Social media is incredibly effective for all industries to promote and strengthen their brand. Many organizations have also learned to use social media for much more, and the banking industry is no exception. Banks now understand that social media’s true power is found in its ability to connect brands directly with their customers. In other words, banks are using social media to communicate with clients, build credibility, launch new products and offerings, show their company’s history and show off all that they are doing as it relates to social responsibility.
Consumer Banking
For everyday banking consumers, the banks focus on trying to connect with their customers on a personal level. One of the most effective ways to do this is to use social media to handle customer service issues in real time. As you can see from the TD Bank example below, social media makes it incredibly easy to quickly respond to any customer and attempt to turn a negative experience into a positive customer service interaction.
Advertising on social media saves companies a lot of money. Financial service companies focus many of their advertisements on their rewards and benefits programs. Recently, Chase came out with a great marketing strategy. They decided to host private parties for Chase Sapphire credit card holders. Other than hosting free parties, they also ran many special promotions through social media advertisements. As you can see below, their promotion mentioned that if you dined at a specific location, you would receive extra points.
Investment Banking
There are many reasons why someone would choose to invest their money with one bank over another. However, the most important reason is trust. Social media can help any investment banking institution build a trust with their customers by showing multiple sides of their bank. One of the most effective ways that I’ve seen this done, is by showing off a bank’s history, and by promoting how successful they’ve been for many years.
Citibank uses social media to show off their investment banking prowess by promoting their history in investment banking through social media. The main reason why Citibank does this is that it allows consumers to know who they are and that they have been successfully doing exactly what the consumers need for a very long time.
Another example of a successful bank on social media is BNY Mellon. As seen below, put out their quarterly revenue reports on social media to show how their businesses are doing well. By putting out quarterly revenue reports, it will tell their clients, and possibly new potential customers, how well the bank is doing. BNY Mellon recently put out their second quarterly report, which provided analysis on how much revenue they generated over the past quarter, and their financial health.
The banking industry clearly understands the importance of social media. Social media’s ability to connect with your audience presents consumers with a side of your business they would normally have never seen before. It’s a unique and powerful connection that only comes from social media. Want to learn more about the benefits of social media for banks? Download our case study to learn about how banks use social media for brand intelligence.
