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Finance

4 Reasons Your Bank or Credit Union Should Try Instagram

Posted by Skyler Crabill on Aug 3, 2017 10:32:48 AM

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Bank and credit union marketing has gone full-on visual. The world we live in is powered by pictures and videos. Remember that old saying, “a picture is worth a thousand words?" Well, now a picture or a video can speak to thousands of people. If you don't already have Instagram as a part of your financial institution's social channels, it's high time to get on board.

Here are four reasons your bank or credit union needs to consider Instagram.

Mobile Audience

You've more than likely already made the effort to develop an app for your financial institution, since you know smartphone and tablet usage is permeating the marketplace. It just so happens that one of the most unique features of Instagram as a social platform is that it’s exclusively mobile. And with monthly users in the 700 million range—and climbingIt's clear it isn't going anywhere anytime soon. Consumers are increasingly relying solely on their phones to gather product information and content, so engage with a mobile-first clientele.

Demographic Appeal

One of the biggest demographic challenges for banks and credit unions to reach is a younger audience. Nearly 60 percent of all 18-to-29-year-olds are on Instagram. This is a huge opportunity to reach eyes that will comprise your future bread and butter—millennial banking customers. With Instagram, the struggle of drawing in consumers is won—it's a platform with a built-in audience of millennials and Gen-Z leads ripe for the picking. Meet them where they're at.

High Engagement

Visual content continues to dominate in engagement across all social channels. It is of the utmost importance that you are developing engaging visual content—Instagram was built for this type of content. Users are not only looking for image- and video-based material, but they are also expecting their favorite brands to regularly create it. Keep your followers engaged by posting infographics on managing a budget, tips on saving for big-ticket items and travel and how-tos for your mobile app—just don't forget to have a little fun and post images and videos that show off your organization's positive culture. One of the biggest consumer complaints about financial institutions is that they're cold or unapproachable—buck that trend with visual evidence.

Facebook Cross-Over

Let’s not forget that Facebook owns Instagram, so all of that wonderful targeting that comes along with Facebook ads is transferred right over to your Instagram account, as well. Using ads sets you've already created can make for an even bigger impact when getting that beautiful content in front of even more eyes. It's a cost-effective way to give your creative content legs beyond just a single social channel.

Sources: SproutSocial, Business Insider

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