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The Top Social Media Platforms Banks Should Prioritize in 2023

The Top Social Media Platforms Banks Should Prioritize in 2023

Eric Cook by Eric Cook

Chief Digital Strategist

Contact author Full biography

Full biography

Eric considers himself a “recovering banker” of 15 years, who for the past eleven years has focused his efforts as a digital strategist, helping his clients (mostly community banks) better understand and leverage the power of the Internet as a strategic business tool. An award-winning web designer with WSI, the world’s largest digital agency network, Eric is a two-time contributing author to the best-selling book Digital Minds – 12 Things Every Business Needs to Know About Digital Marketing. Consistently rated in the top five digital marketing books on Amazon, the book is in its second edition and available in three languages.

A sought-after, nationally-recognized speaker in the financial services industry, Eric is a member of the National Speakers Association and loves sharing his knowledge to help educate and inspire others. He is the co-creator of a weekly webinar show called Free Webinar Wednesdays, founder of the Banker Education Series webinar series, and serves as a faculty member at several banking schools around the country where he teaches bankers about digital strategy, online marketing and social media. He is a WSI Certified LinkedIn Professional and holds undergraduate degrees in business administration and psychology. While working full-time as a community banker, Eric earned his MBA and completed the three-year Graduate School of Banking program in Madison, WI in 2003.

Professionally, Eric helps his clients in all areas of digital marketing, which includes mobile-responsive web development, search engine marketing and optimization, social media strategies, e-mail communication, and “big-picture” digital strategic planning. He’s the co-founder of DigitalRCP.com, a service created to help businesses understand their risk when it comes to operating in today’s digital world. When he’s not helping his clients succeed online, he can typically be found on one of his many bicycles training for his next mountain bike/triathlon race or spending time with his wife and two (very spoiled) golden retrievers.

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Summary:

In today’s world, social media has become part of our daily life. The average person spends nearly two and a half hours per day engaged with social media. Without a social media presence, succeeding as a business is virtually impossible. This is also true for the banking industry. Many consumers find it difficult to trust a company that lacks an online presence, but which social media platforms are best?
 

Social Media for Banks

There are three main goals you should seek to accomplish when using social medial regardless of the platform that you decide to use. 

  • Build a personal relationship that will encourage them to become customers. 
  • Keep them updated on news about your bank. 
  • Reach your desired target audience. 

 

Instagram Instagram

Instagram is one of the most-used social media platforms, with over one billion unique users. Its features create a seamless blend of entertainment, personal socialization, and professional advertisement. Many people in your target audience are on Instagram, so you’ll want to make sure you’re there too. 

While everyone is familiar with regular image and video posts, you’ll want to be sure you’re exploring ways to incorporate your message into their popular Stories and Reels formats for maximum engagement and visibility.

YouTube YouTube

YouTube is the most well-known video-sharing platform - in addition to being the world's #2 search engine (right behind Google). Opened for public use on February 14th, 2005, YouTube has been used at least once by almost everyone on the planet. It’s estimated that between one and two billion hours of content is consumed daily. With roughly 74% of all American adults using the platform regularly, the potential audience reach is massive. 

What type of content you should be posting? Most prefer YouTube videos that combine entertainment and education. Ideally, you should present critical information about your bank and the banking process entertainingly. But with the growing trend in “snackable” video content, YouTube’s Shorts are starting to nip at the heels of existing short-form video platforms. If you are interested in learning more about YouTube Shorts, check out this article we wrote!

Facebook Facebook

Of the 4.59 billion people that admitted to using social media regularly in 2022, roughly 3 billion were on Facebook. It was the most-used social media platform of the year and not showing any signs of slowing down. 

Facebook allows various media types to be uploaded and viewed, from simple one-sentence text posts to full-length videos. The platform was quick to adopt the shorter-format storytelling formats (following in the footsteps of Snapchat and TikTok), while also being one of the first platforms that allowed for native live video streams from a profile or page. Facebook has a large audience potential, especially if your target audience is in their mid-30s or older. 

