History shows that banks always go where their
customers go.
customers go.
Since social media has reconstructed the ways in which
people communicate and relate to one another, banks have also moved online to
ensure that their customers banking needs are met on their preferred platforms.
This new trend has been termed social media banking.
people communicate and relate to one another, banks have also moved online to
ensure that their customers banking needs are met on their preferred platforms.
This new trend has been termed social media banking.
“Social media banking is inevitable,” so says a report
by global accounting firm Deloitte. The report emphasizes that banks that want
to stay competitive and differentiate themselves must begin to build a social
media banking business.
by global accounting firm Deloitte. The report emphasizes that banks that want
to stay competitive and differentiate themselves must begin to build a social
media banking business.
And many banks are already building their businesses
on social media or using social media to enhance their traditional banking
services. Some of the areas that banks are using social media to drive their
business include managing customer relationships, conducting market research,
expanding customer base and retention, marketing the bank’s products, public
relations, sales and recruiting.
on social media or using social media to enhance their traditional banking
services. Some of the areas that banks are using social media to drive their
business include managing customer relationships, conducting market research,
expanding customer base and retention, marketing the bank’s products, public
relations, sales and recruiting.
American Express, for example, has created www.openforum.com, a site that helps business owners
connect with each other and offers useful advice and tips on running a
business. The idea behind the website is to portray American Express as a
reliable partner for small businesses.
connect with each other and offers useful advice and tips on running a
business. The idea behind the website is to portray American Express as a
reliable partner for small businesses.
Fidor Bank in Germany is another bank using social
media to creatively interact with its customers, according to the Deloitte
Report. The bank uses its social media interaction to get feedback from
customers, when creating new products and even when making pricing decisions on
products. The bank also builds its online community by offering higher interest
payments on specific accounts to customers that have “Liked” its Facebook page.
media to creatively interact with its customers, according to the Deloitte
Report. The bank uses its social media interaction to get feedback from
customers, when creating new products and even when making pricing decisions on
products. The bank also builds its online community by offering higher interest
payments on specific accounts to customers that have “Liked” its Facebook page.
National Australia Bank (NAB), on the other hand, is
using its social media channels to deepen its customer service relationships.
The bank offers customer service agents on Facebook, Google+ and Twitter.
It engages its audience by accepting customer feedback and suggestions on its
social media channels and it also draws customer involvement by offering economic
updates and informative articles on Linkedln and videos on Youtube.
using its social media channels to deepen its customer service relationships.
The bank offers customer service agents on Facebook, Google+ and Twitter.
It engages its audience by accepting customer feedback and suggestions on its
social media channels and it also draws customer involvement by offering economic
updates and informative articles on Linkedln and videos on Youtube.
Gamification is the strategy adopted by Banco Bilbao
Vizcaya Argentina (BBVA). The bank offers its customers points, status, and
badges for performing specific transactions on its website. Some of the actions
that customers get points for on the bank’s website include: performing fund
transfers, watching videos that promote financial literacy, inviting friends to
join the bank and much more. This strategy helps in driving customer acquisition
and building customer loyalty.
Vizcaya Argentina (BBVA). The bank offers its customers points, status, and
badges for performing specific transactions on its website. Some of the actions
that customers get points for on the bank’s website include: performing fund
transfers, watching videos that promote financial literacy, inviting friends to
join the bank and much more. This strategy helps in driving customer acquisition
and building customer loyalty.
Building a social media marketing strategy by banks
must be holistic, says Accenture. “It must connect to the firm’s digital
strategy holistically, including mobile apps, website, and email, as well as
its customer service channel, to begin to achieve the scale and impact
desired.”
must be holistic, says Accenture. “It must connect to the firm’s digital
strategy holistically, including mobile apps, website, and email, as well as
its customer service channel, to begin to achieve the scale and impact
desired.”
Accenture also warns that, “A lack of integration of
social channels with established customer interaction channels can result in
conflicting messages being sent to consumers and a bumpy, frustrating customer
experience.”
social channels with established customer interaction channels can result in
conflicting messages being sent to consumers and a bumpy, frustrating customer
experience.”
By Anthony Osae-Brown
