Banks Fail to Use Facebook and Twitter Effectively
A survey recently conducted uncovered that 50 of the nation’s leading private banks hadn’t effectively utilized social media to reach customers. In fact, if any efforts had been placed into social media at all, it was amateurish at best. Many banks set up token social media profiles that contained no updated content or value for their fans.
Assetinum, a marketing firm, tested many of these banks to ascertain whether banks were active in responding to Facebook messages. Only half of the banks surveyed responded - clearly indicating a low rate of bank/user interaction.
Banks using Twitter fared much worse in surveys. Out of the 50 banks with active Twitter accounts, only 26 responded to follower postings. Additionally, only 13 tweeted about relevant financial subject matter.
Social Media and Online Presence Integration is Lacking
Banks scored low on integrating social media with their websites. At least of half of the banks surveyed didn’t effectively integrate social media channels with their online presence. Apparently 19 banks did have blogs, but only 6 of those banks made an attempt to address reader comments or interact with users.
Survey results are surprising. Most major banks have adequate resources and personnel to exploit social media channels to their advantage. Banks are simply choosing not to pursue this option. Of course, since 50% of the higher-net-worth customers younger than 50 view social media channels as a vital resource in communicating with their banks, it’s obvious that most banks are missing the mark.
Banks Fear Testing Social Media Waters
Reputational Risks and Social Media
Banks stand to lose more clout and reputation by being absent from social media than from making social blunders. Any risks in using social media can be mitigated by becoming more aware of banking consumer needs and expectations. Banks should concentrate on getting to know customers. Social media helps organizations with this effort.
Customers are talking about their banks via social media channels already. Banks have no choice but to enter the conversations in a meaningful way. Either way, the conversation will continue with or with bank participation.
Social Media is Serious Business
Big name companies have already entered the social media arena and proven that social media offers benefits to larger and smaller companies. There is no reason this shouldn’t be applicable to banks, as well. Banks must interact with customers and win their hearts and minds in order to secure their business. Social media marketing strategies can make this easier for businesses and banks.
Customers Respond Positively When Engaged Via Social Media
Banks who have implemented social media marketing strategies have discovered that once an online presence is developed, customers take advantage of opportunity for easy communication. Banks are learning that all customers, including higher-net-worth individuals want to interact with banks via social media networks. Establishing a social media presence seems to engage customers better and inspire banking brand evangelism.
It’s time for Banks, both large and small to get serious about Social Media or get left behind.
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