Social media is essential for banks to connect with their customers, attract investors, delight shareholders and stay ahead of the competition. But, managing social media for banks requires an expert approach. It must consider factors like regulatory compliance, customer trust, and the unique needs of diverse audiences. As a marketing agency specialising in finance, we work with banking clients to design effective social media strategies. In this article, we’ll explore what works for banks on social media and tips on how to achieve success.
What Does Success Look Like For Banks?
Before we talk about social media for banks, let’s look at some common banking KPIs (Key Performance Indicators).
- Revenue Growth, Return on Asset Growth (ROA), Cost to Income Ratio, Loan and Deposit Growth are key metrics banks will watch.
- Growth in customer base, Customer Retention and Net Promotor Scores (NPS are customer referrals)
- Customer satisfaction surveys, response times and complaint levels are often monitored by banks.
- Product sales and upselling in the region of credit cards, loans or mobile banking apps.
- Regulatory compliance and the avoidance of fines, legal action and mitigation.
- Social media engagement, PR response rates, competitor benchmarking and brand awareness.
Successful Strategies for Social Media in Banking
For banks, the importance of a strong social media presence cannot be overstated. As consumers increasingly turn to social platforms to gather financial information, engage with brands, and make transactions, financial institutions understand that social media plays a crucial role in both customer retention and acquisition.
9 in 10 banks believe social media is important to their bank and 88% are very or somewhat active on their social media accounts. This is according to a report released by the American Bankers Association.
This report shows that social media serves as an essential marketing channel that allows banks to connect with customers by meeting them where they are. When used effectively, social media helps banks humanize their brand and build relationships while offering a strong return on investment.
Russell Davis, ABA’s executive vice president of member engagement
Banks’ most preferred platforms are Facebook (95%), LinkedIn (75%) and Instagram (62%), followed by X (formerly known as Twitter) (41%), YouTube (39%) and blogs (19%). Banks’ top uses for social media include communication (89%), recruiting (75%), financial education (71%), marketing and sales (59%), and customer service (57%).
With millennials and Gen Z representing a growing demographic of banking customers, these younger generations are particularly active on platforms like Instagram, Facebook, Twitter, and LinkedIn, seeking financial advice, product information, and a seamless digital experience. With over four million Gen Zs projected to open new bank accounts each year through 2026, financial institutions must innovate to capture this emerging market. In this landscape, successful social media for banks is not just about creating content. It’s about creating authentic interactions that resonate with customers. In this section, we’ll explore key successful strategies for leveraging social media in the banking sector.
#1 Educational Campaigns and Content
A key trend in banking social media marketing is the shift toward financial literacy. Only 46% of Gen Z feel confident about their financial knowledge, indicating a strong demand for educational resources. Consumers are increasingly looking for ways to manage their money better, invest smarter, and improve their credit scores. Consumers turn to social media to learn. So providing tips, updates, and answers to common banking queries can position your brand as a trusted authority. Whether it’s through video tutorials, infographics, or live sessions, offering value is key.
Social Media For Banks – Educational Ideas
- Financial tips: Share easy-to-understand posts about budgeting, saving, and investing.
- Explainers and tutorials: Break down topics like mortgages, loans, and credit scores in simple, engaging formats like infographics, short videos, or carousel posts.
- #AskAnExpert sessions: This type of real-time interaction encourages engagement, trust, and customer loyalty.
- Myth-busting: Address common financial misconceptions and alert on trending scams to educate and build trust with followers.
Educating your audience is the best way to create long-term relationships. Customers who trust your expertise are more likely to remain loyal and refer you to others.
Niki Nikolaou, Contentworks Agency Director
#2 Break Down Complex Topics
Finance can be a complicated subject for many consumers, so breaking down complex topics is essential. Infographics, charts, and animated videos are effective in breaking down financial concepts in an easy-to-understand way. Banks can also use Instagram and Facebook Stories to share short, digestible content pieces.
Banks can also introduce gamification elements to create fun, interactive experiences. For example, they can:
- Offer rewards for quizzes passed: Create contests or challenges where customers can win rewards for completing certain tasks (e.g passing a quiz or attending a webinar).
- Financial Challenges: Create monthly savings challenges or investment goals that customers can join, share progress on social media, and support each other.
