Nine in 10 banks (89%) believe social media is important to their banks and 88% are very or somewhat active on their social media accounts, according to a new report released today by the American Bankers Association. The State of Social Media in Banking 2023 highlights the results of an ABA survey of 330 banks of all sizes. The survey measures how banks are managing social media programs, what results they are getting, what they wish they could do better, and what opportunities and challenges are on the horizon.
“This report shows that social media serves as an essential marketing channel that allows banks to connect with customers by meeting them where they are,” said Russell Davis, ABA’s executive vice president of member engagement. “When used effectively, social media helps banks humanize their brand and build relationships while offering a strong return on investment.”
Banks’ most preferred platforms are Facebook (95%), LinkedIn (75%) and Instagram (62%), followed by X (formerly known as Twitter) (41%), YouTube (39%) and blogs (19%). Banks’ top uses for social media include communication (89%), recruiting (75%), financial education (71%), marketing and sales (59%), and customer service (57%).
In addition, the survey found that half of respondents (50%) planned to increase spending on social media resources in 2023 while 44% were planning to hold their budget steady and less than 1% planned to decrease social media budgets.
The report also identifies which social media platforms banks use for marketing purposes as well as profiling how different banks across the country are using social media to generate tangible results. It culminates with a list of 10 top takeaways for banks evaluating their use of social media.
To download a copy of the report, visit aba.com/SocialMediaSurvey.