Banking and Social Media Communications: Boom or Bust?

This research study asks if consumers really want to “join the conversation” with banks? Are they even “listening?” Has the financial industry’s rush to social media paid off? Or not?

In the last five years, banks and credit unions have increasingly relied on social media as a communications channel. Most if not all of the largest U.S. banks have a presence on one or more of the top social media sites, and they are using this channel to communicate product changes, service enhancements and other happenings that are of relevance to customers.
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Nordea’s use of Facebook and social media to engage their customer

I really enjoyed the presentations in Oslo, particularly the case studies by Nordea and ValYou.

Nordea spoke about their experiences with social media usage.  This, in itself, is fascinating as just a few years ago no bank spoke about social media in finance.  Now, I am building case studies about how banks see this as both a customer service channel, and a platform for full deposit account usage (mBank and ICICI).

But there is still quite a spectrum of banking from those who ban the use of social media in the office ot those who embrace it for communications.
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Connecting to customers: going social

According to our recent research, over half of banking consumers (58%) now avoid calling their bank’s customer services team, preferring to use social media instead. This revelation clearly highlights the appetite for both consumers and banks to use social media as a customer service tool. With two thirds of the UK population on Facebook and 30% on Twitter, how are banks leveraging the power of social media to boost engagement and increase efficiencies?
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Is Social Media a Channel?

I see and hear this a lot nowadays – in presentations and conversations. To be honest, apart from the questionable grammar of the question, I think the answer is pretty simple – NO! But scratch away at that simple answer and a more interesting question lies beneath… Why do we need to define channels?
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5 Tips for Selling Banking Products in Social Channels

Selling on social does not have to feel all slimy. Just make sure you coordinate your strategy and execute with buy-in throughout your organization – from management to front line employees.

Simply uttering the word “sales” in the context of social media often triggers a reaction akin to the face people make when a vacuum salesman knocks on their front door. Financial marketers fear that marketing their products and services in social channels will put them on par with used car salesmen.
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Making Social Count

The banking sector’s approach to social media thus far can broadly be described as ‘willing but watchful’. That’s understandable, considering the compliance risks of committing to a medium where regulatory boundaries are still fuzzy. The reputational backlash to some first-mover efforts also hasn’t helped.

But that picture is changing rather rapidly. A leading analyst predicts that almost a third of retail banking customers would have purchased social integrated products or services by end 2016. In three years, social media will become a significant channel of retail banking in Europe, which currently lags Asia-Pacific and the US in this area.
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