Technological innovations will be the heart and blood of the banking industry for many years to come and if big banks do not make the most of it, the new players from FinTech and large technology companies surely will.
—-David Brear.
The new normal is here with us and banks are expected to navigate and get accustomed to it with deployment of technologies and digitized data in different ways in order to stay in competition. Consumers’ desire for digital banking services will most likely increase, forcing many traditional financial institutions to fast-track digital innovation efforts. The negative effects of COVID-19 has indirectly forced banks to double efforts in leveraging digitalization in their operations and eventually impacting the bottom-line.
Banks worldwide are feeling the enormous pressure this pandemic is mounting because of the impact on business operations specifically in relation to its clientele. It is therefore crucial that banks take full advantage of the new revolution of the digital world by adopting marketing strategies that will help them weather the storm in every way. One area of digitally strategic importance is the use of Social Media.
Social media for banks offers financial institutions the chance to connect with target market, attract new customers, and build customer loyalty. Growth and brand image improvements would require crucial investment in social media in many ways outlined below:
Leveraging Infographics:
These are segmented content that displays data or information in a visual format. Users tend to interact and share infographics more than written content because they are engaging and fun to look at. Some analytics show that infographics are amongst the most widely shared content on social media. Banks can create infographics in-house or hire a freelancer to carry that out and this should always include only the most important information.
The purpose of an infographic is to allow users to peruse it swiftly and get the information they need, alongside some fun and engaging graphics. For example, you could create an infographic on the step-by-step process of opening a a current or savings account, along with tips on how to keep it healthy. It’s also possible that if users find your infographic extremely helpful or unique, they could share it with their friends spreading word of the bank even further across social media.
Providing Customer Service:
Social media for banks shouldn’t be the only part of the bank’s customer service strategy but it’s definitely great to have. Many times, social media is the firstplace dissatisfied customers will go with their thoughts and feelings about a business. If you see that your bank is tagged in a negative comment, use it as an opportunity to do some reputation management and customer service. You should try your hardest to respond to every complaint you’re tagged in to ensure that users know your bank is paying attention to their needs.
Respond nicely to negative comments, and encourage customers to contact you via messenger or to call your office to resolve the issue. You should also respond to positive comments to thank users for their feedback and answer any questions that you might be tagged in. Additionally, if you get a query via messenger, you should always respond in a polite, timely manner. Remember, however, to keep these conversations secure. If someone needs help getting into their account, initiate contact on social media, but then refer them to more secure channels to resolve the issue.
Creation of links to Bank`s website:
Facebook and Twitter are great places to share links to the bank`s website. Both networks make it convenient for friends to simply click, and end up on the bank`s blog, informational pages, and more. If your bank has a blog, you can share links to your latest posts to keep current and potential customers coming to your site. You can also share links to pages that give more information about the different kinds of loans and advances on offer, your FAQs, and other popular pages on your website.
For a social media network like Instagram, you’ll need to get creative with linking to your website. Instagram doesn’t allow links within posts, though profiles may feature one link.Tools like Linktree can help you share more than one link with users. With Linktree, you create a link hub. Users click your Linktree link and then see a list of other links, like to a recently mentioned blog post.For the best results with social media banking, use a tool like Linktree to get the most traction from your social media marketing efforts.
Sharing Informative posts:
The easiest way to use social media platforms like Facebook and Twitter as a bank is to simply create posts that will increase engagement. As far as what kind of content to post, there many different options.
First, you should always make posts when something new is happening at your bank. For example, if you’re promoting a special interest rate on personal loans for the next two months, Facebook and Twitter are the perfect platforms to share that information with your followers. You can also use a social media network like Instagram to advertise an offer like this, though you’ll need to create an eye-catching graphic or video. No matter where you post your offer, sharing it helps your current members be aware of the promotion, and can show potential customers what they stand to gain.
You can also create posts with more general information, like banking or money-saving tips. Sharing information that can help your customers is a sure way to increase their trust in your bank because they know you’re willing to help and offer valuable advice.
Leverage Hashtags:
Hashtags are a helpful strategy for banking on social media because potential clients can get the bank discovered. Generally, hashtags offer the most value on networks like Twitter and Instagram.
Hashtags are a way of labeling your posts and organizing them in a way that tells users what you’re talking about. For example, if you tweet “get ready for your Christmas with 2.9% interest rate on personal loans,” you could use any number of hashtags including #personalloans, #lowinterestrate, and any other hashtag that classifies the tweet. When users search for a hashtag, like #personalloans, the tweet or Instagram post will show up, and users that didn’t even know about the bank could find the institution.
Post content from trusted industry authorities:
When an institution shares content that belong to leaders in the banking industry, it will pave the way to satisfy followers and their need for useful and informative content. Not only that, but when industry leaders see that you’re sharing their content, they might be more willing to share your content as well which takes your posts to the next level in terms of reach.
The more reach covered by a bank`s post, the greater the chances of converting potential customers into the bank`s real clientele.
Organize Contests:
Everyone loves free things and that’s why contests work so well on social media. The bank could share an image describing a contest that you’re holding such as a draw for gift cards to local businesses, or tickets to popular events. Contests like these help spread the word about the bank since they encourage users to share accounts all the while being entered in a contest to win something for free.
Ending
Consumers are more willing to follow your bank on social media if you become a leading source of helpful information. Share money management tips or spread the word about banking safety practices. Visual content is a must in this space because some financial jargon can be difficult to understand. Take the time to provide images and assign proper context to make complex information easier to digest and understand. Doing so increases customer trust, which leads to better reviews, more referrals, and a higher retention rate.
Creating an engaging, responsive, and informative banking brand on social media doesn’t happen overnight, especially if consumer trust is low.
However, it is important to create and execute a social media strategy that puts the consumer first.Showing transparency, responding to feedback, and listening to what consumers have to say on Twitter, Facebook, and other social platforms is vital to a better client experience and in creating more loyal customers who spread the word about your bank to potential customers.
About the Writer:
The writer worked extensively in mainstream Banking & NBFIs. He is a Chartered member of the CGIA Institute, USA, a Google Certified Digital Marketer and an author.
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