Wednesday, April 12th, 2017 | 12 min read
Mark Carney, the Governor of the Bank of England, once said, “Trust arrives by foot and leaves by Ferrari.”
In no industry is this more relevant than finance, where companies hold the crucial responsibility of protecting and growing their clients’ money.
Alas, as money talks, so do consumers. With the rise of social media, customers are more connected and empowered than ever, forcing banks, credit card, and insurance companies to provide top-notch experiences alongside their traditional services.
The good news is that many top brands have risen to the challenges of today’s social world.
Here are five finance brands that are successfully banking on social – as determined by the Sprinklr Business Index (SBI), which measures and analyzes the breadth of public interactions between brands and consumers across social media.
For many, banking and finance are boring topics. However, by being accessible and providing personal, warm experiences, marketers can engage their customers. With this in mind, Capital One launched the Banking Reimagined Tour.
The campaign is meant to generate new ways of thinking about finance – a strategy that Capital One drives with cutting-edge technology.
The bank’s 54-foot trailer has traversed the country while showcasing a personalized digital experience. Customers can use an interactive wall to learn about financial values and set goals. This perspective allows customers to think about their finances in a compelling, innovative way.
— Capital One Cafe (@CapitalOneCafe) March 15, 2017
Another aspect of this campaign are Capital One Cafés, which serve as a neighborhood hub for everyday banking as well as coffee, conversation, and community meetings. The human, on-the-ground approach demonstrates Capital One’s effort to make people think of banking as a friendly, non-painful experience.
Figures from the SBI show that Capital One has an overall brand score of 7.8. Meanwhile, the brand receives 92% positive sentiment from audiences about its posts. Such strong performance on social indicates that Capital One’s efforts to reimagine banking are indeed paying off.
Chase has turned to the world of sports for its latest social media campaign. The company brought together basketball star Steph Curry and tennis icon Serena Williams for a Battle of the Paddle. The hype began on social with Williams firing the first shot on Twitter.
— Serena Williams (@serenawilliams) March 23, 2017
Curry responded in earnest later that day.
— Stephen Curry (@StephenCurry30) March 23, 2017
Such a campaign garners social buzz for Chase, in no small part due to the popularity of Curry, Williams, and sports in general.
Chase has also used sports to help people improve their financial knowledge. In collaboration with LeBron James’ media company Uninterrupted, Chase has launched an online series called Kneading Dough. The series features intimate conversations with professional athletes about how they’ve adjusted to their unique financial paths. The first episode features Draymond Green, Curry’s teammate on the Golden State Warriors.
— Chase (@Chase) March 9, 2017
Figures from the SBI show that Chase is wise to turn to the world of sports on social. Three of the brand’s top five most engaged posts over the past thirty days have featured videos promoting the Battle of the Paddle. Furthermore, the bank’s audience insights score of 9.8 puts it at number one among financial services brands. This indicates that Chase has great potential to reach its growing audience on social.
During the global recession, the popularity and public trust of financial institutions plummeted. In response, corporate social responsibility became an important way for brands to regain public trust. Morgan Stanley was no exception.
The company’s Capital Creates Change initiative is designed to rejuvenate the company’s reputation and relationship with the public. This involves highlighting the value that Morgan Stanley brings to not just its clients, but to their communities and society at large. The campaign showcases the company’s role in the evolution of technology, infrastructure, and culture – all in the service of improving the world in one way or another.
— Morgan Stanley (@MorganStanley) March 27, 2017
On its social channels, Morgan Stanley regularly features quality articles and podcasts exploring topics ranging from healthcare to consumer issues.
By 2020, Millennials will make up one third of the U.S. adult population. The way they invest will change the world. https://t.co/rZ1CCTSmlI
— Morgan Stanley (@MorganStanley) March 22, 2017
Figures from the SBI indicate that Morgan Stanley’s rehabilitation efforts are successful. The brand has an audience insights score of 9.0 alongside 96% positive sentiment from audiences about posts.
Nasdaq has crafted a sleek social media strategy that treats each social channel and its respective audience individually. According to Josh Machiz, Director of Integrated Marketing, the company realized that different channels attract different people. This has led to Nasdaq changing when and how it communicates depending on the platform.
Nasdaq Marketsite at Times Square is in a prime location, but the brand has also improved its visibility on social. The social team uses Facebook Live to educate its audience of over 600,000 followers on industry matters, including investment options for Millennials.
On Instagram, Nasdaq shares content such as motivational quotes from successful businesspeople, accompanied by relevant hashtags.
A post shared by Nasdaq (@nasdaq) on
Meanwhile, on Twitter the company highlights its corporate social responsibility efforts through education and mentoring programs.
— Nasdaq (@NASDAQ) March 22, 2017
According to figures from the SBI, Nasdaq’s multifaceted approach to social is a clear success. A content insights score of 8.1 is among the very best in financial services, whilst the brand’s audience insights score of 9.7 leads the industry.
The New York Stock Exchange is one of the most impressive finance brands on social. Matthew Kobach, manager of digital and social media, has said that the NYSE is able to channel this notable profile through social by taking chances with new technology and social platforms.
The NYSE has capitalized on its opening and closing bell ceremonies by streaming them live on Facebook. By taking the spectacle into the social sphere, the company allows followers to go ‘behind the scenes’ of the NYSE and witness the excitement firsthand.
The brand has also harnessed the power of Snapchat. The NYSE promotes content on its own account, primarily videos and interviews with celebrities and businesspeople at the stock exchange. The brand also creates custom geofilters with companies who are launching IPOs on the stock exchange.
A post shared by New York Stock Exchange (@nyse) on
Figures from the SBI indicate that the visual content strategy adopted by the NYSE is paying off. Over three quarters of content engagement comes from photo and video combined. Meanwhile, an audience insights score of 9.5 is among the very best in financial services.
According to Matthew Kobach, the brand’s mission is to demystify what it does in the capital markets. Strong efforts by the NYSE on social indicate that the brand’s stock will continue to rise.
The challenge of gaining and maintaining long-term customer trust is applicable to most industries. However, it is much trickier to navigate in finance, an area where compliance issues have held a social stranglehold for many years.
Finance can seem difficult to comprehend and, at times, scary to consumers. Therefore, it is important for brands to allay these consumer concerns. Creating conversation and building relationships via social can ultimately gain brand trust.
Brands such as Chase have tied finance into popular areas of interest, while others like Capital One and Morgan Stanley have highlighted the human impact of finance. What Nasdaq and the New York Stock Exchange have done is also notable, using social to make the intricacies of financial markets accessible.
The onus is on these brands, and others in the finance industry, to use their high profile on social for the greater good: satisfied customers.