Best Practice: 10 Ways to Build Customer Engagement for Financial Institutions (Part 1)

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Financial Institutions and Social Media are not BFF’s per se.

Banks have to follow rigorous compliance guidelines before they can offer and promote new products and services. This is true for all of their collateral materials as well as communicating about products and promotions that are offered to the public. And Social Networks are exactly that – public.

Compliance guidelines make it more difficult to promote new products on Social Networks, but does this mean that banks have no chance to build their brand online? Of course not! It only means that they have to get creative. And that’s good news for customers who are tired of the same old sales pitch. We’re all looking for engaging content which tells us a story, makes us smile, laugh or cry and gives us a chance to comment and share, aren’t we?

I collected some Best Practices for Financial Institutions, which will lead to an engaged community and interaction without even – in most cases – touching any compliance-related issues.

1. Don’t just talk about banking!

CitiBank built an entire Social Media campaign around the topic of “Cities.” CitiBank shares interesting facts about different cities, allows customers to learn more about cities where their friends live, and provides fun by offering an interactive City Quiz and high-quality videos. This campaign is a great example of community building without any sales pitch.

Credit: Citi Bank Facebook Fan Page

2. Provide a good mix of content

Facebook fans can get easily bored. According to AllFacebook.com, only 0.1-0.5% of all Facebook fans actually go to a fan page after their first visit.

 To catch the interest of even loyal fans, companies have to provide a good mix of content. Citizens Bank achieves this by sharing interesting content and facts from other sources, initiates discussions with its fans, and uses visual elements to highlight recurring topics like mobile banking or savings. Citizens Bank’s return? Relatively high customer engagement rates.

Credit: Citizens Bank Facebook Fan Page

3. Be playful and entertaining

Make it fun for your customers to visit your Facebook Fan page by adding questionnaires, quizzes, games, animations or slide shows. Citizens Bank provides a quiz that is both entertaining and informative. It is a great distraction at the end of a long work day.

Credit: Citizens Bank Facebook Fan Page

4. Make content visually appealing and include a strong Call to Action

Bank of America helps fight hunger and supports the organization Feeding America. It incorporated a short knowledge test about hunger into their Facebook Fan page, and also provides strong calls to action for this important topic.

BankofAmerica

Credit: Bank of America Building Opportunity Facebook Fan Page

5. Make your offers stand out in the daily content flood

Websites and even Facebook Fan Pages are often cluttered with too much unstructured content, making it difficult for users to read, navigate and remain on your site. Be sure to provide clear, structured and useful information.

CitizensBank

Credit: Citizens Bank Facebook Fan Page

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