Banks Using Social Media to Foster Deeper Connections

The Financial Brand, an online publication focusing on branding issues and advice affecting retail banks and credit unions, earlier this year published a group of lists on the most social-media-savvy banks worldwide, and Arkansas-chartered Arvest Bank and First Security Bank were each included.

Fayetteville-based Arvest ranked 89th (36th in the United States) among the banks with the most Facebook likes. Searcy-based First Security landed 99th (40th in the U.S.) among the most liked.

Arvest also was ranked among a list with more comprehensive criteria, the Top 100 Banks Using Social Media. Banks were scored and ranked using a formula based on the number of Facebook likes and engagement, the number of Twitter followers and tweets sent, and the number of You Tube subscribers and video views. Arvest took the 96th spot worldwide (37th in the U.S.).

Jason Kincy, Arvest senior vice president and marketing director, believes the bank has done well in the social media arena because of the way the bank handles it, from a content perspective. “I think the content we produce is relevant and interesting. Our followers learn something they didn’t know before every time they read it, and it keeps them in the loop.”

Arvest is on Facebook, Twitter, LinkedIn, Pinterest and You Tube. The social media manager, Lacey Manning, uses the bank’s social media platforms to share photos and news from community events, videos from the bank’s campaigns, and financial management tips and other financial information from Arvest’s blog and news sources — customizing the content to each media form.

Last December, there was a shift in Facebook’s policies that resulted in Arvest’s content showing up on fewer news feeds. In light of this, Arvest has been re-examining its social media management strategy, considering shifting to a different medium.

Arvest sometimes posts pertinent, timely information for its customers, which includes updates like closings due to severe weather, and looks for feedback from the community.

 “The main goal is to tap into what the customers are saying,” Manning said. “We listen as much as post.”

For this reason, there is not an emphasis on accumulating a large number of social media followers. “We focus on quality of followers vs. quantity of followers,” she said.

And Arvest does not to sell a lot of products using social media. “It’s a low-pressure, friendly environment, and we want to maintain that. It’s a welcoming atmosphere — much like our branches. Lacey always uses an up-beat attitude, and that matches our brand,” Kincy said.

First Security is also not pushing products, said Kristi Thurmon, marketing officer. For one thing, social media is not always conducive to promoting banking products because of all the disclosures legally required within the advertisements.

Instead, First Security uses the medium to promote its brand. In particular, it focuses on its “Only in Arkansas” campaign, based on the bank’s practice to only open banks in Arkansas and to focus all community development efforts in the state.

First Security promotes this campaign on Facebook, Twitter, LinkedIn, Pinterest, You Tube, Google Plus and Instagram. It also recently launched a site: Onlyinark.com, which shares stories and photos of thing only found in Arkansas.

Thurmon said she shares a lot of information via social media about events in which First Security is involved and shows the public how many of its employees are helping out in the community.

“Social media helps tell our story to customers better than we could in the past,” she said.