The financial services industry is entering a new era with the explosion of AI in 2024. According to the latest survey report, 41% of financial institutions are already using AI to generate images and 66% are leveraging AI to edit and perfect text.

1. GenAI Trend: Financial institutions are increasingly using generative AI to improve social media content creation, such as image editing, text generation, and customer service. However, there is a need to balance efficiency and authenticity, as a large portion of consumers are still hesitant to trust AI-generated content.

2. Regulatory Compliance: Regulatory compliance is always a matter of survival for financial institutions. In 2024, companies will need to invest in advanced compliance tools and content approval processes to ensure compliance without compromising the effectiveness of their social media strategy.

3. Platform focus: Financial institutions are narrowing their focus to social media platforms that deliver the best return on investment (ROI), rather than spreading resources across multiple channels. LinkedIn, Instagram, and WhatsApp are highlighted as platforms with high ROI trust.

4. ROI and entertainment trends: Financial institutions are increasingly turning to entertainment content to drive engagement and ROI on social media. The report highlights that entertaining and accessible content is key to building long-term relationships and brand loyalty on social media.

5. Influencer Marketing: Financial services are embracing influencer marketing, particularly targeting Gen Z and Millennials, who tend to trust and act on recommendations from influencers. This trend is seen as a way to build lifelong customer relationships. 📢

These trends reflect a strategic shift in how financial institutions approach social media, with a strong focus on AI, regulatory compliance, targeted platform use, entertaining content, and influencer partnerships.

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Source: Hootsuite #VMR #Banking #ROI #Fintech #InfluencerStrategy