With 72% of U.S. adults reporting using at least one social media platform, social media is an obvious channel through which banks can engage with consumers. However, given the prevalence of social media in consumer marketing strategies across all industries, it can be difficult for bank marketers to cut through the clutter and capture consumers' attention in a meaningful way.
To get more eyes on your bank's content (and hopefully more feet in the door), here are five social media post ideas that can deliver:
1. Customer Testimonials & Reviews
Like attracts like, and posting positive reviews on social media can make a tremendous impact in attracting new customers. 76% of consumers report that online reviews are "important" or "very important" in selecting their financial services provider. Thus, banks can use their "raving fans" to spread the word about the benefits of banking with them and drive customer growth goals. This can include sharing positive reviews from Google or other online sources, soliciting fresh reviews through a contest, or publishing video testimonials where customers share their experience with the bank firsthand.
2. Consumer Education
In the fight to reach more Millennial/Gen Z consumers, providing tips/tricks and other kinds of financial services consumer education via social media is a powerful way to engage with these key demographics. 56% of Millennial and Gen Z consumers report using social media platforms as a primary research source for information and/or advice on financial services. These two demographics cite "trust" as their No. 1 priority in choosing a long-term financial partnership. When it comes to the type of provider these groups trust, traditional financial institutions (e.g., large banks, regional/community banks, and credit unions) continue to garner the most trust.
By posting informative, educationally-driven content on their social media channels, banks can reinforce the confidence these key demographics already have in them while also supplying them with the information and insights these groups seek.
Partnerships are a two-way street, and the best way to attract good partners is to be one yourself. In addition, by tagging partners in posts highlighting joint efforts, banks can easily extend the reach of their posts outside of their existing followers. This can tremendously impact customer acquisition, as 53% of Americans report higher brand loyalty for brands they follow on social media. Thus, banks can leverage consumers' trust in their partners to build confidence in their brand. Financial institutions and licensed employees should always be mindful of RESPA section 8 concerns.
More than half of Gen Zers and Millennials say they would switch to a financial services provider that was committed to Diversity, Equity and Inclusion (DEI) and/or Environmental, Social and Governance (ESG), and when it comes to connecting with Gen Z and millennials, authenticity matters. Given these two factors, bank social media posts highlighting their organization's ongoing efforts to support their local community – particularly efforts related to DEI and ESG – can go a long way in establishing authentic credibility and connection with these demographics.
5. Humanizing Your Brand
Speaking of connection, 80% of consumers cite "caring about me as a customer" as one of the top expectations of their financial institution. Banks can demonstrate that care via social media by sharing posts that spotlight individual employees' customer service efforts or provide a "behind-the-scenes" look at the bank's processes. This can help humanize a bank's brand, reinforcing the trust and authenticity younger generations seek from their financial services provider while demonstrating the bank's commitment to customer care and service.
Social media marketing is a must for today's growth-minded financial institutions. Aligning social media content with consumers' needs and preferences helps banks ensure visibility and engagement via social media, which ultimately helps support customer acquisition/retention and profitability goals.
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