The Role of Social Media within Retail Banking

Data from the 2015 J.D. Power Retail Banking Satisfaction Study (released in April) finds that the incidence of retail banking customers using social media remains relatively low. Specifically, only 6% of retail banking customers commented about an experience on social media in the past year, and only 12% contacted their bank through the bank’s social media site.

However, data also indicates that successfully servicing customers via social media can improve metrics such as satisfaction, brand perception and repurchase intent. For example, among customers who contacted their bank for servicing, 55% felt that their perception of the bank improved because of the bank’s social media servicing effort.

Examples of other findings related to the role of social media within the retail banking industry include:

  • When posting to a site not sponsored by their bank, customers are much more likely to post a positive comment as opposed to a negative comment
  • 2/3rds of customers who posted to a site not sponsored by their bank indicate that they received a reply from someone at their bank
  • Among customers who contacted their bank via the bank’s social media site, 93% expected the bank to reply the same day, yet only 57% indicate that they received any reply from the bank

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