How Many Facebook Fans Can Financial Institutions Expect

How many Facebook fans (now called “likes”) does the average financial institution attract? The Financial Brand examined 20 banks and 20 credit unions on Facebook, comparing the number of Facebook likes to asset size and customer/member base.

Banks get an average of one Facebook like for 710 customers. Credit unions, just as they do on Twitter, fare much better, attracting an average of one Facebook like for every 126 members.

In total, the 20 banks included in the study had a combined customer base of 85 million people. Total Facebook likes: 120,448. That’s 0.14% of all customers.

For the 20 credit unions in the study, the combined membership totaled 2.6 million people. Only 21,002 of them (0.8%) have liked their credit union on Facebook.

Banks, on average receive one Facebook like for every $23 million in assets. Credit unions again do better, yielding one like for every $1.5 million in assets.

The results of this Facebook study are very similar to what The Financial Brand found when analyzing Twitter followers.

Smaller Financial Institutions = More Facebook Success

Smaller banks and credit unions find it easier to yield deeper rates of penetration on Facebook penetration. The most successful financial institutions on Facebook are liked by 1 in 50 customers, little more than 2% of their audience. Only a small handful of financial institutions are lucky to see more than 3% of folks give them a “thumbs up” on Facebook.

The largest banks and credit unions have to work ten times harder at attracting Facebook likes than their smaller peers. The worst performing financial institutions see less than 0.10% of their customers/members liking them on Facebook.

Although penetration rates may be low for large financial institutions, some have sizeable Facebook followings nonetheless. SunTrust, for instance, may only reach 0.24% of its 6.5 million customers, but that equates to a Facebook audience of 15,622 people. On the other end of the spectrum, US Bank reaches 5,409 of its 15 million customers on Facebook, a paltry 0.04% or 1 in 2,773 people.

Banks – Facebook Likes vs. Assets, Customers

.
.
Bank
.
Facebook
Likes
.
.
Assets
.
.
Customers
1 Like for
Every [$] Assets
1 Like for
Every [x]
Customers
.
% of
Customers
Commonwealth 3,121 $780B 10,000,000 $249,919,897 3,204 0.03%
TD Canada 21,051 $620B 11,000,000 $29,452,283 523 0.19%
Standard Chartered 6,627 $437B 14,000,000 $65,942,357 2,113 0.05%
US Bank 5,409 $308B 15,000,000 $56,942,133 2,773 0.04%
SunTrust 15,622 $180B 6,500,000 $11,522,212 416 0.24%
Standard Bank 12,748 $173B 10,500,000 $13,570,756 824 0.12%
ABSA 10,976 $110B 11,300,000 $10,021,866 1,030 0.10%
Zions 1,641 $53B 1,000,000 $32,297,380 609 0.16%
ASB 14,123 $35B 1,000,000 $2,478,227 71 1.41%
First Tennessee 4,341 $31B 1,100,000 $7,141,212 253 0.39%
Arvest 7,092 $11.6B 450,000 $1,635,646 63 1.58%
MB Financial 4,944 $10.5B 500,000 $2,123,786 101 0.99%
Northwest Savings 1,299 $8B 400,000 $6,158,584 308 0.32%
Alpine Bank 63 $2B 100,000 $31,746,032 1,587 0.06%
Landmark 1,179 $1.5B 70,000 $1,272,265 59 1.68%
1st Mariner 1,185 $1.4B 56,000 $1,181,435 47 2.12%
Capitec 7,556 $1B 2,500,000 $132,345 331 0.30%
First Federal (FL) 917 $1B 50,000 $1,090,513 55 1.83%
Citizens Security 206 $600M 25,000 $2,912,621 121 0.82%
Converse County 348 $275M 13,750 $790,230 40 2.53%
TOTALS/AVG 120,448 $2.7T 85,564,750 $22,954,927 710 0.14%

Credit Unions – Facebook Likes vs. Assets, Customers

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.
.
Credit Union

.
.
Facebook
Likes
.
.
.

.Assets
.
.

.
Members
.
1 Like for
Every [$] Assets
1 Like for
Every [x]
Members
.
.
% of
Members
Pentagon 3,104 $14,895 1,002,352 $4,798,647 323 0.31%
VyStar 624 $4,069 376,523 $6,520,833 603 0.17%
First Tech 958 $2,323 170,851 $2,424,843 178 0.56%
Mission 386 $2,039 145,595 $5,282,383 377 0.27%
MSU 2,635 $1,963 157,945 $744,972 60 1.67%
Fairwinds 4,677 $1,539 140,188 $329,057 30 3.34%
AmeriCU 422 $920 107,125 $2,180,095 254 0.39%
Altura 537 $722 106,433 $1,344,507 198 0.50%
Scott 1,882 $694 81,039 $368,757 43 2.32%
SAFE 903 $678 98,320 $750,831 109 0.92%
DATCU 596 $540 59,236 $906,040 99 1.01%
Alliance 1,124 $350 37,965 $311,388 34 2.96%
Heritage Family 241 $254 29,472 $1,053,942 122 0.82%
Christian Financial
1,311 $242 33,344 $184,592 25 3.93%
DayAir 627 $215 25,992 $342,903 41 2.41%
Southbridge 142 $193 15,154 $1,359,155 107 0.94%
Ukrainian 395 $138 15,489 $349,367 39 2.55%
Matadors 79 $121 11,777 $1,531,646 149 0.67%
Fiberglas 248 $117 14,574 $471,774 59 1.70%
Abbey 111 $70 8,214 $630,631 74 1.35%
TOTALS/AVG 21,002 $32B 2,637,588 $1,527,569 126 0.80%

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