By Karen Kroll
Consumers rank video as the content format they most want to see on social media, placing it ahead of GIFs, memes and text-only content, according to The 2024 Content Benchmarks Report from Sprout Social, a provider of social media management solutions.
“The motion creates engagement,” says Amber Burge, VP of marketing with Flatwater Bank, a family-owned, $260 million community bank in central Nebraska. Flatwater uses video and social media to build community and continue its in-person conversations with its customers. “Social media does a great job in solidifying relationships.”
Video’s relevance to banks
While it might seem like video is best suited to, say, entertainers and sports stars, it can be a powerful tool for banks.
“It allows banks that aren’t big names with massive budgets to lean into what makes them different. They can demonstrate that they’re part of the community, and not just call centers,” says Dan Allocca, partner and head of digital and integrated marketing with Prosek Partners, an integrated communications firm with a focus on financial services.
Video also allows for scale, Allocca says. The number of one-to-one interactions any employee can complete each day is limited. A great video, however, can reach many people.
When trying to explain concepts, such as the difference between adjustable and fixed-rate mortgages, video is an effective tool. It inspires creative, simple and quick explanations, says John Oxford, SVP and chief marketing officer with $17.4 billion Renasant Bank.
A key attribute of video is its ability to forge an emotional connection, says Amanda Swanson, senior director in the delivery channels practice, and practice leader of marketing and growth with consulting firm Cornerstone Advisors. For many people, their emotional connection to money is huge.
Because video is effective at making emotional connections, it’s a great medium for telling stories. For instance, a bank might show how it helped a client purchase her first home, Swanson says.
Arvest Bank used video to help unveil a new branch in East Kansas City, a traditionally underserved banking community, notes Audrey Castro, social media strategist with the $27 billion financial institution. Along with discussing different services, that video highlights the bank’s commitment to the area.
Late in 2023, Arvest posted a video thanking its customers for the opportunity to serve them over the past year, including through home mortgages, auto loans and financing for new businesses. “We’re using opportunities to weave in our values, such as our focus on community and DEI into our video stories,” Castro says.
Provide value
Video and social media overall typically aren’t venues for driving immediate sales, Allocca says. Users of social media often consume it in passing, and most aren’t looking to make substantial financial decisions without further research, he adds.
Instead, videos need to provide value. “You’re interrupting viewers’ day with a message, so you want to think about how it can help them,” Allocca says. Often, this means focusing on advice and information, such as 10 questions to ask a realtor. Then, when then a viewer is ready to obtain a mortgage, the bank’s brand will be top of mind.
Renasant created a program, Meet the Bankers, consisting of interviews in which its bankers talked about their roles and how to reach them. They also discussed lighter topics, like their favorite foods and restaurants. The series happened to launch right before the pandemic hit, and helped viewers get to know the bankers, even when they could not meet customers in person, Oxford says.
Match content and platform
As part of its video strategy, Castro and her team assess which of the “big four” platforms—Facebook, Instagram, LinkedIn and X –are the best homes for different types of content. For instance, Arvest typically uses Instagram as the “community hub,” and Facebook as a storytelling platform.
Instagram works well for video because it’s consumed as viewers scroll through their feeds, so it’s not intrusive, Allocca says. And by using hashtags, banks may be able to reach an audience very interested in their content, he adds.
“LinkedIn is probably the most powerful social media platform for conducting business,” Allocca says. Banks often under-utilize it, assuming it’s only a B2B platform. While B2B is a large part of LinkedIn, it’s also possible to target different audiences, such as those with specific job titles or in certain locations.
In addition, LinkedIn users likely are in front of a computer and in a business mindset, Allocca says. They are apt to be more receptive to information on topics such as wealth management than an Instagram scroller might be.
“We understand who our audiences are on LinkedIn, on Facebook, on X, on Instagram, on YouTube,” says Eric Helvie, vice president and digital marketing manager with Evolve Bank & Trust, a technology-focused financial services organization and provider of banking-as-a-service. Evolve tailors its content accordingly. For instance, Evolve’s LinkedIn account reaches many of the bank’s fintech partners, so the content typically focuses on business-to-business subjects.
On Facebook, Evolve Bank has a stronger retail banking audience. So, the content focuses more on checking, savings and personal business accounts, Helvie says. For instance, a February reel identifies four documents needed for tax filing season. At the same time, Facebook users are also interested in fintech-centric content, he adds.
Less is more
Short-form videos, or those up to thirty seconds, rank at the top of consumers’ wish lists for content, the Sprout Social report notes.
“All platforms seem to be partial to short-form videos of about 15 to 30 seconds,” Castro says. When Arvest wants to tell longer video stories, Castro typically places them on the bank’s YouTube channel. The bank will also use their Share blog to embed longer videos.
Highlight employees
When it comes to companies’ social media stars, employees top the list. Almost half (48 percent) of consumers like to see front-line employees in brands’ social content, Sprout Social found. Next was the social media team, at 42 percent. “Engagement is higher when employees are part of the video,” Burge says.
While many employees are comfortable appearing in videos, not all will be. If an employee is not, it’s best not to force it, Burge says. “It shows,” she adds.
Compliance
As with most marketing initiatives, it makes sense to get approval from compliance before posting to social media. Ideally, compliance can be brought into the video production process early on, Allocca says. That way, they become a true partner, and can help find ways to bring the ideas to life, while remaining within all relevant regulations, he says.
Monitor posts
When including videos in social media posts, banks need to watch for other businesses or people who may attach themselves to a video. For instance, a competitor may buy an ad that attaches to a video, or someone may post a link to a site that’s not reputable, Oxford says. “It’s critical to monitor each post,” he says. Along with the social media manager watching the bank’s posts, Renasant uses a monitoring service.
Production value
Any video should represent the image you want your brand to represent to your consumer, Oxford says. Lighting is important, as is the correct format, as they vary between the platforms.
How a video is placed within a platform also matters. “Your video will be seen more if you post it organically,” rather than posting a link, Oxford says. Then, users won’t have to click on it. Instead, the video will run automatically in their feeds, he says.
Some viewers will want to watch a video without sound. If they’re in a meeting. Closed captioning enables this, Oxford says.
In creating videos, striving for expert production value isn’t always necessary, especially if it’s outside the bank’s budget. “People tend to respond more to things that look and feel real and authentic. If a video is overproduced, our brains are programmed to say, ‘This is a commercial,’” Allocca says.
Flex and change
A thoughtful approach to the use of video and social media helps ensure that each post supports the bank’s marketing message. At the same time, flexibility is essential. Platforms change their algorithms and audience habits shift. “We’re constantly learning because things change all the time,” Castro says.
The investment a bank makes in developing its use of video on social media can pay off. Video can be a powerful tool, leveling the playing field for banks of all sizes who can use it creatively. “Social media gives any bank, no matter its budget, the means to deliver a message,” Oxford says.
Karen Kroll is a frequent contributor to ABA Banking Journal.
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