Banking on social media
Marketing Week’s recent feature ’Banks seek admission into social media’s inner circle’ on whether banks are trusted enough to be ’allowed’ to use social media in communications, generated intense debate. See some comments below and find theoriginal article online at www.mwlinks.co.uk/SocialMediaBanks
One of the best things about social media networks has been the opportunity for people to exchange information – and in the case of financial services this has, for the most part, meant exchanging negative experiences.
I don’t suggest that the same level of distrust or disgust applies across all banks but there is no doubt the behaviour of some banks and some bankers has tarnished the entire industry.
Until action is taken to single out the real rotten apples, I fail to see how new systems of interaction with consumers will alter public perception.
Until the public regain some level of trust, it won’t matter if banks use telephones, letters or social media – we will still instinctively feel we are being fleeced.
If banks want to regain trust then they need to get the basics right: responsible and accountable senior executives, a personal and good service, fast processes, fair products and clear communications. Social media without these will simply be lipstick on a pig. Get the
fundamentals right and social media offers a real opportunity for honest dialogue with customers, placing them in control of the conversation and
boosting the equity of the brand involved.
However as I type this, social media is morphing again and I can see the financial services sector is already slipping behind as more location-based tools take the lead and social media and internet engagement becomes game based. I can see a continuing steep learning curve
ahead for banks in the social media space.