Threads unraveled: banking on social media's fastest rise yet – who's winning the money game?

01/09/2023Article

The realms of social media are no stranger to rapid user acquisition, but the recent launch of Threads, a new platform developed by Meta, the parent company of Facebook, Instagram and WhatsApp, has set a record for the fastest-growing app in history. Within just five days of its July launch, Threads gained an astonishing 100 million users, leaving even TikTok in the dust.

This new platform has attracted a diverse range of users, with influencers like MrBeast and Kim Kardashian alongside banks and fintech companies. Prominent financial institutions from both the United States and Europe, including Bank of America, Citibank, Barclays, Deutsche Bank, BBVA, Nationwide Building Society and Bank of Ireland, have enthusiastically embraced the platform as early adopters. Fintechs, like Revolut and Wise, have also jumped on board, seeing it as an opportunity to engage with customers wherever they are.

Credit unions, especially American ones, are likewise surfing the Threads tsunami[LG1] , not only establishing a presence but also actively engaging on the platform. Notable among them are Greater Nevada Credit Union, Academy Bank and Altra Federal Credit Union. These institutions have effectively harnessed the platform's features to connect with their desired audience, sharing diverse financial advice, product offers, awareness alerts and community-centric content.

Want to keep reading?

Create a web account to get access to more insights

Related news & insights

Digital Reinvention
14/03/2025News

Commonwealth Bank expands AI partnership with Anthropic

This collaboration is set to enhance CBA’s AI capabilities, aiming to improve customer experiences while maintaining a strong focus on...

Digital Reinvention
13/03/2025News

Revolut enhances security features to protect users from fraud and theft

The updates come in response to a rise in phone thefts in major cities and an increase in phishing scams...

12/03/2025Article

Transforming customer engagement in banking: Trends for 2025 and beyond

To remain relevant in 2025 and beyond, banks must focus on nuanced customer segments, tap new engagement channels, and build...

ESG
12/03/2025News

CaixaBank expands sign language video interpretation service nationwide

This initiative aims to improve accessibility for individuals with hearing impairments, allowing them to receive financial information through a real-time...

Digital Reinvention
11/03/2025Article

Qorus and Infosys Finacle launch the 2025 edition of the banking innovation awards

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, and Qorus, a global association of banks and insurance...

Digital Reinvention
11/03/2025News

Lloyds Banking Group secures patent for cybersecurity innovation

Lloyds Banking Group has received its first-ever patent for a cybersecurity innovation designed to enhance threat detection and reduce false...

10/03/2025News

HolaBank expands in northern Spain amid growing international demand

HolaBank, CaixaBank's specialized program for international clients, has expanded its presence in northern Spain with ten new branches.

Digital Reinvention
07/03/2025Video

Lending innovation: Key trends for 2025 & beyond

Ram Devanarayanan, Associate Vice President - Europe at Infosys Finacle, explores the latest trends in lending innovation.