names and are business professionals. X (Twitter) is the third most used platform, followed by YouTube and then blogging.
TikTok and Snapchat are Not Preferred.
Due to the nature of Snapchat, with disappearing messages, it makes sense why banks may not use this platform. However, since many young people use TikTok and are usually at the age when they may start banking, TikTok is a missed opportunity for many banking institutions. However, some institutions are realizing this and are making content in the form of short videos.
How Banks Use Social Media
Now, let's examine the many ways banks use social media to connect with their customers.
For Customer Service
When people have a customer service issue with their banks, they may not want to call or email. Instead, they may go to the social media account. They may message the bank's Facebook page or leave a comment on an Instagram post. Even if a bank does not have an active campaign, having a social media profile up for general customer service is a good idea.
Banks may use DMs as a 24-hour customer support line, answering basic questions or getting account help. A social media team can answer a question if the bank is closed. If someone leaves a negative comment on their social media page, a bank can use this to respond and make it right.
Social media messages can help customers redirect their questions to a more secure server if a question requires more secure verification. For example, many banks may not want customers to send their account information through Facebook Messenger.
For Financial Education
Another way a bank can gain and retain customers is by providing financial advice. Many people, especially Millennials and Gen Z, have difficulty saving money. For many young people, the high living costs can make saving challenges. Many bank social media accounts provide valuable financial advice for young people to help them save. Usually, this comes in the form of helpful infographics. These infographics can give short yet beneficial advice on saving money. For the older audience, a bank may post about planning retirement.
Besides saving money, a bank's social media page may tell consumers how to make each dollar go faster. For example, a bank may post about how to vacation on a small budget.
Many social media accounts may also post videos with a speaker explaining how to save money. Adding a human element like a speaker can help many banks connect with their audience.
Make Their Audience Laugh
When you think of a place to go to laugh, a banking social media page may not be the first place you imagine. However, many banking institutions are posting relatable memes. These memes usually involve payday, checking your balance, and other relatable content involving finances.
Memes are not professional, but they can be a good approach for a bank looking to connect with a younger audience. It can help to humanize a banking institution, which people usually imagine as being nothing but men in suits.
Usually, a bank's social media page may mix in serious content to remind their followers that they are a banking institution and are there if the customer needs help.
Promote Services
Another way that banks use social media is to promote their services. Many banks will not be too salesy, which will scare away some followers. However, a moderate amount of promotional posting can also excite consumers.
For instance, some banking institutions may post about limited-time offers or special rates. These posts can create FOMO, attracting many people to sign up. During this time, a bank may use advertising to help reach new people who are part of the bank's target audience.
Behind the Scenes
Another way a banking social media page may post to its customers is by giving them a behind-the-scenes look at its staff. The page may show the CEO attending a conference, a bank member helping another customer or the social media manager having a cup of coffee. Again, these posts aim to help humanize the bank and help the customers realize that the people running it aren’t soulless.
Final Thoughts
On social media, banks are reaching their audience in many unique ways. Most will reach an audience by posting about financial offers or advice. However, others go a different way by posting relatable memes or behind-the-scenes photos. No matter which route these banks choose, it should result from careful audience research. A savvy social media strategy can help your company thrive if you're a smaller bank. We hope this article was helpful to you.