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.”

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It’s Time to Change Your Social Media Story – Part 1

By Mark Zmarzly, VP of Financial Services at ACTON Marketing

Here’s something most of you don’t know about me: before I entered the financial services industry, I was an English teacher and fiction writer. Why you don’t know this about me can be chalked up to one of these reasons:

We have a virtual . . . Continue Reading It’s Time to Change Your Social Media Story – Part 1

Respect the Crowd – Don’t Shut Them Out

“Well, I see the Facebook/Twitter hysteria is at fever pitch again” writes Brett King at Banking 4 Tomorrow.  “There’s the concern around market events like the fake Sina Weibo post stating that Kim Jong Un had been assassinated, apparently corroborated by the evidence of a cavalcade of black limousines arriving at the North Korean . . . Continue Reading Respect the Crowd – Don’t Shut Them Out

Role of Social Media in Growing Bank Revenues

Guest Blog Post by:  EMI Strategic Marketing

At last month’s Financial Services Marketing Symposium, a question posted by Tim Spence of Oliver Wyman to kick off the conference reflected an issue on attendees’ minds: where does the financial services industry find revenue growth? This is top of mind in the industry, as the lower loan-loss provisions, which boosted bank profitability in 2011, are expected to tail off in 2012, so financial institutions are now looking to the revenue side of the ledger to maintain and grow profits.

According to the top 25 banks’ recent forecasts, all 25 plan to increase revenue by growing their market share – which means that some of these institutions will fail do to so.

In an environment characterized by increased competitive intensity, technological advances and renewed focus on customer relationship optimization, banks are investing in a range of new service and sales channels, with social media prominent among these emerging channels. A survey of the FSM conference audience revealed that 67% of attendees’ banks have a presence on Twitter, Facebook and LinkedIn. A recent report by FIS Global shows that many top banks have a social media presence on these three main social media platforms:

What was notable about the social media discourse at the conference is that none of the speakers explained how participation in social media channels improves revenue for their organization:

» Paul Kadin of Citibank focused on the fact that Citibank’s social media presence has helped to improve its Net Promoter Scores

» Julie Berkun Fajgenbaum of American Express OPEN discussed the organization’s social media goal: active participation by message recipients

» Tim Collins of Wells Fargo emphasized that social media is not the right channel for pushing products; rather, it is a forum for authentic, relevant messages to customers

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Beyond the Wall: Ideas for Financial Facebook Welcome Pages

“Most visitors to a bank or credit union page on Facebook are greeted by the all-too-familiar Wall — a series of updates, comments, feedback and exchanges that can frequently lean to the dark side. But there’s another, arguably better option” writes Jeffry Pilcher, Publisher of The Financial Brand.com.  “When opting for a customized Welcome . . . Continue Reading Beyond the Wall: Ideas for Financial Facebook Welcome Pages