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The Best 6 Social Media Networks For The Banking And Insurance Industries

The use of social media to promote banking and related services is expanding quickly. As a result of the pandemic-induced economic crisis, a sector that had been sluggish to embrace digital marketing now feels an urgent need to contact clients where they spend most of their time: online.

According to a survey by Emarketer, online advertising in the banking and finance industry is expected to increase by 9.7 percent, reaching $19.62 billion by 2020. The financial sector is expected to spend $13.9 billion on mobile advertising, an increase of 13% over last year, making it the second largest consumer of digital advertising after the retail sector.

Explain why it’s so important for banking and other money-related services to be present on social media.

Financial institutions who don’t have a social media presence are missing out on possible client interactions.

A formerly opaque business may become somewhat more open because to the availability of information provided by social media. Social media may be used to show the human aspect of financial services, boosting trust among potential customers.

In what ways might social media help the banking sector?

Having a social media presence has several advantages for financial services, such as:

Establish credibility: Financial services is a customer-service driven sector. Potential clients must feel secure giving you money. A social media presence may help you gain credibility by humanising your business and establishing your expertise in your sector.

Increase revenue 54% of social media users conduct research on services and goods via social media, making it a prime venue for generating sales-ready leads, as reported by GlobalWebIndex.

Increase your financial services company’s visibility without breaking the bank by using social media to build brand recognition. Social media makes it easy to spread your message to a wide audience, whether through paid advertising or organic sharing.

Get in touch with your customers and gather crucial information by using social media. The demographics, geographic location, and specific interests of your target audience may all be monitored with LinkedIn Analytics. With this data, advertisers may more precisely target specific demographics inside specific social media platforms.

Social networking is a fantastic resource for keeping up with recent developments in your field. You may connect with other professionals in your field by following them, joining groups dedicated to your field, and discussing breaking news and trends in these communities.

The Role of Social Media in the Financial Sector

The financial services sector is, without a shadow of a question, one of the most strictly regulated sectors of the economy.

Employees in the field must use caution in all public statements in order to stay in line with applicable rules and laws. Using social media makes this more complicated, since you’ll need a comprehensive social media policy for the whole staff.

Is there a middle ground between conforming to various standards in your field and producing material that piques your readers’ interests?

The key to successful social media marketing for financial services is providing value to your target audience. A few examples of this are providing informative and helpful material, responding to client inquiries, and announcing corporate updates.

While utilising social media for advertising purposes, financial services should remember the following:

  • Observe all applicable requirements and make sure your material satisfies them.
  • Don’t hide anything; Always treat your listeners with respect and candour.
  • Do your part: Provide anything that will be of use and interest to others.

Maintain a human presence; social media is about making connections. Don’t be shy about letting your audience see your human side and forming an emotional connection with you and your company.

And one of the greatest and most original methods to promote financial services is through fin-fluencers. An effective marketing tactic in the financial sector is to partner with social media influencers that already have a sizable audience within your target demographic.

Having a profile on social media is crucial.

More than ninety-five percent of businesses anticipate a crisis within the next two years, yet only forty percent have a crisis plan that is “extremely relevant” as of 2020.

The widespread adoption of social media means it is now one of the best ways to communicate during a crisis, both internally and outside.

The usage of social media is not just a passing fad; it has the potential to greatly assist your marketing efforts provided you approach it in the right way.

You need an effective social media engagement suite, like Oktopost, that is designed exclusively for B2B organisations in order to manage your social media campaigns and other marketing activities in the financial services industry. With Oktopost’s advanced scalability, automation, and analytics, marketing teams in the financial sector can always be one step ahead of the competition.