June 2016 – Banks on Facebook

Social media can be a valuable resource for marketing products and engaging bank customers, while simultaneously increasing brand recognition. As the largest social media platform, Facebook is an excellent channel for firms to communicate to their customers and potential customers about products, contests and upcoming events. Further, banks can create a positive image for themselves by posting about community initiatives, philanthropies and sponsorships, and can earn the respect and trust of customers through effective customer service.

Though every firm in this report maintains an active Facebook account—less the notable exception of Capital One 360—likes, comments and shares per post vary greatly between the banks. Nearly every firm provides a company overview, a link to its website, and page guidelines or terms of use as a part of their Facebook presence. Popular post topics include company news, general financial wellness advice, bank products or services, company sponsorships or partnerships, philanthropic or community initiatives, and conversation starters. Over the past three months, 89% of the 19 banks in the coverage group posted photos, 74% posted articles, 68% shared commercials or ad campaigns, and 58% shared educational videos. Generally, firms successfully reference pop culture and current events and respond to negative customer feedback—a good sign when trying to connect with an Internet-savvy audience. Going forward, firms could improve their personalization of responses, as well as their interaction with positive comments. Additionally, firms should post more consistently as well as take advantage of Facebook subpages or apps, including games, contests, calculators, and careers pages, that further engage users.