Social Media Explorer is proud to announce our partnership with The Financial Brand to release the Retail Banking Power 100, a list of the top 100 banks and the top 100 credit unions on Facebook, Twitter and YouTube. This list is a joint effort to celebrate those who are doing amazing things in social media. We worked with Jeffry Pilcher, Editor of The Financial Brand to start the conversation of which banks and credit unions are crushing it on social media channels. To accomplish this we used readily available data to compile the initial list in an effort to create an objective view of where banks stand. We did add a little bit of subjectivity by weighting the number of points assigned for each category of data.
Is it perfect? Absolutely not.
Any time you attempt to take volumes of data and make it all transform into perfection on such a subjective topic there will be opportunities for improvement downstream. First, while we would have loved to do a personal analysis and evaluate items like content quality it simply isn’t feasible. Therefore, we used reach and engagement data assuming that if a bank or credit union was posting junk content it would show in the engagement numbers. Additionally, this data was pulled together manually. Yes, actual HUMAN beings! Thanks to Carter Banker, our intern from Johns Hopkins University, for helping to put together the numbers that power this list. Unfortunately, limitations in Twitter’s API make pulling the data automatically a challenge, however, we hope this can be resolved in the future to make this a real-time list.
Is it a good start? Absolutely.
What’s the Algorithm?
That’s right; we’ll flat out tell you the algorithm that was used to create the list. We want to be completely transparent about how we create the list so if you want to improve your bank or credit unions ranking you have the opportunity to do so. If you simply want to challenge the algorithm, feel free. We’re all ears. Ultimately, we believe that this formula helps us to bring the right types of behavior in social channels to the forefront while going beyond simple Twitter follower and Facebook fan counts to create an opportunity for the small guys to rock awesome and make the list. However, we reserve the right to remove any financial institution that is suspected of trying to “game” the system. We promise not t0 BS you; in return, we ask that you don’t BS us.
- 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 14 to break into the top 100 overall. A score of at least 6 is required to make it into the top 100 list of banks only or credit unions only.
Yes, this system is subjective. But 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.
Select Criteria to Refine List
This is an interactive list. If you want to know which Credit Unions would top the list in the USA simply use the Criteria Selection box on the left to select which criteria you’d like to use to sort the list. This will allow you to sort based on any of the criteria or combination of criteria shown in the image below. WARNING: Selecting criteria to sort the list can lead to endless hours of fun and may leave you cross-eyed.
Compare Any Three Banks and Credit Unions
Want to compare the presence of multiple banks? We’ve got you covered there too. You can sort from the master list or select criteria and add up to three financial institutions for a deeper comparative analysis. This will allow you to dive deeper into why each bank was ranked where it is and allow you to view their different social profiles. If selection criteria didn’t lead to hours of fun, prepare for mind-numbing excitement from comparisons.
Review The Banks on the List
Are you passionately in love with one of these banks or credit unions? Or have you have a negative experience with one online? Click any of the financial institutions in the list to provide your own review. You can review them based on their social media presence, their customer service, their product offerings or anything else that comes to mind. The best way to make this a more accurate list is to add your perspective on how these banks and credit unions are doing. So stop over and drop a line for your favorite bank.
Are you ready to see the list? Jump on over to the Retail Banking Social Media Power 100 List or click the image below. It’s all fun and games until you don’t see your bank on the list, huh? No worries, click the link at the top of the page to ask for it to be added. We hope you find this a relevant list for which banks and credit unions are leading the pack with social media. Got questions? Check out the FAQ here.
What do you think? Did any of the rankings surprise you? Or is it what you expected? Which banks and credit unions do you follow on a social network? Which one is your favorite? Leave a comment and join the conversation.