The onset of digital banking has brought about significant changes in how financial institutions provide services to and engage their customers. Online banking is rapidly replacing in-person service for customers who want to open accounts, apply for loans, pay bills, or track account balances. Even though banking customers are more frequently turning to online banking, they still want to feel appreciated and desired by their bank.
Many financial institutions are using social media as a tool to engage and strengthen relationships with customers. Some still struggle with compliance issues and the development of a robust social media strategy while others have fully embraced the new tools and are implementing successful social media campaigns that satisfy and delight their customers. The number of people liking and following financial institutions on social media illustrates that many customers want to be engaged with their bank online.
Top Five Banks
Top Five Credit Unions
|Navy Federal Credit Union||1,076,121||74,900||1,566||18,700|
|America First (UT)||173,466||11,100||732||11,100|
|Nationwide Building Society||54,644||5,731||9,992||1,222|
Successful Social Media Campaigns
Navy Federal Credit Union
Navy Federal Credit Union started a customer appreciation campaign on Facebook in August 2012 in which they asked their customers to share a video about why they loved the credit union. The success of this campaign led them to advertise auto loan refinancing and certificates of deposit (CD) which brought in $96 million in auto loan refinancing and $90 million in CDs in under six weeks.
American Express’ Small Business Saturday is an omni-channel campaign combining marketing on their website, social media and offline. Small businesses help promote the initiative, which reduces the advertising expense. Watch the video below for more details on how American Express implemented this successful campaign.
Source: American Express
Bank of America
Bank of America also used YouTube to promote its “Tips, Facts, and Cash Back” campaign. The 30-second videos contain everyday, money-saving tips from experts as well as a Bank of America product promotion. The ads highlight the bank’s understanding that customers need simple tips to help manage their finances. A good example of this campaign is shown below.
Source: American Express
Golden 1 Credit Union
Golden 1 Credit Union in California is the state’s largest credit union and the seventh largest in the country. They sponsored a contest at the California State Fair in which people were asked to post their favorite State Fair memories with #MemoriesAreGolden. The contest received approximately 3,200 entries and 14,000 views on Facebook.
Bethpage Credit Union
Bethpage Credit Union created a special Snapchat filter for the Bethpage Air Show. They asked customers to put the frame around photos taken at the airshow. Nearly 5,000 people used the filter and the images were seen by almost 200,000 people.
The Shorty Awards Winners and Finalists
The Shorty Awards are produced by Sawhorse Media across a variety of categories. They also honor “brands and organizations in the financial services industry who use social and digital media in the most effective and creative ways to create a positive and seamless experience for existing users, while gaining trust and loyalty from potential users. Banks, credit cards, money management, and financial services are eligible for this award.”
The winning entry for the 8th Annual Shorty Awards was PayPal for their Meet Halfway promotion. Meet Halfway is “a digital tool that calculates the halfway point between friends living in different places all over the world, and encourages them to meet up in real life.” PayPal partnered with Airbnb and users could share their results on Facebook. They could then access Airbnb for properties available at the destination and, when paying with PayPal, received $50 off their stay. PayPal reported that more than 35,000 halfway points were found with 64,000+ nights booked on Airbnb, and 18,539 new PayPal users. The site was also shared to Facebook over 2,000 times and the campaign received over 232 million impressions.
Simple, a tech company that is intent on changing the way people bank, was a finalist for the Shorty Award. Their campaign was called Genuine Human Goodness and their goal was to make it as easy as possible for customers to take control of their charitable giving. The campaign was announced on their blog and was promoted on their Twitter, Facebook, and Instragram accounts to encourage their customers to set up a Goal for something they care about. The posts all had a link where customers could click to instantly set up a Goal in their account, name the amount of the Goal, and add a memo about their Human Goodness Goal. Simple reported that at the end of the week-long campaign, nearly 300 individual Goals had been created, Twitter mentions increased by 95 percent, Retweets increased 160 percent, and total Twitter engagement increased by 89 percent.
To combat the fact that most people are not engaged in retirement planning, The Principal Financial Group, another Shorty Award finalist, encouraged consumers to visualize their retirement. They utilized a variety of social media platforms and asked consumers to share their vision of retirement and use the hashtag #SeeYourRetirement. Consumers who took this first step were encouraged to contact a financial adviser. The Principal reported the following results:
- Over 20,000 shared retirement visions
- 53 percent increase in share of voice on Social media
- 40 percent increase in positive Social sentiment
- 65 percent increase in Facebook and Twitter followers
- 844,485 Facebook likes / 4,773 Twitter likes
- 83,033 Facebook comments / 481 Twitter replies
- 64,441 Facebook shares / 997 Twitter retweets
The last finalist was TD Bank whose #TDThanksYou campaign strived for a connection between loyal customers, customers of competitors, and its own employees. Loyal customers visited their branch thinking they were coming for a focus group and instead found TD staff had turned the bank into a photo gallery of their customers’ lives. Their responses were filmed and aired on Facebook and YouTube. The video has been viewed more than 17 million times with a positive sentiment above 90 percent. #TDThanksYou also became a trending topic on Twitter. View the video below.