2013 Social Media Study on Banks and Credit Unions Yields Surprising Results

by · July 23, 201310 comments

Earlier this year, Social Media Explorer partnered with The Financial Brand to release the Power 100 List of Banks and Credit Unions on Social Media. Now, we’re excited to announce that the rankings have been updated with 2nd quarter data and we included some improvements to provide a quarterly review of each financial institution’s performance. Additionally, we have created a variety of new lists that help you find where your bank or credit union ranks based upon their overall score, Facebook presence, Twitter presence, or YouTube presence.

What Were the Big Findings?

Social Media Power 100 Banks and Credit UnionsThere is so much that is exciting about the new rankings, it’s almost hard to find a place to start, but let’s begin with the big findings.

There are so many lists here, you can literally get lost in the plethora of data you now have at your fingertips showing how banks and credit unions are performing in social media. And you know I love interesting data!

So jump in…explore…then come back and post a comment with questions, concerns, or insights that you uncover along the way!

By the way, if you’re looking for great social media case studies in the financial sector these lists are great places to start your search for great banks and credit unions!

Where can I see all of the Power 100 Rankings?

Overall Power 100 Rankings

Facebook

Twitter

YouTube

How is the Power 100 “Total Score” calculated?

The Financial Brand enables Power 100 users to rank banks, credit unions or both by their overall level of social media activity. These rankings are based on a score calculated in the following manner:

  • 1 point for every 1,500 Facebook ‘Likes’
  • 1 point for [Facebook ‘Talking About’] x [Facebook Engagement Rate] ÷ 20
  • 1 point for every 500 Twitter followers
  • 1 point for every 1,000 tweets sent
  • 1 point for every 15,000 YouTube video views
  • 1 point for every 50 YouTube subscribers

It takes a total score of at least 21 break into the top 100 overall. A score of at least 10 is required to make it into the list of top 100 banks only, or a score of at least 6 for credit unions only.

While the system is subjective, it has been carefully weighted (1) to adjust for the relative value of each social channel, (2) based on the range and averages for the financial industry, and (3) to adjust for the ease/difficulty of growing an audience in each channel.

What do you think? Do you see any surprising changes? Do you think credit unions are being overwhelmed by large retail financial institutions with huge budgets or do they have a chance at making a big social play? Do you follow any banks or credit unions on social channels? If so, tell us who and what you think of their approach to social media and content strategy! Leave a comment to join the discussion. 

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About Nichole Kelly

Nichole Kelly

Nichole Kelly is the CEO of Social Media Explorer|SME Digital. She is also the author of How to Measure Social Media. Her team helps companies figure out where social media fits and then helps execute the recommended strategy across the “right” mix of social media channels. Do you want to rock the awesome with your digital marketing strategy? Contact Nichole

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Comments & Reactions

Comments Policy

Comments on Social Media Explorer are open to anyone. However, I will remove any comment that is disrespectful and not in the spirit of intelligent discourse. You are welcome to leave links to content relevant to the conversation, but I reserve the right to remove it if I don't see the relevancy. Be nice, have fun. Fair?

  • http://www.Optirate.com/ Serge Milman | Optirate

    Haven’t we moved on from counting number of Likes, Fans, and Followers after recognizing that 70%+ followers and Likes are fake and/or inactive? Shouldn’t we be focused on measures that actually mean something to Banks and Credit Unions, such as customer wallet-share, product up-sell, incremental revenue growth, and impact to ROE just to mention a few?

    • Nichole_Kelly

      Hi Serge – I’m not sure that 70% of followers and likes being fake is an accurate statistic. I agree that with every brand there is a percentage of fake accounts in their following, but I’ve never seen anything to that level unless the brand paid some fly by night company to purchase followings. Fortunately, that is rare among brands. The algorithm that was used for these rankings takes into account more than the bank and credit unions followings, it also looks at engagement levels. While I would personally love to include data on customer wallet-share, product up-sell and incremental revenue growth since I agree these are the true measurements of success many banks and credit unions haven’t gotten to the point of being able to track social activity through to these metrics. Those are the types of problems I’d personally love to help these organizations solve as it is very possible to get there. However, even for those that do track to this level, it’s unlikely they would be willing to publicly disclose their results. For any banks and credit unions that would be willing to share this information, we’d love to include it! We’d also be happy to report the numbers as percentage changes or in a format that they feel comfortable sharing publicly. Thanks for commenting!

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  • Fatemeh Fakhraie

    Do you have any stats on how many FIs are on Twitter? I’d like some context to figure out where the Power 100 fits in.

    • http://socialmediaexplorer.com JasonFalls

      That’s a great question. I’d defer to Jeffry Pilcher but I’d guess that most (more than 75%) of financial institutions are on in at least basic form.

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