Earlier, banks primarily relied on traditional marketing channels such as print ads, TV commercials, and in-branch promotions to reach out to customers. However, with the rise of the internet and social media, banks have started to realize the potential of using social media to interact with their customers and promote their services.
As social media continues to play an integral role in modern marketing and communication, banks are increasingly turning to these platforms to build brand awareness and drive business growth.
The American Bankers Association study claims that almost 90% of banks are active on social media.
Their preferred platforms are:
However, navigating the complex landscape of social media can be challenging for banks, as it requires a strategic approach to reach and engage with customers effectively. In this article, we will explore the benefits of using social media for banks and delve into the specific ways banks can use social media to maximize the impact of their online presence. Let's start!
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Our Social Media Client Care Team is available to help until 5 pm ET today. We will be offline tomorrow for the holiday, and back online on Tuesday at 8 am ET.
— Bank of America Help (@BofA_Help) October 9, 2022
Often, banks have a social media policy in place to guide the use of social media by employees and to ensure compliance with relevant laws and regulations. Banks need to review and update their social media policies regularly to ensure they remain consistent with the bank's goals and values.
The important topics covered in the social media policies for banks are:
Banks are required to protect the personal and financial information of their customers. Hence, their social media policies should include guidelines on which information can be shared on social media and which information should not be shared at all costs.
For example, banks should prohibit employees from sharing personal or financial information about their customers on social media or even asking for any sensitive information from any customer on public platforms like social media. It should be conveyed to the employees that they must use secure channels when communicating with customers about sensitive matters.
Social media effectively allows banks to reach out to their customers and promote their services. However, banks must also ensure that their marketing and advertising activities comply with relevant laws and regulations, such as those related to consumer protection and fair lending.
Social media policies for banks should include guidelines on the use of social media for marketing and advertising purposes, such as the use of hashtags and the inclusion of required disclosures.
Social media policies for banks should include guidelines on employee conduct when using social media. These guidelines must outline acceptable behavior for employees when using the bank's official accounts to engage with customers on social media, as well as guidelines for the representation of the bank on social media.
For example, employees should be prohibited from making negative or inappropriate comments about the bank itself or even its competitors on social media. They may be required to disclose their affiliation with the bank when replying to customer complaints and inquiries or commenting on industry-related topics.
Banks are subject to various laws and regulations, including those related to financial services and consumer protection. Hence, social media policies for banks should strictly include guidelines on compliance with these laws and regulations.
Social media policies for banks should include guidelines on ensuring compliance with these laws and regulations when using social media for customer communication, such as avoiding any false or misleading statements and properly disclosing required information such as account number, account holder name, bank IFSC code etc.
Social media for customer service enables banks to quickly and efficiently address customer inquiries, complaints, and feedback in a convenient and accessible manner. This helps to improve customer satisfaction as well as build customer trust.
Social media is widely used by banks to reach a large and diverse group of audiences and promote their services. They can create ads and social posts targeting specific demographics or interests, such as small business owners or salaried employees, and share content showcasing their offerings' benefits.
Communicating important information and updates to customers becomes easier for banks using social media. This will help banks to reduce confusion and improve customer satisfaction. They can communicate announcements about changes to fees, policies, or services, share updates of the new additions on their app, and information about services.
We are aware of a technical issue with our phone provider where some customers may be unable to contact us by phone. We apologize for the inconvenience. Please try again later.
— Wells Fargo (@WellsFargo) October 7, 2021
A sense of community can be grown among the customers using social media. They can be encouraged to interact with the bank by posting engaging content and hosting events and contests on social media. This will help them to build customer loyalty and create a positive brand image.
Banks that actively engage with customers on public platforms such as social media to resolve queries and address concerns are trusted and can attract new customers.
By listening to what customers say on social media banks can gather customer feedback and insights. This way banks can learn more about their customers' needs and preferences and use this information to improve their services.
Banks can even use social media to stay up-to-date on industry trends and innovations, such as new technologies or regulatory changes, which can help them to remain competitive and meet the evolving needs of their customers.
WhatsApp banking service allows users to access banking and financial services through the WhatsApp messaging app. This service lets users perform various tasks related to their accounts and financial transactions, such as checking account balances, paying bills, transferring money, and more.
Customers can access the banking services through a dedicated chatbot or through a human customer service representative via the WhatsApp messaging tool.
Convenience is one of the major benefits of WhatsApp banking, as users can access their financial information and perform transactions anywhere at any time. This service provides increased security as the messaging platform uses end-to-end encryption to protect user's personal and financial information. However, it is essential for users to be aware of potential risks, such as the risk of fraud or scams, and to take steps to protect their accounts and personal information.
Banks can use this channel to provide personalized services, such as account balance inquiries or account notifications, and to address customer queries and concerns. By providing a quick and convenient way for customers to access the services they need, banks can improve customer satisfaction.
Using a social media management tool like Statusbrew, banks can handle customer inquires from the same dashboard from where they publish and schedule posts to multiple social platforms at once.
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Statusbrew is a social media management platform that helps financial institutions and banks effectively manage and optimize their social media presence. Here are the key features of Statusbrew that can help financial institutions grow on social media:
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Social media is a game-changing spin for banks to connect with their customers and stay ahead of the curve in an increasingly competitive industry. Using social media to improve customer service, reach new customers, communicate important updates, build community, and gather valuable feedback and insights, banks can drive customer engagement, loyalty, and satisfaction.
So if you are a bank employee looking to boost your brand and enhance your customer relationships, it's time to embrace social media and all it offers. Get started today with the best social media management tool: Statusbrew, and watch your bank flourish on social media in no time!
Statusbrew is an all-in-one social media management tool that supports Facebook, Instagram, Twitter, LinkedIn, YouTube, and even Google My Business.
Here are some commonly asked questions about social media for banks:
Banks can share promotional posts and their blogs, ask questions to their audience, conduct polls, re-share other banks' social posts, or share customer testimonials.
The five best social platforms for banks and financial services are Facebook, LinkedIn, Twitter, Instagram, and YouTube.
A well-defined social media strategy for banks can help position the bank as intellectually competent and subject matter experts, thus enhancing consumer confidence in the bank's services and ability to support their banking needs.
Manage all your social media in one place, learn how Statusbrew can help by scheduling a demo with us
Rushali is a B2B SaaS content writer who specializes in writing research-driven blog posts around marketing for B2B SaaS brands.
