Compared to some other industries, banks on social media may not seem very exciting because you don’t envision them as the ideal candidates for a killer Instagram account. Why? Banks don’t take cute beach photos – and let’s be honest, it would be a little weird if they did. The fact that banks don’t leap out at you as the ideal social media account doesn’t prove that they don’t belong in the digital space. It just means that they’ve under-utilized their potential.
Here are five social media myths about banking and social media that you need to stop believing if you want your bank to thrive online.
Myth #1: Bankers and Banks are NOT on Social Media
This could be true, but only because they haven’t taken the plunge. The savvy banks are on social media just like any other brand. They understand you can’t connect with current and future customers on Facebook, Instagram, Twitter, and LinkedIn without using your own unique voice and personalized posts. If you’re not carving yourself a niche in your corner of the digital realm, you’re missing a huge opportunity. More than half the world’s population is now on social media, and the average user spends nearly one and a half hours per day online.
Example: Dream First Bank on Instagram - They post on social media a few times a week, including Instagram, Twitter, Facebook, and LinkedIn!
Myth #2: Banks Don't Create Enough Content to Use Social Media Channels
Perhaps they don’t, but it’s never too late to start! Your posts don’t have to be banking related or just reiterate new product features or offers. You can become a vital part of your community with helpful tips, financial advice, fun staff moments, and proactive outreach when there’s a conversation going on that could benefit your expertise. By joining the conversation when it’s not just about promoting your products and services, people will remember when they do have banking needs. Connecting on social media is not just about clicks, but about staying relevant - even when it’s not about banking. Long-term planning yields long-term results, and social media is no different.
Example: Consumers National Bank post on Facebook - They post every Monday and call it “Mortgage Mondays”, where they share financial tips and advice.
Myth #3: Banks Should Stick to Old Social Media Marketing Tactics
Many financial institutions only post on Facebook here and there and call it a day. That’s a big mistake. Your customers frequently check all of the most popular social platforms, so you should too. Each platform has an ideal posting style, length, hashtag usage, etc. so it’s important to adjust your posts to the audience of each. Instagram and YouTube focus more on visuals and audio, Twitter on snappy humor, and Facebook and LinkedIn on longer-form content that sparks conversation. So why would you post the same thing on each platform and expect good results?
Example: Security Federal Savings Bank post on YouTube - They post videos about their products on YouTube. In this example, they are sharing all of the types of Mortgage Loans that they offer.
Myth #4: Social Media Will Ruin Your Reputation / Your Bank's Reputation
Some people say you should avoid social media because it’ll just give your detractors a convenient place to pile on. That will only be the case if you post so infrequently that only angry customers can find you and comment on your content. A constant presence on social media allows happy customers, friends, and followers to post positive comments on your feed and join the discussion. Any negative feedback will be put into perspective or become irrelevant when placed into the context of your entire customer base.
Example: Eric Cook post on TikTok - I post on social media almost every day, and have recently tapped into TikTok. I post friendly content that will not affect my reputation. Although, if I did receive a negative comment, I would reply sincerely to the user who posted it. But since a lot of what I share is about my amazing Goldens, who could say anything bad about them!?
Myth #5: Social Media Will Not Bring New Customers Into Your Bank or Drive Results
When used correctly, social media can be a powerful force for spreading awareness, networking and growing a tight-knit online niche. Customer spotlights, inspiring stories, customer success, financial advice, and life tips are all ways to help your online community grow. Developing an intentional digital presence can bring in new customers while deepening your connection to the ones you already have. Consistent, relevant posts drive measurable results, and at the end of the day, we are more likely to do business with companies (yes, even banks) where we know, like, and trust them. Social media has the power to provide you with all three of these important variables to help you win customers down the road.
Example: Casey State Bank post on Facebook - They shared a post about their table at a local business expo to bring in existing customers and meet potential new customers.
Get on Social Media the Right Way
Here at WSI, we provide social media marketing, monitoring, and training that gets results. We know how to help you tell your story in a way that resonates with your audience and brings you closer to the people you serve.
If you’re interested in partnering with WSI to power up your social media channels, contact us, and let’s chat.
Build Your Personal Banker-Brand Online
If you’re looking for ways to build your personal brand as a banking professional online, you should hop over and check out The LinkedBanker mentoring and mastermind community. Over there, we’re helping bankers build their brands online, creating networking opportunities with other like-minded professionals from around the country, and would love to have you join us.