Twitter Twitter

While only around 350 million people use Twitter routinely, they often spend hours scrolling the platform. Nearly half of all users visit it several times per day. Despite having a user base that pales compared to other social media platforms, Twitter has one of the highest engagement ratios. It also has a reputation for drawing in tech-savvy users and B2B accounts. 

Certainly, the recent acquisition by Elon Musk has caused a bit of an uproar on the platform, with several large brands pulling back (and discontinuing their advertising spending). This has resulted in quite the economic impact on the platform, yet it remains an excellent source for quick-breaking news and “in the moment”  conversation opportunities.

LinkedIn LinkedIn

LinkedIn has a reputation for being a professional and business-related platform with very little casual entertainment content. It’s also known as a reliable platform to look up businesses, employers, and other information that may not be available elsewhere. However, with the release of their Content Creator features and ways to go live on not only video (with a third-party platform) or natively using live audio, the network is providing creative types a platform to express themselves and build their brand. 

It’s recommended that bankers, especially those in a sales role (such as lenders and branch managers) take the time to ensure their profiles are complete and they are posting on a regular basis. By having a presence on this platform, you give your audience a way to learn more about your bank (and your bankers) to feel confident that they can trust you. 

Social Media for Bankers

Exploring some of the “fringe” social platforms out there may be a good idea, especially since you never know exactly when a particular platform will take off and go mainstream. While the preceding platforms are great for more traditional content and teaching your audience about your bank, they also run the risk of allowing the bank to come across as “stuffy” and distant, making you seem less relatable. 

When individual bankers make a presence for themselves on social media, it can help humanize your bank and make it more relatable. However, that also means that they’ll need some more interaction-based social media sites. While we’re not saying you “have” to be active here, below are some of the ones to keep an eye on.

BeReal BeReal

BeReal is relatively new to the social media world, so it doesn’t have a huge user base yet, but it’s rising quickly. The premise of BeReal is that you’ll receive notifications at random times of the day instructing you to take one photo with your phone’s front camera and one with the back camera, of whatever you happen to be doing. 

Using this app gives the audience an accurate and realistic view of what it’s like to be a banker. By doing so, you give them the chance to relate to your employees, bankers, and, by extension, the bank where they work. 

TikTok TikTok

Due to some security and privacy concerns due to the fact the platform’s China ties, many banks have recently pulled back and either froze or deleted altogether their TikTok accounts. While we’re not here to convince your bank to reconsider its policy if that’s the case, the reality is that TikTok is one of the fastest-growing social media platforms out there.  It’s been building steam since its release in 2016 and has many features that enable creator flexibility. But that’s not the only reason it’s popular. For years, TikTok was praised for its “scary accurate algorithm.” It showed videos and ads on the Ror You Page that were so perfectly suited to the user that it disturbed some people. In fact, this algorithmic approach has worked so well, it even caused Facebook to change the way content is displayed to its members.

TikTok made the decision to change its algorithm in 2022 to give users greater control over content recommendations they are seeing on the platform (such as banning certain hashtags). The algorithm for ad-related content remains unchanged, so creating a presence on this app as a banker discussing your bank can help you reach your target audience with moderate effort. 

Discord Discord

Discord is one of the most popular chat room apps taking over the web. Predominantly used in the Web3 space, it’s starting to become a place for brands to connect with audiences, creators with other creators, and Internet icons to keep their fans informed. It provides a feeling of a deeper connection between the audience and the brand, thus improving relationships. The best part is that it’s completely free (but it can be a bit daunting if you’re just going to “dip your toe” in the Discord pool and not jump in with a full commitment to learning the platform). 

You can create distinct channels for different topics, Livestream, and create voice and video chat rooms. You can also create custom emotes for members to use on your server. Depending on your target customer and where they are hanging out these days, hosting fun events and giveaways on Discord could be a great way to keep your followers engaged (and build out a loyal and engaged following). 

At WSI, we help banks connect with their local communities. Reach out to us to start a conversation about how we can get you on the social media map and start growing your brand!
 

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