Facebook fans still blind to banks


Banking and financial institutions have drawn over 48,000 new Facebook fans on average since February - but still figure the worst in engagement when it comes to other industries.
In its latest Facebook performance report, The Online Circle found that the average number of fans for institutions grew from 534,778 to 937,767.
Despite this, the engagement rate fell from 7 per cent in February to 3.4 per cent, based on an analysis over the four weeks from 13 May to 10 June.
Banks also had the lowest number of fans when compared to the 20 industries analysed in the report. Airline, travel and tourism topped the ladder with more than 8.8 million fans.
In relation to The Online Circle’s February report, chief executive Jeff Richardson said banks often fall short in Facebook engagement because the “fun” approach doesn’t generally work when a financial institution engages with the public.
For the banking sector, Commonwealth Bank once again topped the list for the sector, increasing its fan base by an average of 10.9 per cent. It held a 61.5 per cent share of the Facebook conversation.
This was followed by National Australia Bank (14.6 per cent share), Westpac (7.6 per cent share) and ANZ (5.2 per cent share).
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.