MEDFORD, Ore.—A new analysis indicates that it is very difficult for financial institutions to build a social media community, but credit unions are having an easier time than banks.
The Financial Brand, which monitors social media activity for thousands of financial institutions on Facebook and Twitter, reports that most banks and credit unions have fewer than 1,000 “Likes” on Facebook, and fewer than 250 followers on Twitter.
The financial institution “social media elite,” The Financial Brand reports, have one Like for every $500,000 of assets.
Among all FIs in The Financial Brand’s Power 100 tool, a database of financial institutions with the most Facebook Likes and Twitter followers, the average is more than $700,000 in assets for every one Like on Facebook, and $5.8 million for every one follower on Twitter.
Breaking the data down further, The Financial Brand said credit unions have an easier time building their social media communities than banks. Among the top banks on Facebook, $834,749 is the average assets-per-Like, but the number falls to $140,826 for credit unions. That could be due in part to the difference in assets between the average bank and the average credit union.
Only one credit union in 112 generates more than one Like for its every $100,000 in assets, while only one bank in 1,000 generates more than one Like for every $100,000 in assets.
“In other words, if you have 2,000 Likes on Facebook and $200 million in assets, you are in rarified air — among the top 1.0% to 0.1% of financial institutions on earth,” The Financial Brand stated.
The top five CUs for Likes (assets per Like): Navy FCU, Vienna, Va.; America First FCU, Riverdale, Utah; Mountain America FCU, West Jordan, Utah; The Golden 1 CU, Sacramento, Calif.; and Suncoast CU, Tampa, Fla.
The top five CUs for Twitter followers (assets per follower): Navy, Liberty Bay CU, Braintree, Mass; The Golden 1, Mountain America and Generations Community FCU, San Antonio.
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