Two-thirds of bankers said they plan to spend more on social media resources in 2017, according to a new report released today by ABA’s Endorsed Solutions group on the state of social media in banking. Seventy-three percent said they consider their bank to be “active or very active” in engaging customers over social media channels.
“The great majority of banks have realized that they can’t afford to be on the sidelines when it comes to using social media,” said ABA EVP Christine Walika. “With millions of Americans connecting on social media every day, innovative banks are winning big by connecting with customers in an engaging, interactive and personal way.”
There was a widespread consensus among bankers on the overall importance of social media — three out of four said it was important to their institution — but the survey noted a greater variation in banks’ experience levels with social media. Fifty-seven percent said they have been using social media for three years or more, while 30 percent are just starting out, having used social media for two years or less. Only 9 percent said their bank did not have any social media presence. Banks using social media reported using social channels for recruiting, attracting new customers, deepening existing customer relationships and community engagement, among other things.
The report also identifies which specific social media platforms banks use for marketing and the results they are seeing, and highlights things that banks wish they could do better. The report includes a list of takeaways for banks when evaluating their own social media strategies.