Banks and the social media compliance debate
We work with several financial institutions, and we know that one of their main concerns is compliance – How do you make sure that what you’re saying in your Facebook or Twitter feeds meets all of the rules, regulations, and guidelines of the financial industry? Compliance can be a headache, but that shouldn’t stop you having a good social media presence.
We’ve got a solution we think you’ll love. Here’s why you should consider adding social media and social selling to your marketing.
The way to make sure your posts are compliant is to be proactive – You need to create and manage a proper editorial calendar and have a solid review process for your content. Run your content calendar, posts, blogs, and social media strategy by your compliance department.
They’ll likely provide some advice on how to phrase your posts, what to add, and what to remove. Make sure the person responsible for your social media profiles has regular conversations and check-ins with your compliance team. That way you can ensure everything your publishing has a seal of approval.
As a local bank or credit union, you’ve built up a great reputation in your area. Targeted marketing is a good way to get noticed and to encourage personal and business customers to come to you, but that’s only half the story. If you want more chances to sell your financial products and services, you need to seek out and act on opportunities — We’ll explore exactly how you can do that.
If you’re a commercial lender, your main purpose is lending money to expanding businesses. In addition to income from loans, you can upsell other products like financial protection, insurance, retirement planning, and more. The question is, how do you find those expanding businesses in the first place?
Fortunately, there’s some good technology, which, combined with some tips and tricks, can help you create some powerful leads for your banking services. In this article we’ll cover three main areas – LinkedIn Sales Navigator, Twitter, and other social media.
LinkedIn Sales Navigator
As the largest social network for professionals, LinkedIn is already a strong resource for businesses. Hopefully you’re already making the most of your bank’s LinkedIn presence, but today we’re going to focus on one specific part of the platform, LinkedIn Sales Navigator.
LinkedIn Sales Navigator lets you collect together prospects from across all of LinkedIn, whether you’re connected to them yet or not. It has built in algorithms to help you identify potential clients and businesses who might be in need of your bank’s financial products. It helps you understand where people are changing roles, when organizations are launching new initiatives, and how a business posts about any changes.
You can bring all of this information together in one place so you can start having informed, relevant conversations with the people that matter — The decision makers in your target businesses. It helps you put context around these conversations too, building trust with your potential clients. Combine this with insights into your professional network, other’s profiles, and lead recommendations, and it becomes a very powerful tool for finding commercial banking prospects.
You might not think of Twitter as a way to find business banking opportunities, but used correctly it can be a great way to connect with potential customers. Here’s a quick step-by-step guide:
- Follow the Twitter profiles of any businesses and professionals in your target geographical area.
- Review your Twitter feed to see what people are sharing — Are they discussing new opportunities, products, services or research?
- If they are, engage with them — But here’s the trick — Don’t try to sell them anything. Provide useful financial advice, professional banking support, and insight. The idea is to build up trust.
- Once you’ve built up that trust, you can suggest products and services to help them achieve their business goals.
It’s vital that you don’t just promote your banking products and services — That can turn people off very quickly. Instead, you want to spend time building up a good reputation and strengthening your expertise and authority.
Other social media
Finding leads isn’t just limited to Twitter either. Facebook, Instagram, even Pinterest can be good places to find new banking customers, if you know how to look. As with Twitter, start by identifying the people and businesses in your local area and connect with them.
Then, spend some time cultivating relationships — Share genuinely useful financial information and links to your Facebook page or Pinterest board. You’re looking to build a brand focused on financial trust. As you add to that content, you’ll get more visibility and potential customers will start to see you as the “go to people” for advice on their money.
As you can see, these tools can help you rapidly expand your banking market. When you start out actively seeking leads, and engaging with them in the right way, you’ll be able to build trust which will lead to more sales of your financial products and services.
Still feeling a little hesitant on tackling social media? Give us a call – we can set up a training session with you and your banking team.