Social Media Isn’t Just for Servicing

In 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, . . . Continue Reading Social Media Isn’t Just for Servicing

Your Bank Hasn’t Earned the Right to be on LinkedIn

By Mark Zmarzly, SVP of Financial Services at ACTON Marketing

A few weeks back I decided it was time to write a blog post on “How Banks Can Best Use LinkedIn.” But then Jeffry Pilcher at TheFinancialBrand.com wrote this great post: 12 Steps Financial Marketers Can Take To Get The Most From Their LinkedIn . . . Continue Reading Your Bank Hasn’t Earned the Right to be on LinkedIn

Three Social Media Goals Banks Can’t Ignore in 2013

Social novices and mavens, what goals are you setting in 2013 to strengthen your social relationship with consumers? Consumers know what they want from their social media interactions with brands, but do you know how they are looking to engage?

To better understand this challenge, J.D. Power and Associates recently hosted an online research . . . Continue Reading Three Social Media Goals Banks Can’t Ignore in 2013

What Real Customers Are Saying About Banks

By Jason Falls, CEO of Social Media Explorer

If you asked the average American if they felt positively or negatively about their bank, how do you think they would answer? Now consider the same question while keeping in mind the country is currently clawing its way out of a recession, the mortgage crisis is . . . Continue Reading What Real Customers Are Saying About Banks

Key Banking Topics in Social Media

The challenges confronting banks that seek to bolster their bottom-line profitability, retain customers, and stay competitive in the marketplace are formidable. Research conducted by J.D. Power‘s Consumer Insight and Strategies Group to track social media activity regarding banking issues between April 2011 and March 2012 finds that:

  • Online sentiment was distinctly negative not only regarding fees, but also for bank technology
  • Complaints associated with website or online issues were a major source of discontent in technology-related messages

With customer feedback on critical topics discussed online going from technology to fees and service, banks should see the handwriting on the wall and provide an appropriate outlet for these customers, along with an acknowledgement and guidance for direction for immediate response.

Source: 2012 J.D. Power U.S. Retail Banking Satisfaction Study

Retail Banks aren’t the only ones that have an opportunity to engage with the vocal online customer. Credit card holders appear to be even more outspoken onlinne, but card issuers appear to have learned this a bit faster than their Retail Banking peers. Continue reading ›

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How are Banks and Credit Unions Using YouTube?

In a recent New York Times special report titled  Banks Slow to Embrace Social Media, the author Sonia Kolesnikov-Jessop notes that “while many consumer goods companies have embraced social media sites like Facebook, Twitter and YouTube as new avenues to reach customers, financial institutions, and especially private banks, have been reluctant.”

While the article’s main point . . . Continue Reading How are Banks and Credit Unions Using YouTube?

It’s Time to Change Your Social Media Story – Part 2

By Mark Zmarzly, VP of Financial Services at ACTON Marketing

In the previous post It’s Time to Change Your Social Media Story – Part 1 , I made a brilliant argument for the end of the Internet.  Actually, I wrote about how Facebook’s timeline changes should give all financial institutions reason to reconsider their social media strategies, but I think you could read between the lines.  The time for reinvention is here, as is the road map below.

If you have the guts (and resources) to reinvent your narrative, here are the things to think about as you redesign and redefine your story:

  • You are not the main character in your story…
  • Your story (updates, cover photos, apps, etc) needs to reflect your customers, not your bank
  • People identify with those like them (more accurately: with people slightly better than themselves), not with their bank

Who are the main characters in the stories below?  Which story would you rather read?

Your voice needs to be authentic

Every time I see a scripted wall post that’s repeated over and over “Thank you for bringing this to our attention. Please contact us at customerservice@anybank.com so we can look into your issue and work with you to resolve it.” I want to jump right into my laptop screen onto the Information Super Highway and drive down to a town I like to call Shoot Myself. Yes, discussions about personal account level data need to be taken offline but this voice is your narrator and he/she is inauthentic and not engaging. Amber Farley from Financial Marketing Solutions adds, “Not only does the voice of the bank need to be authentic and relevant, but it needs to be reflective of the bank’s overall brand. Banks shouldn’t jump into social media pretending to be something they aren’t.”

Continue reading ›

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Quick Tips for Enganging With Credit Card Customers Online

Currently, 39% of customers who use social media for credit card purposes report discussing their experience—both positive and negative experiences (22% and 12%, respectively)—or informing their financial institution about a customer service issue (16%). Credit card customers are more likely to use social media to a share an experience or post a customer service . . . Continue Reading Quick Tips for Enganging With Credit Card Customers Online