Nine in 10 banks (89%) believe social media is important to their banks and 88% are very or somewhat active on their social media accounts, according to a new American Bankers Association survey. “The State of Social Media in Banking 2023” measures how banks are managing social media programs, what results they are getting, what they wish they could do better, and what opportunities and challenges are on the horizon.
Banks’ preferred platforms are Facebook (95%), LinkedIn (75%) and Instagram (62%), followed by X (formerly known as Twitter; 41%), YouTube (39%) and blogs (19%). Banks’ top uses for social media include communication (89%), recruiting (75%), financial education (71%), marketing and sales (59%), and customer service (57%). In addition, the survey found that half of respondents (50%) planned to increase spending on social media resources this year while 44% were planning to hold their budget steady and less than 1% planned to decrease social media budgets.
“This report shows that social media serves as an essential marketing channel that allows banks to connect with customers by meeting them where they are,” ABA EVP Russell Davis said. “When used effectively, social media helps banks humanize their brand and build relationships while offering a strong return on investment.”