It’s Time for Financial Brands to Consider Instagram

Financial services marketing is undergoing a groundbreaking shift on social media. Quote cards, static infographics, data points, and formal corporate updates remain important, but more and more often they’re now complemented by dynamic, people-centric content like videos and personal stories. Blackstone’s CEO Jon Gray is out for a jog, and we’re there right along with him. We get an inside look at what being a JP Morgan intern is really like (coffee breaks and all).  Our very own CEO, Jennifer Prosek, invites us along for a lunchtime tour of the office, capturing candid moments with her team and showcasing the heart of our culture.

Financial firms are upping their game on social media by humanizing their marketing efforts, showcasing executives and employees in a more engaging way. For an industry known for its formality, this shift is remarkable, but not entirely unexpected.

In the 1950s, sociologists Donald Horton and Richard Wohl coined the term “parasocial relationship” to describe the one-sided emotional connections individuals form with TV personalities. Today, these relationships have become a powerful force in digital marketing, allowing brands of all types to cultivate loyalty and trust via social media. When users feel they “know” a figure, whether an influencer, a brand celebrity, or a CEO, they are more likely to trust their recommendations, which profoundly influences their decision-making and brand loyalty. If effective social media marketing is defined by the depth of engagement with an audience, then leveraging parasocial relationships represents a triumph in building meaningful, lasting brand affinity.

Audiences of all types expect more than just information, they seek connection. And brands have responded to this need by putting their executives front and center. The Financial Times reports a 35% increase in C-suite professionals in the U.S. on LinkedIn over the past five years, with a 23% annual rise in posts from CEOs. CEO content receives four times more engagement than typical LinkedIn posts. As users crave connection, financial services marketing is responding, bridging the gap between expertise and approachability with their corporate leaders.

To date, LinkedIn has been the social media platform of choice and a powerful tool for financial services firms. But its growing popularity has led to saturation. With many firms adopting similar content strategies, it’s becoming increasingly difficult to stand out. A strong LinkedIn presence is still essential, but it’s no longer enough to differentiate against competitors.

To rise above the noise, brands need to think beyond routine content formats. Videos of executives talking about their expertise are effective, but they can be enhanced with platforms that allow for deeper, more personal connections. This leads us to the widely untapped potential of Instagram, a platform whose mission is to cultivate social connectivity and “bring you closer to the people and things you love.”

The Case for Instagram in Financial Services

Instagram offers financial services firms an opportunity to introduce the user to the person behind the professional in a visually engaging way. With video-first features designed to capture attention, Instagram is built for storytelling, which makes it the ideal platform for building meaningful relationships. For Millennials and Gen Z, authentic connections are essential, they are top priorities for these demographics when choosing financial services providers. By maximizing Instagram, firms can connect with users on a deeper emotional level, creating a unique sense of closeness that LinkedIn alone may not achieve. Instagram is the world’s third most used app, with two billion monthly users. The numbers don’t lie, Instagram growth is off the charts, and you can see the full breakdown here.

Industry Leaders Doing It Right

Several financial services firms have already tapped into Instagram’s potential to build stronger relationships with their audiences. Goldman Sachs uses Instagram to share educational content, featuring sit-down videos where executives break down market trends in an approachable and digestible format. By incorporating overlay graphics and visual aids, Goldman Sachs simplifies complex financial concepts and makes them more engaging for viewers.

JP Morgan has taken a more personal approach, sharing behind-the-scenes content that highlights the employee experience. In one post, a father-son duo from the firm answers lighthearted questions, showcasing their bond and giving followers a glimpse into their relationship. JP Morgan is bringing it home for audiences by creating authentic content that could resonate with many different types of people, regardless of their professional background.

Blackstone has opened its doors to users with its innovative Between Two Meetings series (a professional spin on Vogue’s beloved “73 Questions” interview series, and a play on the name of Zach Galifianakis’ “Between Two Ferns” interview series). In these rapid-fire interview videos, Blackstone executives share bite-sized insights on leadership and the financial industry while walking between meetings. The format is quick, engaging, and provides a dynamic look into the personalities shaping the firm’s success.

Each of these content formats serves a unique business objective, yet all exemplify a people-first marketing strategy. By consistently highlighting the individuals within these firms, they help audiences feel a personal connection, moving them closer to forming the ever-important parasocial relationship.

What You Need to Do to Succeed on Instagram

To build a strong presence on Instagram, financial services firms must focus on creating content that is unique and engaging. Start by investing in high-quality videos and graphics that tell a story or offer valuable insights. Reels (in-feed vertical videos) are an excellent tool for creating quick, engaging content, boasting Instagram’s highest engagement rate of 1.48%. Meanwhile, Instagram Stories (an ephemeral multimedia slide format) can provide a real-time, behind-the-scenes look to help humanize your brand.

It’s also important to be consistent and authentic in your communication. Audiences expect transparency from the brands they engage with. Personal stories, employee spotlights, and insights into company culture can help build trust with your audience. Finally, remember that Instagram is about building relationships. Whether through direct engagement in comments or creating content that speaks to the needs and values of your audience, make sure your brand feels approachable and human.

By leveraging Instagram to its full potential, financial services firms can build deeper, more meaningful connections with their audiences, differentiate themselves from competitors, and foster long-term loyalty. The platform’s visual and storytelling capabilities make it an essential tool for building parasocial relationships and staying relevant in an increasingly competitive digital landscape.