Social Marketing: Top Banking Spend for 2021

The 2021 Gartner CMO Spend Survey revealed an increase in social marketing for financial services of 53%. Now that leaves the question: how are financial institutions using that investment and are they getting the most out of it?

Consumers and small businesses use social media for many different reasons nowadays but the core function of the channel remains true: interaction. Individuals going on to social media are primarily looking to interact, whether it’s with friends, family, or places they do business with, like their bank or credit union.

Over 70% of retail bank customers say they’re interested in receiving financial advice or guidance from their bank. But only 30% receive it.

J.D. Power Survey

How can financial institutions make the most of these interactions? By driving them to an interactive, digital conversation that goes through their needs and accurately matches them with the right product. With this, customers and prospects go through a frictionless and seamless customer journey, from a social media “like” to the “apply” button.

“We found customers are 4x more likely to purchase from us when a conversation guide is used.”

–Andy Hernandez, Regions Bank in American Banker ‘A digital leaders guide to building relationships’

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