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Finance

4 Key Elements of Every Bank or Credit Union's Social Media Strategy

Posted by Chris Kappen on Aug 30, 2017 9:00:00 AM

So you created a Facebook page - now what? Social media and finance isn't always a happy marriage, but there are ways in which you can step up your bank's or credit union's social game with just a few minor adjustments to your strategy.

The following are some key elements that should be included on any financial institution's social media plan.

Paid media

Posting and hoping for the best is a thing of the past. To spur true engagement on social media, you'll need to invest in a strategy that includes paid media. Posting only gets your content in front of your existing fans. With paid social media, you can segment who sees your posts by specific demographics, get real-time feedback and target users with legitimate interest in what you offer. It's also a great place to test out strategies and see what sticks and what doesn't, with a small-dollar investment.

Applications

The processing of loan and credit applications or account-opening procedures are part of your brick-and-mortar store's day to day. In fact, you likely have begun to automate these procedures on your website through processing online apps. When it comes to your social media presences, though, consider integrating app technology. A social/mobile app/online banking integration has proven effective for many major banks, so consider accepting apps via platforms like Facebook.

Product development

While you more than likely post announcements of new products and services on your Facebook and Twitter profiles, are you making use of these platforms during the development stage as well? Crowdsourcing desired features and benefits is a great way to develop products your customers truly want and would use. This one's kind of a no-brainer - if you want to find out what's worth the production time to create, simply ask your customers what they're after.

Governance

One negative side effect of banks and credit unions on social media is the rapidity with which a negative post or comment can get away from you. That's why implementing the right levels of governance over all your social presences is key. Have a social media policy in place for your organization that dictates how employees should post with regard to the institution, which employees are allowed to post on behalf of the organization and what is off-limits when it comes to post content. You should also establish a consistent response speed when it comes to customer queries on social media.


You have some powerful tools at your disposal - make the most of your social media presence by implementing some powerful strategies.

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