When interacting with consumers on social networks, financial-services companies must comply with specific laws and follow regulatory guidance. The Securities and Exchange Commission clarifies how companies can communicate with investors and shareholders on social media. In addition, the Federal Financial Institutions Examination Council provides guidance that banks and other financial institutions can use. By establishing clear social media policies and procedures, financial brands can capitalize on the many benefits of platforms like Twitter while mitigating risk.
Sponsoring popular events enables financial-services brands to leverage the buzz and excitement of huge audiences. Brands can use social media to connect with these audiences as conversations are happening and events are unfolding. When it comes to live events, mobile devices are no longer the second screen: They're the primary screen and a key part of the experience.
Twitter is the live events platform, offering a range of capabilities to enable advertisers to reach users in the moment. Event targeting allows advertisers to activate around real-time moments and reach users who are interested in an upcoming event. Piggyback on chatter as it happens with conversation targeting to engage users tweeting about specific terms and serve them with tailored promoted tweet creative. If the event is being televised, use TV targeting to target users watching a particular network while the event is live to drive conversations on Twitter. Major insurance brands, for instance, have used Twitter as the proverbial “water cooler” and successfully driven engagement around primetime sporting events like the Super Bowl and March Madness.
Snapchat is becoming the go-to platform for millennials, and users are utilizing Live Stories to keep up-to-date with what is happening in real-time. With up to 8 billion video views per day and as many 18- through 34-year-olds on Snapchat as television, it is a huge opportunity for advertisers. Use 3V ads to feature video during Live Stories and sponsored lenses or geofilters as a fun way to engage with younger audiences. One leading insurance company ran ads within Snapchat's March Madness Live Story to generate social buzz around games in the 2016 NCAA Men's Division I Basketball Championship tournament.
Nearly one-half of U.S. adults (46.9 percent) used mobile banking by the end of 2015, according to eMarketer. More consumers are accessing financial accounts and insurance coverage on-the-go and in real-time through mobile devices for various reasons-to monitor transactions, pay bills and friends, check policies, process claims and more. As such, advertisers in the financial-services industry can use social media to acquire customers, boost customer relationships and upsell premium services.
Mobile and social media are becoming progressively intertwined, with American adults spending 65 minutes on social channels each day in 2015 and upwards of 60 percent taking place on mobile devices. On Facebook, 76 percent of millennials' money conversations happen on mobile. Unlike traditional and mass media like direct mail and TV, native ads on Facebook and other social platforms can be highly targeted to specific audiences based on demographics, location, interests, web behavior and other aspects of consumer identity.
Social media, with its extensive ad formats and targeting capabilities, give financial-services companies the opportunity to build and maintain relationships with customers. Platforms like Facebook, Instagram, Twitter, Pinterest and Snapchat enable banks, insurance providers and other financial institutions to humanize their brand with relevant, valuable content targeted to audiences across a range of life circumstances. By authentically joining consumers' conversations while staying within industry regulations, financial companies can use social channels to foster customer engagement and ultimately, retention.
For more insights on how financial services brands can use paid social to boost customer engagement and retention, check out Adaptly's best practices guide.
Ruth Arber is the director of solutions at social media advertising agency Adaptly.
Image courtesy of Shutterstock.
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