Fan Engagement

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.

Bank of America Military Support

 

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”.

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4 thoughts on “Fan Engagement

  1. Unlike the last blog post where I wasn’t sure if they community engagement was really a great thing, I think this one is! People love to see causes supported especially our military so I can see where people would love to hear about the bank’s work with the military and how that could sway you to choosing this bank over then next. I would hope to see more communication though. Its great that they post the stories, but what really would spread it is if the bank communicated back and gave updates. I would love a bit more information on what they actually did with this program in your actual post!

  2. I like how you show the importance of establishing a relationship with the customer on social media and not just simply answering questions. People like to feel important and not just listened to, but truly heard. Out of the 80% of people following their bank on social media and only 29% actually participate/contribute to the platforms shows the need for banks to get their customers more engaged. I think Bank of America is on the right track with getting customers engaged by targeting a specific demographic, shown here members in the military. Relating to and targeting a certain audience and figuring out what they want is the first step to building a relationship with customers. It would be cool for you to show what programs Bank of America used to gain so much support.

  3. Stephanie Gross says:

    It’s crazy how people used to think social media was just about having conversations and connecting with friends- and now there is a place for every company in every industry. Going on facebook and other social media outlets to see what the brand is like is an important part in decision making when someone is about to choose something important like who they are going to entrust their money with.

  4. This is very interesting. Local companies have an advantage in fan engagement because they have a smaller audience to reach out to. Establishing a relationship with consumers is so important, especially with banks because they need to have complete trust in the company. I like how you use the percentages to show how important that really is.

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