Poor Social Media Practices can Negatively Impact a Bank’s Bottom Line

Businesses can no longer adopt a trial-and-error approach to social media as all-new research finds a link between social media and business metrics such as consumers’ likelihood to purchase or interact with companies through leading social channels, according to the J.D. Power and Associates 2013 Social Media Benchmark Study,SM released today.

The inaugural study . . . Continue Reading Poor Social Media Practices can Negatively Impact a Bank’s Bottom Line

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

Interact Better with Your Customers via Social Media – Coming Soon in the 2012 Social Media Usage Study

J.D. Power is committed to helping companies understand and navigate the rapidly changing landscape of social media. To that end, the 2012 Social Media Usage Study has been piloted to examine how consumers are currently using social media to interact with companies and to understand the current social media practices companies employ. To continue . . . Continue Reading Interact Better with Your Customers via Social Media – Coming Soon in the 2012 Social Media Usage Study

A Few Post Halloween Banking Tips &Treats

In case you missed a few of our recent online events and complementary research reports, we’re including them for you here.  We promise, just like the day after 1/2 price Halloween candy, it’s not a trick. Just a heartfelt way for us to treat you, our loyal banking fiends and fans for your continued supportEnjoy!

What Do Small Business Owners Expect From Their Bank?

This exclusive webcast provides an inside look into the results of our J.D. Power and Associates 2012 US and Canadian Small Business Banking Satisfaction Study that will be released next week.  Below are only some of the many issues discussed during the webcast:

  • How customers’ perceptions have changed since 2011
  • The latest trends emerging in the small business banking industry
  • Which factors are having the biggest impact on customer satisfaction

Download the full webcast

The Dividends of Improving Best Practices for Social Media Research

In this whitepaper, we’ll show you that without well-established and proven guidelines on query construction and data extraction, very different results and conclusions can be obtained by different analysts attempting the same social media data search.

In extreme cases, analysts can create such highly divergent queries that the associated data leads to different answers to even simple questions, such as:

  • Which brand is my main competitor?
  • Is Product1 more of my brand’s conversation this month centered around product?
  • Is the sentiment expressed toward my brand this month more or less positive than the sentiment expressed toward my brand last month?

Download the full whitepaper

Using Voice of the Customer Information to Improve Business Performance: 5 Keys to Success

This presentation explores how clients use J.D. Power and Associates and other Voice of the Customer data with ROI or other business metrics to analyze under-performance to drive improvement.

Download the full presentation Continue reading ›

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Are Bankers Ready For The Bank 3.0 Reality?

A Guest Post By:   Jim Marous, SVP of Corporate Development at New Control
In an exclusive interview about his newest book, Bank 3.0, Brett King discusses how change occurring in the banking industry is inevitable, speeding up and disruptive. From the mobile wallet wars to the impact of social media, tablets and the ‘de-banked’ and digital consumer, Bank 3.0 shows why banking is no longer a place you go to, but something you do.

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A great deal has happened since Brett King wrote Bank 2.0 in 2010. Two years ago, banks were under siege as the foundation of the banking system was close to collapse and the image of the industry as a safe and secure environment was being challenged. The impact of social media was just beginning to be understood by the financial services industry and mobile technology as we know it today was in its infancy. Heck, King even referenced his (now long gone) Blackberry in the first chapter of Bank 2.0.

With Bank 3.0, King discusses how consumers are less likely to view their retail banking provider in terms of capital adequacy, branch network, products and rates. Instead, customers are more likely to determine their banking partners by how easily they can access their accounts when they need to, and how much they trust their provider to execute business on their behalf. For those who read Bank 2.0, King’s new book retains some of the foundation and case studies, but updates several areas based on what has occurred (and will be occurring) relative to digital delivery, payments, social media, and the power of ‘big data’.

On the eve of the introduction of Bank 3.0 in the U.K. (introduction in the U.S. is scheduled for early November), I interviewed Brett King about his new book and about how he views the banking industry today. 

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What has occurred in the marketplace that warranted the publishing of Bank 3.0 just 2 years after your successful book, Bank 2.0?

Brett King: The marketplace has changed significantly around how consumers are engaging with their financial institutions. Compared to two years ago, traditional banks are challenged more than ever from a distribution perspective because of the movement to mobile and digital channels, and because they are not well positioned with their current bricks and mortar networks for a positive customer experience. The philosophy of banks, with their secure firewalls, operational structure and compliance mindset, is counter to how any other industry engages with customers in the digital space. Since Bank 2.0, the competitive environment has also changed a great deal, with partnerships being developed, alternative players and new bank start-ups being introduced, underbanked segments emerging, and social media merging with bank service engagement. People are beginning to take a functional and utility view of banking, which is why I say in the subtitle of the new book, ‘banking is no longer a place you go to, but something you do’

Continue reading ›

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Satisfaction With Social Media Interaction

Social media, a non-traditional method of customer interaction is clearly becoming increasingly important for banks to understand.

It’s no longer just a vehicle for customers to vent about poor experiences, praise their bank for exceeding expectations, or read about other customers’ positive or negative experiences—it has now become a legitimate service channel!

Social media sites . . . Continue Reading Satisfaction With Social Media Interaction

Complementary Whitepaper: The Dividends of Improving Best Practices for Social Media Research

Social media is continuing to gain traction in the world of market research. While this is an exciting development that offers new opportunities for data collection, there is a potential downside. With so many tools available to so many different types of users, the “wild west” approach to social media data access may be . . . Continue Reading Complementary Whitepaper: The Dividends of Improving Best Practices for Social Media Research

Social Efforts in Financial Services

Did you know that consumers don’t single out social media as a separate experience with a company?  Instead, they expect social media to be a fully integrated and seamless  part of the overall brand experience.

This is one of the many insights shared with us over the past 90 days while we were engaging . . . Continue Reading Social Efforts in Financial Services

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 Social Media Trends Affecting the Wealth Management Industry

In 2011, 65% of adults used social networking sites, a dramatic increase from 29% just 5 years earlier. Additionally, 50% of adults actively used social media last year.*  Growth is expected to increase in 2012, as Twitter adds 500,000 users per day on a worldwide basis.* Online discussions related to full service investors is heavily focused on advisors/brokers.  Consumers discussing full service investor experiences online often reference “financial advisors,” “investments,” and “wealth management,” as illustrated in the following word cloud:*

Research conducted by our Consumer Insights and Strategy (CIS) Department, which provides social media analysis and reporting to understand consumer attitudes and behaviors relative to brands, products, services, and current topics, identifies the following key trends affecting the wealth management industry among full service investment firms. All of the following comments from online consumers were gathered by the CIS Department.

1.  Trust is the most frequent theme in consumers’ online discussions.

Consumers often state that they trust their current advisor/broker. However, a lack of trust prompts many of them to look for a new advisor. New investors also ask advice from their peers when seeking a trustworthy advisor. Some financial advisors are viewed as promoting their own agenda, rather than looking out for their client’s best interests.

2.  Social media has increased the transparency of advisor plans and service levels.

Investors typically share the advice they receive with others to seek validation for their financial plan. Investors also seek feedback from others as a second opinion. Continue reading ›

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