The New Currency: Financial Institutions on Facebook
Posted by Cheryl Morris
Financial services represents approximately 30% of all online advertising spend, and on Facebook there are certainly institutions leading the way and investing in the opportunity: Capital One, Citibank and American Express are three that come to mind. That being said, the laggards seem to still outweigh the innovators. In examining the top 20 commercial banks, only five have Facebook reaches* of over 300,000 people. This contrasts starkly to other consumer facing sectors, like CPGs, where many brands have a reach of several millions.
Yesterday our founder and CEO Ric Calvillo was invited to speak at The Ad Club’s financial marketing summit, The New Currency. The event explored how mobile and social are transforming financial services, honing in on the challenges and opportunities of each.
Ric’s session focused on social’s implications for financial services. Dan O’Malley, founder and CEO of PerkStreet Financial, opened the session by describing how his online-only bank is capitalizing on digital’s ability to unlock a more personalized banking experience and the death of costly bank branches to fund better rewards. Ric’s panel followed, with Twitter’s Northeast Revenue Manager Cameron Burnham and Game Show Network’s SVP Digital Mark Cullinane joining him.
Below are our slides from the session, overviewing the opportunity and challenges for financial services companies on Facebook, types of Facebook campaigns financial services institutions are running, examples of successes, and a comparison of financial services Facebook campaign performance against other sectors.
Thanks to The Ad Club for hosting the event, moderator Jason Stipp from Morningstar, and the other session participants for a great discussion.
*Reach indicates the number of targetable Facebook users talking about or actively Liking a company on Facebook.