Just as people have changed how we connect and engage since the pandemic, so have even the most traditional industries. The relationship between financial institutions and social media was a conservative one in the past. Privacy concerns and the flow of personal information once posed a significant threat to brand safety. Although that threat still exists, fintech companies, in particular, are finding new ways to integrate social media into their strategies, wisely and safely.
In the past few months, people have turned to fintech for lending, financial services, personal finance, equity finance, etc. In fact, since the global pandemic hit, 73% of Americans say they view fintech as “the new normal,” and 59% of Americans say they are using more fintech apps than before Covid-19. Consumers have had more questions regarding finances, and they have asked them on companies' social pages. Companies that have not held back, but rather have engaged with their customers by responding to queries and encouraging open dialogue online are reaping the benefits.
Increased uncertainty - People have been increasingly stressed about money management and increasingly uncertain about how the pandemic will impact the economy.
Increased unemployment - The American unemployment rate grew to 14.8% in 2020 before declining to 6.7% in December 2020, still, double that of the year prior. As many have been tight on money and banks temporarily closed, people turn to digital financial services.
Increased savings - There is a stark contrast between those who have had economic restrictions and those who have maintained a steady stream of income through the pandemic. Despite an increase in unemployment, Americans have more savings than ever before, now totaling 11 trillion dollars. People who have strengthened their financial positions have turned to fintech applications.
Previously, financial institutions were known for talking to their customers rather than talking with them. Social media was once a tool used predominantly for exposure and not necessarily a tool used for two-way communication. However, even traditional brands can no longer afford to ignore the social nature of social media. Since the global pandemic, fintech companies have broken the barrier, recognizing the need to nurture digital connections with customers by encouraging two-way conversations online.
BrandBastion’s Customer Engagement solution makes two-way communication easy by responding to comments, complaints, and feedback on your brand’s behalf while prioritizing your brand’s safety. Responses are predetermined so that your brand can ensure only reliable, secure, and pre-approved information is shared with the public. Replies are sent quickly, meaning users can develop trust with your brand, as they see that their concerns get quick replies. Frequently asked questions simply cannot go ignored on social media, especially in the financial sector, where people’s money is on the line.
Online money transfer service, Transferwise, has a strong social media presence and nurtures digital connections by responding to users' questions and concerns. The user shown above needed clarification regarding how he/she can use the app, and the brand solved the problem with a quick but detailed response.
Two-way communication is essential on social media, but so is creating a space for open dialogue. Consider running free webinars, going live with Q&A's, or using social media as a forum for people to ask questions. The general public in the research or consideration phase of the buying funnel isn’t necessarily well-informed about complex financial topics or company offerings. In order to gain and retain customers, your fintech company needs to make adoption easy and convenient by creating a space for open dialogue on social media.
Although open dialogue is imperative, conversations must be monitored to protect your brand and its customers. Fintech companies like yours might be especially wary of social media due to its public nature and the potential exposure of PII (personally identifiable information) on comments, scams in the comments, spam in the comments section and other harmful comments.
Your company can eliminate blind spots on social media by using BrandBastion’s Moderation + Alerts, a solution built to give your brand peace of mind by monitoring social media comments. BrandBastion uses AI technology to identify comments in need of moderation at lightning speed so that our human quality specialists can take action by hiding harmful comments in real-time, 24/7. Alerts are also sent when attention is required so that your brand can choose how to react.
American crowdfunding website, Indiegogo, allows people to raise funds for ideas, charities, and/or start-ups online. Indiegogo creates spaces for its users to have open discussions and educational conversations online. Most recently, Indiegogo promoted a free webinar where the Indiegogo community could learn about fostering a lasting crowdfunding community.
Just as your company’s application design should be customer-centric, the digital experience you deliver on social media should be customer-centric. Your brand should be intuitive by creating content that answers predictable questions. Whether your customers want to know about tax refunds, when a stimulus check will arrive, or how to develop financial literacy, your team can benefit from answering these questions in your social media content. Your brand can also put customers first by speaking with clear language to ensure the content you create resonates with your audience.
If you’re curious about your brand sentiment on social media or want to know how your content is resonating, consider getting BrandBastion's Free Engagement Analysis. The analysis delves into engagement opportunities, and potential moderation risks your brand might be facing.
Challenger bank, Chime, changes the way millennials feel about banking. With Chime, managing money is easy, and getting ahead is possible. Chime’s communication technique is as equally customer-centric as the digital experience the bank provides. Chime’s Instagram account is focused on helping customers by answering their questions. Chime also uses an open communication method by engaging with social media comments, which further improves the customer experience while building customer trust and loyalty.
Not only can your company use common language rather than financial jargon to better relate to customers, but your brand can also humanize itself by adopting a relatable brand persona. Money and finances are intimidating topics, and some fintech companies (especially those that provide financial services) have broken barriers by becoming relatable.
However, your company needs to do more than simply create social media content that resonates. You also need to engage with customers to foster a digital connection, which can be handled by responding to comments, talking with customers, and joking with users. BrandBastion’s Customer Engagement solution makes engagement easy. Predetermined responses are sent to your customers in real-time so that your customer service team can focus on escalated cases or comments that need more attention.
Budgeting app, Cleo, has broken traditional barriers by creating a relatable brand persona online, which has led to an engaged online community. Cleo has fun online, and so do its followers. Saving money may be a drag, but not when Cleo is dragging you for your spending.
Follow a bank or fintech company on social media, and it isn’t unlikely for you to receive a DM from a scammer posing as that company. The relationship between social media and fintech companies can be a strained one if your company doesn’t go the extra mile to protect your brand and customers. It’s important to foster a safe community by monitoring conversations on your brand’s social media pages. Just as consumers wouldn’t give their credit card to a stranger, they wouldn’t share their information with just any digital banking application. When social interactions are treated with care and caution, long-lasting relationships are forged and trust is developed.
Online challenger bank, Monzo, fosters an informed online community by responding to user comments and protecting their customers. After Monzo replied to a customer’s concern on social media, the customer wrote, “I trust you guys with my money.” With this, the brand effectively kept the customer happy while also showing other people watching from the sidelines that the brand is trustworthy.
Talk with one of our sales representatives to understand how BrandBastion can help you reach your goals.