Social Media Isn’t Just for Servicing

cut up debit cardIn addition to servicing, social media is an important forum for regular communication and marketing….especially among those customers looking to switch banks.

According to our J.D. Power and Associates 2013 Social Media Benchmarking StudySM, after interacting with a bank’s social media site (e.g. Facebook, Twitter, or YouTube), 45% of customers had a more positive impression of their bank, while just 4% had a more negative impression. Banks should be cognizant of the negative effects their social marketing efforts (or lack there of) may have on consumers’ perceptions of the brand, and also on the bank’s bottom line.  

Did You Know that……

Of the customers that are using social media during the shopping process, 75% are comparing multiple brands while only 25% are considering a new account with their primary bank?   

20% of all switchers are more likely to use social media info to drive their overall selection?

In the study, we also asked respondents “How did social media impact your decision to open a new account/product with your primary bank?  Below are some verbatim responses we collected:

  •  “Social media gave me an outlet to look at recommendations from my friends for other financial institutions that I normally would not have considered.” – Community Bank customer
  • “Gave a new perspective on what people liked/did not like about their local branches” – Large Bank customer
  • “My bank has offers on Facebook, it not offers just information about their services.” – Large Bank customer
  • “Good comments from friends on Facebook and good comments in blogs about my bank convinced me to try them.” – Large Bank customer 
  • “I tried to reach out to the bank through this channel and they promptly responded to my question– Community Bank Customer
Want to learn more about our J.D. Power and Associates 2013 Social Media Benchmark Study,SM  including banking and credit card brand performance? 
Contact Karen Licker at karen_licker1@jdpa.com
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