The strategy: Banks know that many of their customers—especially younger ones—learn about their products and services through social media. But according to the American Bankers Association State of Social Media in Banking study, only about half of financial institutions (FIs) have clear plans for accomplishing their marketing objectives on social media.

Sprout Social has compiled best practices to help FIs maximize their social media marketing potential.

• Create clear guidelines for staff: Developing brand voice and establishing rules for where, when, and how to post will help ensure consistency and build trustworthiness.
• Stay authentic: Young banking customers in particular can easily sniff out inauthenticity. Focus on providing informative, trustworthy content rather than forcing social media trends. Consumers appreciate when FIs provide financial tips, combat financial misinformation, and educate them about financial wellness.
• Leverage finfluencers: Partner with credible financial influencers to expand your reach and build trust. Influencers can make complex financial topics accessible and engaging. Don’t forget: We covered what finfluencers look for in a partnership, and how to evaluate and approach them.
• Use management tools: Implement social media management platforms to streamline scheduling, monitor engagement, and analyze performance. Tools can enhance responsiveness and maintain brand consistency.
• Prioritize responsiveness: Providing quick and helpful responses to social media comments and inquiries can boost customer satisfaction and loyalty.
• Commit to social listening: Monitor conversations about your brand and competitors to gather insights, address concerns, and refine your strategy.
• Measure progress toward goals: Track key performance metrics such as engagement, reach, and conversions. Use the data to refine your content strategy and maximize ROI.

Our take: We agree with this approach—as FIs’ social media, finfluencer content, and direct messaging are three of the most popular ways banking customers evaluate available products and services. Following this advice can help FIs improve their social media reach, engagement, and perception.