As the financial sector undergoes its own digital transition, the role of social media within financial institutions has grown in significance.

They are aware of the need to change, but conventional businesses may lack the internal resources to do so rapidly.

Financial institutions that wish to succeed in their use of social media must first familiarise themselves with their target demographic and the social media habits and expectations of their customers.

However, businesses can use social media for much more than merely gathering client feedback. Without further ado, here are ten strategies for using social media by banks and other financial institutions:

Study your market with the help of social media.

Getting people’s unasked-for feedback is one of the greatest benefits of social media research. They’re not afraid to say what’s on their minds, and their candour is invaluable to any company’s quest for self-awareness.

They may learn about the problems faced by their target audience and the progress made towards their objectives without wasting time with in-depth questionnaires. More than that, we at Mention are firm believers that listening is the key to education.

Keep up with new developments and trends

In the realm of finance, forward-thinking companies are setting the standard by which others must be measured. That’s why they’re spending so much on game-changing initiatives and innovations in IT. It’s only the tip of the iceberg that we see here.

In order to develop and keep customers’ confidence, financial institutions must first discover significant innovations to include into their ecosystem. These days, the capacity to provide a seamless service to the consumer is frequently the spark that ignites the creative process. This also necessitates that financial institutions become proficient in cutting-edge security measures for their customers.

This is a problem that traditional businesses confront now as newer, more disruptive pure players are entering the market. If you use a monitoring programme, you can get instant notifications whenever something relevant to you happens. An example alert for monitoring cybersecurity and data breach news is shown below. You may gain an advantage over the competitors because of this.

Determine (and quantify) exposure chances ahead of rivals.

One of the most effective methods to increase exposure for a business, especially for FinTech brands, is to sponsor events. But you need to make sure you’re spending your money on the correct events that will reach the right people.

Find your target market

Spending thousands on a TikTok marketing campaign because it’s “in” is a waste of time and money if no one cares about what you have to say.

You may either manually examine for a long time (and possibly overlook crucial facts) or use a social listening service to automate the process. Using a social listening technology will provide you a bird’s-eye perspective of your market, allowing you to zero in on the areas where the most important conversations are taking place. Plus, you can be assured that no important references to your business, its offerings, or its rivals will ever go unnoticed.

Disseminate your material to the masses

Once you’ve figured out where your target demographics are and what’s keeping them up at night, you can begin providing them with information that actually interests them.

It’s crucial to focus primarily on disseminating information that is relevant to your target market. Nothing you say will be useful to them if it’s simply of interest to you.

Engage your audience in conversation.

You need to be engaging with your target demographic in order to get the full benefits of social media.

According to research conducted in 2013 by the IAB, 90% of customers are more inclined to make a purchase after a favourable engagement with a business on social media. The benefits to your business from maintaining consistent communication with your clientele are numerous.

Create an affinity: your customers are entrusting you with their cash. Since switching financial institutions, for example, has never been simpler, losing consumers to a rival that makes an effort to engage with them on a more personal level is inevitable. Engaging prospective customers on social media in a good and consistent manner will raise your profile and help you make a lasting impression.
Finally, engaging with your audience on social media will position you as a leader in your field. Your internet reputation will soar if you are helpful, honest, and quick to reply.

On to you

Companies face significant challenges when attempting a digital transformation, especially in more established sectors like banking.

A successful social media strategy for financial institutions must incorporate social listening. Having a social media presence isn’t enough without the proper social listening tool.