Twitter has become table stakes for banks and credit unions

Most financial institutions use Twitter for the same reasons — to promote their brand, help reach a younger demographic, and respond to customer complaints.

Nearly one quarter of all US adults are on Twitter, according to Pew Research. For banks and credit unions, having a more significant presence may be more important than ever to keep up with the competition.

How can your business make Twitter worth your time and energy? Consider 4 key areas of opportunity:

1. Outstanding Customer Service

You know it’s essential to provide excellent customer service. And when people reach out on Twitter, it’s critical to be ready to respond quickly.

Twitter audiences can watch your every move. Credit unions and banks must closely monitor social media activity for any negative comments or inquiries about their company, and act promptly to resolve issues.

If your bank is inconsistent at handling negative tweets, you may want to get social media support from an outside vendor. They can help you maintain your organization’s reputation as reliable and customer focused.

Bank of America on Twitter

2. Open APIs

With open APIs, third-party developers can bring their services straight to the customer’s social media feed.

Twitter’s Developer Platform has been leveraged by innovative banks such as ICICI, enabling customers to make secure payment transactions in one simple tweet.

4 ways banks are using social media to deepen customer relationships and build loyalty, via @beyondthearc #finserv #banking #customerexperience #customerservice  (Click to Tweet!)

3. Twitter campaigns

Customers love when companies go the extra mile for them.  Twitter is one of the best platforms to gain their loyalty. Developing a social media contest is a common way for banks to connect with customers. And it’s a good chance that winners will share a post about it with their followers.

For instance, Chase Bank sent some of their Twitter followers and customers surprise flowers for their 2019 Valentine’s Day campaign, #WorthTheChase.

It was a creative way for the bank to show appreciation, and it gave customers the opportunity to snap a pic of the flowers, and share their surprise and delight with others.

Chase retweeted a customer delight

4. Build and shape your brand voice

Twitter is a platform where people aren’t afraid to express their thoughts and opinions, and it should be the same for businesses.

Reinforce your organization’s core values by staying on top of recent banking trends, and make sure all your Twitter actions reinforce your company’s views. This might include sharing or retweeting links to articles that reflect similar messaging to yours, or commenting on posts from industry influencers.

Let your followers know that your organization is present, personable, and listens to the needs of their customers.

Some financial organizations may underestimate the power of Twitter. If you’re looking to gain more traction or deepen customer engagement, it’s worthwhile exploring the possibilities social media venues can offer your business.

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