Banking
Why Banks Need to Take Advantage of the Social Media Moment
Published by Jessica Weisman-Pitts
Posted on October 13, 2022
4 min readLast updated: February 3, 2026
Global Banking & Finance Review®
Company
Published by Jessica Weisman-Pitts
Posted on October 13, 2022
4 min readLast updated: February 3, 2026
By Tina Seitzinger, Senior Director of Influencer Marketing & Paid Social, Vericast
Consumers are increasingly seeking financial guidance and comfort from non-traditional sources. In fact, according to recent data from Vericast, less than half of all consumers currently seek financial advice from a bank, credit union or financial advisor.
The patterns among Gen Z might be the most surprising, though. According to results, 34% of Gen Z consumers are obtaining financial advice from TikTok, 33% from YouTube and only 24% from financial advisors.
TikTok in particular is democratizing finance and financial topics; it is giving “fin-influencers” a place to share their stories and tips around finance. Data provided by TikTok found that the hashtag #fintock has over 1.6 billion views and #moneytock has over 14.3 billion views, proving that more serious topics are resonating with users on the platform.
So, how can banks and other financial institutions adapt to this new world? It’s critical they develop a social media strategy for both paid and organic content. Social campaign content presents an opportunity to meet consumers where they are today and build a new community over time.
Social media best practices for banks
Social media marketing is a necessary part of building customer relationships and providing personalized customer experiences. It offers an entirely new way of connecting to people and communities.
The first step for banks launching a social campaign is defining the message, and second is determining the content mix. To effectively build awareness and generate engagement, the content must be impactful and resonate with users.
Here are five social media marketing best practices for banks to consider:
Integrate campaign content & influencer marketing
According to a recent study, 75% of Gen Z and millennial consumers who seek financial advice through social media say they follow specific social media influencers who create content relating to personal finance. Of those who sought out guidance, 45% say they put the advice to action.
It’s clear that influencers can make a real impact in the financial ream. By sharing candid, personal experiences in real-time, viewers will feel a connection and be encouraged to do the same or take action based on what they see. However, influencers do not have the same training as a certified financial advisor, so it’s important to encourage viewers to do their own research before making any financial decisions.
Consumers’ relationships with financial institutions are changing drastically. Rather than be left behind, banks can take advantage of the shift by leveraging social marketing to build deeper connections with customers.
Social media marketing involves using social media platforms to connect with audiences, promote products or services, and build brand awareness. It includes creating and sharing content to engage users.
Fin-influencers are social media influencers who focus on financial topics, providing advice, tips, and insights on managing money, investing, and personal finance.
A social media strategy is a plan that outlines how a business will use social media to achieve its marketing goals. It includes content creation, audience engagement, and performance metrics.
Influencer marketing is a form of marketing that focuses on using key leaders or influencers to drive a brand's message to a larger audience, often through social media.
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