How Banks Are Marketing On Instagram

How Financial Services Are Marketing On Instagram
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How Financial Services Are Creatively Marketing On Instagram

Millennials are now the largest generation in the United States labor force, and Adage estimates that 18- to 34-year-olds will account for over $200 billion in consumer spending by 2017. As this young, tech-savvy generation begins applying for mortgages and opening retirement accounts, the financial services industry (banks, investment firms, loan associations, etc.) is relying on digital influencers and social media platforms like Instagram to redefine their brand identities and expand their reach to a U.S. consumer base that now spends an average of 2.7 hours on social media apps each day.

Time Spent on Social Media - Banks on Instagram

Infographic courtesy of We Are Social

Banking Instagram Marketing Campaigns Get Up-Close & Personal

With their cold, marble-floored lobbies and well-groomed tellers behind panes of bulletproof glass, banks could hardly be called “warm and fuzzy.” This traditional facade might have been welcomed by older generations, but today’s young consumers demand that their financial services and institutions care about them as people as much as they do about their money.

Banks striving to develop a friendlier, “people first” identity are making the most of Instagram’s visual medium to develop creative campaigns that tug at users’ heartstrings. By focusing on the things that are most important to customers – their families, for instance, or the experiences that financial security can buy – banks are leveraging the emotional and story-telling power of photos to connect with consumers on a personal level.

Partnering with top Instagrammers to develop family-related or travel-oriented posts is an effective way for banks to grab the attention of their audience, increase brand awareness, and interject a human element into a traditionally impersonal industry.

TD Bank & Polaroid’s Instagram Marketing Campaign

For TD Bank’s #ShouldaBeenAVideo Instagram marketing campaign, the lender asked Instagrammers to capture intimate moments that, as the campaign suggests, should have been videos. To increase campaign reach, TD Bank partnered with Polaroid camera to set up a photo contest, with the winner receiving a new Polaroid Cube camera and $5000 from the bank. To date, the hashtag #shouldabeenavideo has garnered over 3,000 posts, and the campaign’s top sponsored Instagram post has received over 13,000 views.

Instagrammer Tia Valentine takes advantage of an authentic moment to spread the word about TD Bank’s #ShouldaBeenAVideo campaigns to her 217k Instagram followers.

How US Bank Partners With Top Instagrammers

Similar to TD Bank’s efforts to humanize the brand, US Bank’s #ISaveSoICan campaign featured aspirational content created by some of the platform’s top Instagrammers. By showing (through breathtaking images, no less) what is possible when one achieves financial security, US Bank’s social media strategy captilizes on Millennials’ new desire to save for the future.

US Bank’s campaign relied primarily on top travel and adventure influencers to demonstrate what customers can accomplish if they focus on saving. Eva Tsang’s collection of travel photos is a perfect example of the #ISaveSoICan campaign in action.

Travel photographer and Instagrammer Jordan Herschel equates saving through US Bank with beautiful new worlds. Jordan’s posts has garnered over 30k likes so far.

Capital One’s Instagram Marketing Focuses On Community Building

Connecting with members of the community is one way for financial institutions to show they care about people, and few Instagram marketing campaigns accomplish this goal better than Capital One’s recent #EveryDayMoneyBoston campaign. To engage users, Capital One asked Bostonians to capture photos of residents supporting local causes, and even shared the best examples of community-building on the Tumblr site

Though not a digital influencer per se, New England Patriots star Julian Edelman got in on the #everydaymoneyboston campaign by posting a photo of volunteers building beds for Boston Cares, a community outreach organization that works to improve the lives of Bostonians. To date, Edelman’s photo has received 23.8k likes from Instagram audiences.

For more examples on how Capital One partners with Instagrammers to increase brand reach and engagement, see our article here.

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