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In this episode, Meredith Olmstead and Sophie Bawany, of FI GROW Solutions, are chatting about how to build trust and credibility through social media specifically for banks and credit unions. The conversation delves into the evolving landscape of social media for financial institutions. Their discussion highlights the enduring importance of social media for banks and credit unions, focusing on building credibility and fostering genuine connections with customers.
Key Takeaways:
1. The Core Purpose Remains Unchanged: Despite the rapid evolution of social media platforms over the past decade, the fundamental reasons for financial institutions to engage in these spaces have remained constant. It's all about building relationships, ensuring authentic engagement, and expanding visibility among both existing and potential customers.
2. Authenticity and Transparency Are Paramount: This method not only establishes trustworthiness but also adds a human touch to these organizations, making them more approachable and reliable to the general public. The power of authentic storytelling and clear communication is emphasized as effective tactics to inform and connect with audiences.
3. Engagement and Education Are Crucial: A successful social media strategy for banks and credit unions involves engaging the audience with accessible, educational content that demystifies financial processes. Genuine stories, practical tips, and direct interaction on social platforms are key to maintaining relevance and fostering a loyal community.
Transcription:
Meredith Olmsted:
Hi there. I'm Meredith Olmsted, CEO and founder of FI GROW Solutions, and I'm here with Sophie Bawany. Sophie is one of our youngest team members, and she is also one of our complete gurus when it comes to social media. And Sophie has been working with our clients a little bit more over the last six months or so around trying to build expertise for banks and credit unions on the social media side of channels with their customers, with potential new customers and just as our clients. And we were having a really interesting conversation about building credibility through social media for banks and credit unions, and for finance in general. And I said, "Sophie, let's make a podcast about this. Let's share this with our audience."
Okay, so first off, what is the point... I mean, we were just saying this and I think this is so funny, but we were like, "What's the point of banks and credit unions being on social media in the first place?" And I was like, "I'm old and Sophie's young." And I was telling her, I was like, "I've been doing social media marketing for banks and credit unions since probably 2013." And so that's over 10 years now that banks and credit unions have been playing in the social media space. And what's funny about it is that... What we were reminiscing about is how much social media has changed in the last 10 years. But the ironic thing... I don't know if it's ironic or not, but the funny thing about that is that while social media platforms have evolved tremendously in 10 years, the reason for banks and credit unions being there is exactly the same as it was when I started this company. So Sophie, let's talk about it. Why are they there in the first place?
Sophie Bawany:
I mean, it's to build relationships, it's to have authentic engagement, it's to get to an audience that you may not be able to see on a normal basis. It just opens up your horizon and you really get to connect with people in an authentic way.
Meredith Olmsted:
And so the channels are changing, the social media networks. You see Instagram and TikTok, and all of that is shifting from Facebook and some of these older channels, but the reasons for being there are the same. So it's about relationships, it's about staying top-of-mind with your existing customers and then trying to get in there into top-of-mind with potential new customers. But honestly too, it's kind of funny. I just say, "Stop fighting about what channels you're on. This is where people are." So the idea that we're going to dig our heels in and say, "There's no reason for us to be here." It's silly. Whatever. Or pull back or not see the value. It's silly.
This is where people are spending their time when they're online. The data will show this out, so why fight it? Just lean in and get in the mix there. As long as you're doing it authentically, it makes all the sense in the world, really, for banks and credit unions to be there. Now, it might be a different channel, there might be a new channel, but the reasons are the same. So if we're trying to build trust, build credibility, and be successful as a bank or credit union on social media, what are some tips that you are giving clients now, in 2024?
Sophie Bawany:
It's funny that you mentioned that the platforms are the same. They have changes in the algorithms, but the main concepts, the big picture concepts, are the same. You want to be authentic, you want to be transparent, and you definitely want to build your credibility through education. So we want to start with using simple-to-use terminology. Don't go crazy with crazy financial jargon that the average person can't understand. Be very transparent when you're speaking about finance in a very easy, toned down way where the average Joe can listen and understand what's going on.
