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After a bumpy start thanks to regulation issues, financial services firms across the industry have set up camp on social media. According to data released in October 2014 by Shareablee, nearly three-quarters (72%) of US financial services brands tracked on the social analytics company’s platform had a social network presence.
Banks were the most active on social, with 88% having a Facebook, Google+, Instagram and/or Twitter page, followed by insurance, at 83%. Just under three-quarters (73%) of loan companies tracked were on social, and over six in 10 payment services (62%) and investment products and services (61%) brands were, too.
In terms of engagement, the insurance social audience proved to be the most active. Shareablee found that 47% of interactions with financial services social network pages between January and October 2014 were with sites of companies in the insurance sector. Investment products saw 22% of total actions, followed by banking (17%) and payment services (13%). Meanwhile, engagement with loan brands was basically nonexistent.
Between March and September 2014, all of the financial services categories tracked showed tremendous growth in their unique engaged audiences on Facebook, with the exception of loan brands. Payment services maintained the highest number of monthly unique engaged visitors during the six months as the total more than sextupled. Insurance trailed in a distant second, thanks to an impressive leap in unique engaged audience in June, followed by banks.
However, other research suggests that while consumers are OK interacting with financial services brands on Facebook, they’re not interested in ads. Among the financial services Facebook ads served worldwide on SHIFT’s platform in Q3 2014, clickthrough rate came in at 0.19%, down from 0.20% in Q2 2014. Cost per click rose from 34 cents to 59 cents between the two quarters, and cost per thousand hit $1.14, compared with 79 cents the prior quarter.
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