Banking isn’t what it used to be. While the general premise hasn’t changed much over time, the ways people manage their money are changing with the times. Digital, for example, is becoming a major avenue for many, and a significant portion of Americans actually prefer to handle their banking away from branches and tellers, according to Nielsen research. In fact, people who bank away from physical branches make up a significant portion of the “Connected” segment of the population and prefer to handle their finances via mobile devices or call centers.
Every spring, people around the world focus on the NCAA basketball tournament to see how 64 teams stack up against all the hype. For many of us, this isn’t that different than the struggles we face managing salespeople. When we add a new salesperson to our team, we may not put them into a bracket, but we rank and value their strengths, weaknesses, potential and risk Reputation.
This collection of 12 infographics paints a sobering picture of social media in the banking industry. Generally, consumers just aren’t that interested.
Your employee’s online life could open your business to some serious dangers.
Many small businesses recognize the benefits of having a social media presence for customer service and long-term marketing purposes. However, many are slow to recognize social media’s security issues and how employees’ own social presence can add to the company’s security issues.
Or is there?
Well documented reports have appeared in the Press around the world, regarding the negative impact experienced by banks and other commercial companies, when their reputation is damaged through Social Media (Twitter, Facebook and the like) attention.
Previously, any complaint or experience of perceived poor service received by a customer, would be handled on a singular basis. If communication was passed on by that individual regarding the shortcomings of a company, then it was limited to a relatively small number of the customer’s family, friends and acquaintances.
Sorry bankers, your customers do not want to be your Facebook friends, or follow you on Twitter, or see your Pinterest or Instagram pictures.
According to findings released yesterday by Carlisle & Gallagher Consulting Group, the consultancy, fully 87% of customers find banks’ use of social media “annoying, boring or unhelpful.” The findings show negative attitudes toward interacting with banks on social media for problem-solving, and show that customers doubt the overall effectiveness of banks’ use of social media.
Bank CEO: “Why is there a puppy on our Facebook page?”
Social Media Community Manager: “Because puppies get great engagement.”
Bank leadership: “Huh???”
While this exchanges sounds farcical, it’s not that big a stretch from actual conversations occurring at banks and credit unions everywhere. Social media managers tend to believe unequivocally that “engagement is good,” which might lead them to publish somewhat random or irrelevant material on their institutions’ Facebook pages.