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With 500 million monthly active users, Instagram is one of the biggest social media platforms on the planet. With so much active engagement, it’s no wonder companies are flocking to Instagram to show off their products and services and create a sense of community for their customers.

For financial services companies, Instagram may not be the obvious choice for social media outreach. After all, most financial services companies aren’t selling visual products, making it tricky to market to a platform that is driven solely by user-generated images. But that doesn’t have to stop financial services companies from using Instagram to their advantage.

Below is a look at how financial services companies can become relevant on one of the most popular websites in the world.

Show off your company culture

Becoming a successful business requires more than just selling products and services – it’s about creating an image for your brand that people want to associate with. By showing off their company culture, financial service providers can use Instagram to cultivate trust in potential customers and appear more attractive to potential job applicants. Both of these are good for business.

Comment on the global financial markets

Remember: Instagram contains a vast ocean of users, many of whom are following the markets. Financial companies can use that opportunity to create technical charts, graphs and infographics that can highlight movement for specific financial assets and markets. In fact, Instagram is a perfect venue for sharing your technical charts. There are so many tags to choose from that you’re almost certain to generate interest by focusing on a particular stock, index, currency pair or precious metal.

Increase engagement with your company

Believe it or not, some of the world’s biggest financial services companies are already using Instagram. TD Bank, one of Canada’s biggest financial services companies, recently launched a campaign inviting Instagram users to capture intimate moments for a chance to win prizes. There’s no reason why other financial services companies can’t use Instagram to boost user engagement – just be aware of your compliance rules and legal terms J

All about building the brand

At the end of the day, social media marketing initiatives should be geared toward building and supporting your brand. Stronger brands generate more sales and are better able to attract new customers into the mix. For most financial services companies, social media is a key element of their marketing campaign. This may or may not include Instagram. But before outright dismissing the concept, financial services providers should at least consider how Instagram can be put to work for them. Before doing so, however, they need to keep in mind the various regulatory guidelines that exist for marketing financial content. After all, these requires don’t disappear by using Instagram.

Remember that each of your social networks requires a unique strategy so if all you’re doing is copy/pasting your images then you probably won’t hit the Instagram Jackpot.

 

By Charli Day, writer and content manager