Social Media Moves at Lightning Speed. Here’s How Banks Can Keep Up.

Posted by Ben Timmons on January 7, 2020

Social Media

Today’s consumers are used to getting information when and how they want it. PwC reports that almost 80% of U.S. consumers identify “speed, convenience, knowledgeable help, and friendly service” as the most important attributes of positive customer experiences. That’s why slow, inefficient social media content creation and approval processes can lead to a perception of poor customer service — which can eventually cause you to lose important customers.


Of course, compliance concerns are important for any bank. Bank marketing teams need approval from both leadership and compliance teams to post content or replies on social media, which often means chasing down emails or shared spreadsheets. Keeping track of Microsoft Excel attachments or Word documents — while trying to keep up with feedback and incorporate changes along the way — can create major bottlenecks.

You can’t afford delays in your social media content creation and approval process. For your bank to keep pace with customers’ expectations, you need to make your process as quick and efficient as possible. Here are three tips for using modern tools to speed up your bank’s content creation and approval.

 

1. Create preapproved content libraries. Social selling — or allowing your employees to post branded content on their own social pages — is an effective way to communicate with consumers on social media. But to do this without breaking important laws and regulations, you need to have a digital content library of preapproved social posts. This way, employees don’t have to worry about whether the valuable content they share with their networks is compliant.

 

2. Build approval workflows. One way to work out the bottlenecks in an inefficient approval workflow is to use a software platform that can keep all versions in one centralized location. Authorized personnel can locate any content with ease and approve it with a single click. This also makes things easier for the marketing team — as it allows for a centralized review of feedback. What’s more, by simplifying workflows, you can potentially free up 20% to 30% of employees’ time during the workday.

 

3. Monitor and respond. Tracking your brand mentions across various social platforms is critical in understanding how audiences perceive you — and in determining what else you can do to meet their needs. Regularly monitoring brand mentions will help you respond as quickly as today’s consumers expect, which helps foster and maintain brand loyalty.

In addition to this reactive tracking, you should be proactively monitoring the types of conversations your target consumers are having online. What are their pain points? What’s keeping them up at night? Then, create content to address those concerns.

Flanagan State Bank is one institution that digitized its content processes effectively. Flanagan empowered its loan officers to become the voice of the brand on social media, setting up more than 60 Facebook pages for its lending team members. Because loan officers could connect directly with consumers, they became a trustworthy source of information for the public. And thanks to an automated approval process, Flanagan’s internal team could ease bottlenecks, ensure compliance, and maintain messaging consistency across all 60 pages.

 

Social media is changing at lightning speed. At the same time, consumers are demanding more from the brands they support. Keeping up can be difficult for financial institutions. But digital tools for automation and process efficiency make it easier — all while staying within the boundaries of compliance.

 

 

 

 

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Topics: social media content, Social Media for Banking, Social Selling, Social Listening

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