5 Best Practices for Financial Institutions on Facebook

by theadvdiaries

When you think of a bank, the last thing to come to mind would be Facebook. Banks are thought of as stuffy and professional, which is the opposite of Facebook. However, Zoe Fox, a Mashable contributor, says banks can “loosen their neckties” and embrace this social networking giant! (Fox’s 5 pieces of advice can be found in this article.)

1. Don’t just talk about banking.

If consumers wanted to know your hours of operation, rates, or policies, they’d head straight to your company’s official website (or at least Google it). Facebook is about connecting with people, so banks need to engage Facebook followers with information that doesn’t seem like a sale pitch. Asking followers questions, giving behind the scenes information on the happenings of your company, etc. will entice consumers into following you. Fox uses Citi Bank as an example for this piece of advice. Citi routinely updates their Facebook page with questions (usually location-based) to create friendly conversations between themselves and their fans. Citi’s tactic works to create a feeling of community, which creates trust for their company.

2. Host contests.

Who doesn’t love winning free prizes? Fox uses HSBC’s student Facebook page as an example for this piece of advice. HSBC hosted a contest that asked students to create a 90 second video clip explaining how they want to change the world. Their contest was incredibly successful and HSBC was able to award 8 students with $15,000. Although contests initially bring in Facebook “likes” solely with intention for winning, they are successful because many users forget (or are too lazy) to “unlike” a company page. Fortunately, those “likes” will remain and turn into fans if the company continually posts interesting, informative, and engaging statuses, pictures, and videos.

3. Offer career advice.

Aspiring business professionals and students often model themselves after professionals in their intended field and look to successful companies for career advice. Creating a community where these information-seeking individuals can receive advice straight for the source will build a relationship between them and the company. JP Morgan routinely posts recruiting tips on their Facebook page and receive a great amount of feedback because of it.

4. Be cool.

Young adults appreciate when a company speaks to them like they speak to their friends. It’s a small personal touch that goes a long way. Wells Fargo routinely posts personal updates about the happenings of their company. Fox used the company’s post that began with “Hey people!” and documented the last Wachovia sign being taken down in North Carolina (as part of their trasition to Wells Fargo) as an example of their personality through Facebook posts. Wells Fargo speaks like our friends do, which is what people are drawn to when it comes to communicating with a brand through social media.

5. Show off your good work.

Consumers appreciate a company that gives back to the community. Facebook is a great place for any company to share their good deeds with fans. Doing so will help build a sense of community and encourage customers to have pride in their bank (or any other business). Fox uses Bank of America’s Building Opporunity Facebook page as an example of this. This page “serves as a forum to discuss community projects, stemming from prompts posted by the bank, such as “What kind of job training programs are in your area?” By giving information and asking fans questions about community service in their area, Bank of America successfully creates a community for its fans to share their volunteer experience and cheer on the company as well.