More on Banks and Social Media

Wednesday 27th, January 2016

Social Media  photoBeing on Social Media can help banks in various ways.

Banks can get tremendous value out of being on Social Media. Apart from being able to reach the young generation Y, that is. Which is one of the large benefits that being on Social Media does.

  • If a bank wants to feel the pulse of its customers – to see what they like and what they are just putting up with, Social Media is the place to go. Social Media is where people gather and voice opinions. If they like some brand or product, they discuss it on maybe Facebook. If the customer service department of a certain brand sucks, then they manage to get it all out there as well. So Social Media is where banks need to go, to see what their customers feel about them. To see what the competition is up to, and what the general reaction to that, is.
  • Thinking of adding a new product to your portfolio? Test the waters on Social Media. You can even get their help in adding features to it. When building a new banking product, you can check out Social Media to see what your customers’ needs really are and build it in a way that it meets that need.
  • If a bank wishes to tell its customers something or pass on some information, then Social Media works great. A Twitter account can come in very handy in a situation like this – where people get information instantly. About products. About changes in process or interest rates. Quick and easy dissemination of small information pockets can be very easily done through Social Media. Of course sensitive information has to be dealt with in a different way. But for general disbursal of general information, Social Media is great.
  • Believe it or not, Social Media can be the best platform where a bank can engage with its customers. It is a terrific customer service tool. The platform gives the Bank the opportunity to spot issues and address them instantly.
  • You establish credibility in one stroke. I mean you are there on Social Media. Willing to let people air their grievances for the whole world to see. That conveys a great deal of confidence in your own offering. That tells the world that you are transparent and have nothing to hide. And when you address and solve issues in plain sight, you draw others to you – and your customer base grows!
  • Social Media can help build a bank’s brand – campaigns just on Social Media or along with others on traditional channels can help present and develop the Bank’s brand among its customers – you can develop an image that the bank is known for its sound financial advice, for instance.



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