We live and breathe social media here at SoMazi, and one of our main goals is to help brands to promote their businesses and enhance their online presence. With that in mind, we have developed an educational package for those who work in the finance industry, so they could connect more efficiently with prospects and existing clients. This educational package for financial institutions is divided in three parts, and here you can find the first one. Enjoy!
Social media for Financial institutions – Part 1
While most industries have already adopted social media as an effective marketing tool, a vast number of financial institutions are simply missing the opportunity to fully exploit social media channels. For different reasons (such as security, regulatory compliance and risk), the majority of financial institutions have so far made a cursory pass through social media channels.
However, according to a study from The Financial Brand, customers are turning to social media channels when searching for financial institutions’ services and credibility. And, among the social media channels, Facebook is the one who dominates search results in the banking industry – as the graphic below demonstrates:
Nevertheless, social media allows financial institutions to connect with their customers in a completely new manner. It is essential for these institutions to face the paradigm shift and start taking the social media channels seriously. They must develop a clear strategy if they want to be ready to the future.
The main challenge is to develop and implement a holistic social media strategy and combine it with cross-channel efforts, taking into account how highly regulated this industry is. And, in order to achieve success, the following aspects should be included into the social media strategy:
- Well laid out High Quality Content
- Clearly defined and measurable Key Performance Indicators (KPIs)
- a Governance Model that allows the company to react ad hoc without having to run through several levels of approval
- Customer Care
Wells Fargo case study
Even though there is a lot to be taken into account, running a successful social media strategy for a financial institution is not impossible – and Wells Fargo can demonstrate quite well. This institution applies social media to “further personalize the service” it provides to customers, offering services such as:
- Beyond Today – discusses retirement planning
- Wells Fargo Environmental Forum – highlights how they “integrate environmental stewardship” into everything they do
- AdvantageVoice – analyses breaking news, ideas about investing trends, and unique economic insights
- The Student LoanDown – helps students learn how to prepare and pay for college
- Commercial Electronic Office® (CEO®) Blog – discusses topics such as business process optimisation, product and technology enhancements, and mobile banking trends.
Wells Fargo also maintains several Twitter accounts where customers can pose questions or view job openings; Facebook pages where customers can view career opportunities and even a Wells Fargo pictorial history, and finally, several YouTube channels where they provide personal banking, business and commercial how-to videos.
It seems that, yes, birds can have an impressive pulling force.