Credit unions tend to have fewer fans than large national banks making higher engagement rates easier to attain. 8 of the top 10 in terms of fan count are banks.
- Chase: 3,364,793 fans, Capital One: 2,556,273 fans, American Express: 2,470,220 fans
- These three banks account for about 85% of the market share
Since engagement percent is calculated with fan count in the denominator, smaller pages tend to have higher engagement.
- YOUR Community Credit Union with 39.01%, while TDECU has 23.89%
- Banks hold the top seven spots for highest Share of Voice (% of interactions across the industry).
- Citi has 22.41% SOV, BOA has 16.8% SOV although it should be noted that BOA suffers from more negative sentiment than most other banks. Wells Fargo is at 15.92% after that there is a steep decline; American Express has 8.33% SOV.
Which is better: Fan count or engagement?
- Catch 22. We want to raise both!
- Use sponsored stories to:
- Page Like Story: Build fan base
- Page Post Ad: Push good content to friends of fans.
Most of these banks heavily rely on pictures and questions that encourage users to respond. Both banks and credit unions try to show that they support their local communities by giving away scholarships or sponsoring some charitable events or functions.
The biggest difference between banks and credit unions is the more socially successful credit unions generally offer far more incentives like giveaways and other promotional strategies that are then publicized on the wall for the whole community to see. Trips to Hawaii, $1,000 giveaways every day, etc, can be very powerful tools to foster community online.
Customer Relationship Management:
Complaints, even in financial institutions that are thriving in social media, are commonplace throughout the industry.
The faster a customer service representative responds to complaints, the better.
- YOUR credit union has an average response time of 21.36 minutes
- Usually complaints are responded to in the first hour. Otherwise others tend to jump in and express their dissatisfaction as well.
Credit unions need more fans and banks need more interactions. The credit unions need to use ads in tandem with their giveaways to attract more fans and more account holders. Banks should take a cue from credit unions and offer better incentives for participation.