Meredith Olmsted:
I always have said this. Online, people can really smell a rat really quickly, and they bounce immediately from your channel. So as soon as they feel like you're not being real or they can't trust you or what you're saying, they'll immediately unfollow you, stop listening, write you off basically. It can happen like that. And so not making claims that are truly not legit on social is very, very important. Not pretending like you have the best lowest rates in the history of rates. Not pretending like you're always going to be getting everything right. Embracing when you make a faux pas or a mistake in customer service or member service, if you're a credit union. Being real is important.
That's what we mean by transparent. Don't hide it. Don't try to pretend like you're perfect. Just say you're going to always work better to do better and you're there for the right reasons. And if you're there because you're really trying to provide good quality customer service and financial products and services that are well priced and benefit your customer, that's really what people want to hear on social. Okay, cool. And then educational content. Where would you say this fits in on the social media place?
Sophie Bawany:
It kind of piggybacks off of being transparent because it humanizes the financial institution or bank. When you're telling an authentic anecdote about a person who said, "Hey, I got a loan today. Here's how it went." That story is real, but it's also educating someone who may have never gone through the loan process. Giving real education and practical tips that people can use for budgeting or taxes, something that they can use in their daily life, is definitely resonating with people who are consuming content. They enjoy it.
Meredith Olmsted:
We avoid words like learn more and the process of something because all those things sound like they're a lot of work. Of course, it is important to continue to learn and to share best practice with people and share the process of how to go through an application and all of that. But being careful about how you spin it, a little bit, is also important. Making people feel like it's not so much work that it's really just step one, step two, step three, easy. We can help you through it. Don't be worried, don't be intimidated. It's not as complicated as it might seem. Some of that kind of language, too, where you can acknowledge a potential user's reticence to get involved in a complicated financial process or product. But taking the mystery out of it and avoiding jargon completely.
Sophie Bawany:
And sometimes actually having mistakes and saying how you had a bad... It humanizes you. It makes the financial institution seem less scary and daunting and more like, "Okay, these are just people. They've made mistakes, too."
Meredith Olmsted:
Focusing on just solving problems and personal stories, really. Rather than the technical or the really formal look at products and services, but really just like, "Hey, here's how to save a little bit of money, how to consolidate your debt, pay off your credit card a little faster." All those kinds of things and personal stories. Any other suggestions you would say around just being authentic and engagement and interaction?
Sophie Bawany:
That's the key. You can have great content. We've seen it with many clients. We've seen it time and time again. You can turn out fantastic content, but if you post it and you disappear, it's going to get lost. You have to constantly engage with your members or people that are looking at your videos, answer questions. Make sure that you're reaching out to people that you see that you like. It just has to be a two... Instagram, TikTok, these are two-way streets. The more you give to the platform, it will give back to you. You want to make sure-
Meredith Olmsted:
It really depends on your budget because it can be time-consuming to have a staff that does this. But if you want to be building relationships, especially reaching younger audiences like in the Instagram space and even possibly TikTok down the road, it's a really nice, natural way to get in front of a younger audience because they skew a little bit younger. But in order to do that, you're probably going to have to get into the engagement business, where you have your team carving out 30, 45 minutes, an hour, even a day to go in and respond to some comments. Just be helpful, give some tips, say thank you, that kind of thing.
When we first started social media marketing 10 years ago, the old guiding advice, there are two things you should be on social media, either entertaining or useful. And we used to tell people that the mix of content is about 80/20, so you should be either entertaining or useful about 80% of the time. And then about 20% of the time you can talk about your business, talk about your products and services, be a little bit more product and service-centric in your content. What are the percentages and the guiding light around social media 10 years later?
Sophie Bawany:
Still holds true.
Meredith Olmsted:
Exactly the same?
Sophie Bawany:
Yep, exactly the same.
Meredith Olmsted:
So basically you're trying to be entertaining, you're trying to be useful, there for the right reasons, there to help and have fun. And 20% of the time you can talk a little bit more about what you do and why it works for that person and why it might be a good product or service. Awesome. So funny how everything changes so much and then changes not at all. Awesome. Well, thanks Sophie, I appreciate it. I think this is super useful for people. And if you're interested in learning more about social media for banks and credit unions or any other part of digital marketing or sales consulting, please visit us at figrow.com. We have lots of podcasts, lots of blogs, case studies, and we'd love to get in touch. Follow us for more, and there's lots of other great content there that you can consume. But in the meantime, let's just all get out there and make it happen.
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