While small financial institutions may be finding success in engaging their local towns, they do not have certain obstacles that larger financial institutions have. Larger financial institutions have to be invested in both the amount of customers (or even prospective customers) liking their Facebook page etc., and the amount of engagement those likes contribute afterwards. According to a survey done by PYMNTS, 80% of consumers with credit/debit cards follow their bank on a form of social media, but only 29% said they actually participate in the conversation on the platforms. Banks not only have to strive for quantity, but quality as well.
A national bank that is exceling at achieving quantity and quality is Bank of America. While they have 1.1 million fans on Facebook, they are achieving a 7% engagement rate, compared to the average for brands with over a million fans, which is .09%. Basically, they are engaging fans 77% more effectively. The Financial Brand contributes Bank of America’s success to their focus on programs that benefit customers in the military. Community service campaigns are one of the ways they keep their fans engaged.
The Dutch bank ABN AMRO is another financial institution that is exceling at keeping customers engaged. This bank realized early on that getting into social media does not just mean listening and responding. ABN AMRO was proactive and began to offer their customers support for every day life. Econsultancy deems this as advancing from “one-off engagement” (answering a question or responding to a complaint) to “relationship-building”.