September 14 2023

4 Social Media Trends Financial Institutions Should Adopt

social media trends financial institutionsThe pandemic created a large shift in the way customers engage with financial brands. There are roughly 4.8 billion total social media users across all platforms as of April 2023, which is about half the world’s population. With this many people using social media to find information and make decisions, your bank or credit union could be missing out on a tremendous opportunity to reach more people. Not sure which technology is in demand or what content resonates the best? ZAG Interactive has compiled 4 social media trends that can help you start off on the right foot.

Trend 1: Social Media As A Search Engine

Increasingly, audiences are using social media as a search engine. Recent Google research shows that nearly 40% of Gen Z prefers using Tik Tok and Instagram for search over Google. Globally, people of every age group are using social media to research brands. Social search can increase your social media reach and website traffic because these platforms are keeping users on the platform longer. A shift to search driven social behavior also elevates the importance of social media advertising. In the future, Denim Social is predicting that social media advertising is going to be as important (if not more) than Google Ads to acquire new customers. Remember, you need to meet people where they are - and that’s on social media.

Trend 2: “Edutainment” Content

No, we did not spell that wrong. Edutainment is the process of entertaining people at the same time as you are teaching them something. In 2022, brands in the fintech space found enormous success in creating thoughtful, save worthy content and that success is expected to grow. According to Tik Tok, more than 89% of TikTok users believe finance is an important topic and are actively trying to educate themselves. For an example on edutainment content, check out Chime’s Tik Tok account. Their content strikes a great balance between jokes about financial woes to helpful tips on money management. Short-form video’s rise in popularity fosters the perfect conditions for fun facts, tutorials and explainers to thrive on social.

Trend 3: AI Generated Content

AI generated content refers to content that is created using artificial intelligence tools such as natural language processing, machine learning, and computer vision. In today’s world, there is a growing demand for high quality, engaging and personalized content. This is where AI generated content enables markets to create content quickly and efficiently, saving time and resources. Several AI tools have emerged that can help marketers create content for social media including Chat GPT, Synthesia, and Lexica. But although AI can save time, it can also come across as less authentic and creative – and you always need to fact check the information. Google has recently started making algorithm changes that will impact websites that have AI generated content. The best option is to use AI to brainstorm ideas and then put your brand’s personal spin on it.

Trend 4: Social Customer Service

A shift to digital during the pandemic left customers more willing than ever to engage with brands over social and messaging channels. People increasingly expect rapid responses 24/7, and social media is becoming a preferred channel for customer service interactions. Customers have been found to spend 20 to 40 percent more with companies that respond to customer service requests on social media. And companies that don’t respond to customers on social channels are losing customers year after year, with a 15 percent higher churn rate versus businesses that do respond. Since most customer requests are variations of the same few questions, many companies are turning to chatbots. Cost-effective chatbots are a quick win for those looking to better their online customer experience while shoring up expenses and limiting overhead in the short term. The best news is that these chatbots can operate within social messaging services, not just your website. Remember that social customer service should never take the place of human customer service; it simply adds another option for customers with easy-to-solve issues.

Let ZAG Interactive Help

The average ROI for social media campaigns is around 250%. This makes it a great platform to invest in and maximize your marketing budget. Social media allows you to increase website traffic and enhance brand engagement while serving as an invaluable marketing tool. As an experienced social media agency, ZAG Interactive develops social media strategies integrated with your goal-driven marketing plans. We can help you with anything from social media strategy, policies, competitive analysis, designing imagery, developing content calendars and anything in between. Contact us to learn how we can take your social media presence to the next level.

  • Content
  • Social Media

posted by
Brianna Dudding
Brianna Dudding
Digital Strategist

ZAG Interactive is a full-service digital agency in Glastonbury, CT, offering website design, development, marketing and digital strategy to clients nationwide. See current job openings.
Related Article
A New Era of SEO: ChatGPT