Did you know: With an average attention span of just eight seconds, Gen Z demands quick access to information and services. Lengthy processes or complex topics will deter them from engaging with traditional banking methods.
#3 Highlight Customer Testimonials and Success Stories
Sharing real success stories from customers who have benefited from your products or services (such as securing a loan, saving for a goal, or investing) can help foster trust and credibility.
Social proof plays a significant role in the banking industry, as customers increasingly rely on the experiences and opinions of others before making financial decisions. According to a BrightLocal survey, 84% trust reviews as much as personal recommendations. This is especially relevant for banks, as prospective customers are more likely to trust reviews and testimonials from existing clients when deciding which financial institution to choose.
Referral programs are also powerful tools for banks. A study from Salesforce revealed that 77% of consumers are more likely to consider a financial product or service if it is recommended by friends, family, or colleagues.
#4 Utilise Targeted Advertising
With platforms like Facebook and LinkedIn offering advanced targeting, banks can run highly personalised ads aimed at specific demographics. These include age, gender, job role, income levels, interests, location, lifestyle habits and purchase history. Banks can also use retargeting ads to convert users who have interacted with their website or shown interest in their services.
Social Media For Banks – Buyer Personas
Creating detailed buyer personas allows banks to segment their target audience based on psychographics (values, interests, lifestyles) and behaviours, rather than just basic demographic data. These personas can help determine:
- What financial challenges or goals your target customers face.
- The types of content and messaging that resonate with them.
- The platforms and times they are most active on.
Example:
A bank targeting millennials could create content about financial literacy, student loans, or first-time home buying. A bank targeting retirees could create content around pension planning, estate management, and retirement savings. The platforms and methods of delivery may also vary with older audiences preferring Facebook and younger audiences preferring TikTok.
Statistic:
Studies show that 72% of customers prefer to receive personalised content from brands they trust. This highlights the importance of personalised targeting on social media, especially for financial services.
#5 Comply with Regulations
The financial industry is highly regulated, and this extends to social media marketing. Banks must ensure that every piece of content they post, complies with legal requirements, platform rules and financial regulations. This includes disclosures, privacy considerations, and transparency in all financial communications. Non-compliance can lead to legal issues and damage a bank’s reputation not to mention land them with bans and hefty fines. Creating content to target specific audiences has its own set of unique hurdles. This is one of the main reasons banks will choose a financial services marketing agency.
A finance marketing agency understands a wide number of regulatory requirements across the globe. This includes licensing bodies like FCA, FSA, CySEC, ASIC, the SEC, as well as additional frameworks like GDPR, MiCA and much more. And regulations don’t stay the same. They evolve. This means a financial content agency must proactively follow changes.
#6 Leverage Community Building
Building a community is crucial in the finance industry. Banks should foster engagement by encouraging customer feedback, hosting Q&A sessions, and responding in a timely manner. Social media provides an interactive platform for banks to humanise their brand and create deeper connections with clients. Social media is a two-way street. If a customer takes the time to comment or ask a question, it’s crucial that your bank responds promptly and thoughtfully. Ignoring feedback, whether positive or negative, can lead to a poor customer experience and tarnish your reputation.
Social Media For Banks – Community Building Ideas
- Facebook Groups or LinkedIn Groups: Create private groups where members can discuss financial topics, share experiences, and receive helpful advice from your team. This allows customers to feel connected and part of a broader financial community.
- Online Forums: Develop an online community forum on your website where users can ask questions. Ensure your customer support team is active in providing useful information. Be sure to set solid rules to avoid scams and spamming amongst your members.
- Local Networking Events or Meetups: For community-based banks, hosting in-person networking events where customers can meet other local business owners or individuals interested in financial growth can create a sense of unity.
- Surveys and Polls: Use polls on Instagram Stories or LinkedIn to get instant feedback from your audience about new products or services.
- Sponsorships and Charity: Banks can align themselves with local causes, charities, or community projects to demonstrate their commitment to the broader community. This not only helps build goodwill but also strengthens the emotional connection customers feel toward your brand.
In 2025 and beyond, social media is an essential tool for banks. As competition continues to grow, banks that harness the full potential of social media will stand out as leaders in the finance space. Ready to improve the social media presence for your bank or financial institute? Book a free Zoom call with our team.