10,000 birthday parties a day–besides the gargantuan amount of cake, there’s a lot we can infer from this statistic. For one thing, this stat reveals a lot about the direction in which banks and credit unions need to start taking their marketing. Here’s a simple way to understand banking social media statistics.
According to a research study by TSYS, about two thirds of the people who follow their bank on social networks are ages 18-34. The last third accounts for people ages 35 and up. Anyone can tell you that social media skews toward younger audiences, but it’s important to also understand what this means for the future.
In the next 5 or 10 years, the people who want to engage with you on social media will age into new brackets, which make up a larger portion of your consumer base. This means that banks that are working to build an audience today will see bigger dividends in the future.
Using data from Fairfield County Savings Bank let’s extrapolate and compare.
As more people age into higher age brackets, you’ve got a growing base of customers who want to be connected to you. Banks need to seize the opportunity that they have today to engage their customers.
Recent declines in branch traffic indicate that your customers not only want to perform transactions online, but they’re more likely to seek out information online too. Half of customers want web-based financial content and 35% are already using it. By establishing yourself on social channels with content that’s relevant to your customers, you can start conversations that generate sales.
Check out this ABA School of Bank Marketing & Management case study to see one bank’s plan of action.
This study was conducted as part of the ABA School of Bank Marketing and Management curriculum. The ABA does not endorse Truebridge products or services.