Bank Watch

Report: BofA, Wells Fargo don’t perform the best on social media

A new report ranks 10 banks for their performance on social media. Bank of America came in third for Facebook and ninth for Twitter.
A new report ranks 10 banks for their performance on social media. Bank of America came in third for Facebook and ninth for Twitter. Bloomberg

Bank of America and Wells Fargo are titans in the banking world. But they have yet to dominate some of their smaller competitors when it comes to social media performance, a report out this week shows.

Canada-based technology and data company Engagement Labs released the report, which ranks 10 banks for the job they are doing on Facebook and Twitter. The company scored banks based various metrics, including engagement, responsiveness and impact.

For Bank of America and Wells Fargo, the tweet-worthy news is they scored high enough to make the list. But they were also outperformed by banks that are a fraction of their size.

Charlotte’s Bank of America’s best score was on Facebook, where it ranked third, ahead of San Francisco-based Wells Fargo at sixth.

On Twitter, Wells Fargo ranked fourth. Bank of America didn’t do as well in the digital realm limited to 140 characters, coming in ninth.

At the top of Engagement Labs’ rankings for both Facebook and Twitter: New Jersey-based TD Bank.

“When it comes to our social presence, we don't focus on third-party rankings,” Bank of America spokesman T.J. Crawford said in response to the report. “We focus on listening, learning and being useful to our customers.”

Wells Fargo spokesman Josh Dunn said the lender’s social media strategy “is to help our customers and communities succeed financially by providing value through social relationship building.” On Facebook and Twitter, the bank provides news, offers and product information to help make customers’ banking experience easier and more enjoyable, he said.

The banking industry is just one of many that have seized on social media as a way to, among other things, market themselves.

But for banks, there’s additional motivation to have a presence on social media.

The shift of banks’ customers to mobile and online transactions has caused them to devise new strategies – which includes having a sophisticated social media plan, Bryan Segal, the CEO of Engagement Labs, said in a statement accompanying the report.

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Twitter: @DeonERoberts

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