“Trust arrives on foot and leaves by Ferrari” – Mark Carney, the Governor of the Bank of England.
Isn’t the saying very much relevant for the financial industry? Finance companies hold the crucial responsibility of protecting and growing the clients’ wealth.
It is no news that the use of social media is burgeoning day by day, not just for the personal purpose; brands are using it to advertise as well. This is because there is a simple rule of marketing – Be there, where your customers are. With digitisation, the consumers are more empowered and connected than ever. And this change has forced banks, credit card, insurance and non-banking finance companies to provide the best experiences alongside their traditional services.
Well, the great news is that the industry has taken the challenge positively and now leveraging on today’s social world.
Following are a few finance brands that are successfully banking on social media marketing.
The popularity and public trust of financial institutions suffered severely during the time of global recession. That’s the time when many companies used corporate social responsibility to regain the public confidence and so did Morgan Stanley.
The company came up with ‘Capital Creates Change’ initiative. The #CapitalCreatesChange campaign was to revive the reputation and relationship with the public. It showcased the company’s role in the evolution of infrastructure, technology and culture, and it made the world better in one way or another. The campaign highlighted the values of Morgan Stanley that how it is not just working for its clients, but for its communities and society at large.
The company also uses its social media platforms to keep its consumers updated and informed by regularly featuring articles and podcasts on various topics, be it healthcare or consumer care.
Under the leadership of Ravi Santhanam (Chief Marketing Officer), the bank released its digital-only marketing campaign “StartDoing”, with key focus on the savvy spenders. According to him, social media and other digital platforms are not just helping them target and direct their marketing efforts better, it helps them to monitor the engagement levels and measure results in a much better and effective way.
In fact, Mr Santhanam did not start the #StartDoing campaign on Television as he thought social media platforms are serving them better and there is no need to book the air spots on TV.
Listed on the Fortune 500 ranking of America’s largest corporations for years, Mastercard is being used in over 210 countries around the world. The credit lender is ruling the social media with more than 16 million likes on the Facebook page and 471 thousand followers on Twitter.
Initially, the company was overwhelmed with the use of internet and social media to openly or publicly discuss anything about the organisation. However, things changed 6 years ago. They decided to embrace the change. Conversation Suite, a social media listening program, developed to educate their 8000 employees on how social media is increasingly becoming relevant and how to become a brand ambassador.
Within 6 months, people created 125,000 unique content or observations about Mastercard, which stimulated 520,000 conversations on Social Media. The potential reach of the content is more than 1.3 billion. And this is being done every day, across 43 markets and in 26 languages in real time.
Though many know the capabilities of social media, capitalising and utilising it in the best way possible is another. And that is what the above mentioned and a lot more other financial brands are doing. The finance industry is known for being non-creative. Well if you will take a look at their social media presence, it will definitely tell you a different story.