Social Media and Financial Institutions

Running a social media campaign can be a daunting task if you are unfamiliar with it or have never done it before. Financial banks and institutions are one sector that is often hesitant to use social media. But have no fear, we are here toSocial media for financial institutions help.

There are many financial institutions that have been using social media and have had huge success. Three of these institutions are Acorns, Bank of America and Navy Federal Credit Union. They are all great examples of how to use social media and can add some valuable tips that your company can use.

Acorns

Acorns is a financial service app that helps people invest their money. It was able to skillfully navigate Facebook’s advertising offerings and ended up attributing 3% of its investors to Facebook app ads. Facebook has several platforms that you can use, two of which are custom audiences and lookalike audiences that can be used for your targeting needs. Acorns used these platforms to build a large audience that was already engaging with the brand on its Facebook page. Acorns used the insights to determine the demographics (i.e. age, gender, location, etc.) of its audience so it could better target ads to the right segment.

What can you learn from this?

Take advantage of the helpful advertising offerings that Facebook provides. They can easily help you boost your company and your audience.

Bank of America

Bank of America is a brand that many of you are probably already familiar with. But did you know that they have a huge social following on Pinterest? Bank of America is a great example of a company that is not afraid to experiment with other social networks. It found that while Twitter and Facebook were fine, its target audience was actually socializing on Pinterest. Since 34% of Bank of America users are between the ages of 18 and 29, it decided to target millennials. To do this, they used Pinterest to help promote its Better Money Habits site, a site that helps individuals with “financial firsts”, which is a big subject for millennials. Bank of America created several Pinterest boards for different “financial firsts” like buying a home or making travel plans. They filled the boards with educational content that helped direct users to its website. In under five months, the Better Money Habits site reached nearly 6 million people.

What can you learn from this?

Don’t be afraid to try new social media platforms and really find out what platform will help your company shine.

Navy Federal Credit Union

Many people think it’s harder for credit unions to succeed on social media since they have a very specific customer base. But smaller, more targeted audiences won’t limit your success. In just over a year, Navy Federal Credit Union (NFCU) increased its Facebook Likes from 22,000 to 770,000. Not only that, but daily reach jumped from 4,692 to 896,782! NFCU did this by asking its members to create a “Tell Your Story” video and submit it to its Facebook page for a chance to win a cash prize. Through the campaign, which lasted six weeks, NFCU got more than 60,000 new member acquisitions.

What can you learn from this?

While NFCU is a large credit union and has a larger budget than most small, local credit unions, the strategies employed can be used by anyone. The point is that you need to get your audience engaged, communicating and actively participating with your brand.

While these are just three examples, there are many more financial institutions that have had success using social media.  Don’t be afraid to go out and try it yourself!