Social media can provide banks opportunity to shine
The US banking sector has been slow to make use of social media and is only now playing catch-up with other industries, according to a new report released today.
The ‘US Banking Sector Social Media Report’, co-authored by DigitalMR and Cicero Group provides new analysis into what the sector is currently doing and how it should address its social media strategy.
The research found that despite many banks now operating on platforms including Twitter and Facebook, many are still failing to provide basic engagement with customers and understand what people are saying about them.
With over 93 per cent of comments being made on Twitter, the report suggests banks should be willing to use social media as a tool for providing stronger customer service and addressing potential issues directly over these channels. The report found that it may not only resolve issues quicker, but also allow the banks an opportunity to improve the level of positive relationships with current and potential customers. Ultimately, social media represents a key medium for banks to develop closer relationships with their customers in order to encourage them to recommend and advocate their products online.
Some banks are ahead of others, but the majority are still failing to grapple with the basics. One recommendation in the report is that banks can use digital media to illustrate their corporate social responsibility initiatives, making business plans more digestible and a tool for recruitment.
Commenting on the research, Cicero’s Head of Digital Chris Jackson said, “With over half the US population now on some form of social media platform, US banks would be missing a trick by not having a coordinated social media strategy.
“It not only allows banks to improve their reputation, but allows them to interact with customers and resolve any issues there and then. The key message from the report is this: it is possible to have millions and fans and followers, but without a strategy to use and engage this audience, then the use of social media is limited”.
This report is an entry into the world of social media for the uninitiated, but at the same time it can be a benchmark for the banks that already track their online reputation using social media monitoring tools. It is advisable to use multiple sources in order to validate the sentiment reported for banks in other sources.
For further information on the report and its contents please click here:
Notes to Editors:
Results are based on 2 million comments posted by consumers between April 2011 and March 2012 on the major US banks including: CitiBank, Bank of America, Wells Fargo, US Bank, American Express, HSBC, Capital One, Barclays, JP Morgan Chase Manhattan, Morgan Stanley, TD Bank, PNC Bank, Regions Bank, Discover Bank, Suntrust Bank, Bank One, Orchard Bank, Countrywide Bank, Key Bank USA and Sovereign Bank.
About Cicero Group:
Cicero is an international consultancy specialising in corporate communications, digital strategy, government affairs and thought leadership generation for policy, business and consumer audiences.
DigitalMR understands what people think and feel when they share views online. It is a specialist agency which provides a holistic approach to web based market research. It specialises in utilising social media research, especially active web-listening, and online communities to enhance its business consulting approach.
The agency has pioneered new methods in online focus groups alongside tools such as video diaries, bulletin boards and online ethnography. DigitalMR is headed by founder and MD, Michalis Michael and has offices in London UK, Nicosia Cyprus, Warsaw Poland and Columbus Ohio, in the US.
For further information:
Tel: +44 (0) 7580 581 109
Head of Digital
Tel: +44 (0) 20 665 9540
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