I’ve previously discussed why businesses should embrace social (‘Social media engagement tips for the financial services industry’). This time I’m going to look at why it is important for their customers.
The ability for clients to make or break a brand, or certainly cause damage has been greatly enhanced with the advent of social media channels. If the sector chooses to ignore the platforms where conversations occur, perhaps over concerns around compliance, then they are missing a great opportunity to improve their customer relations. If a business has no concept of what their customers are saying, then they will never have an understanding of what to change or implement, irrespective of missing an ‘iceberg’ issue that turns viral.
Monitoring the social environment keeps organisations on top of a range of topics and issues. As Benjamin Manz of assetinum.com says: “Reputational risks can best be avoided if banks are prominently present on social media channels and can react to accusations.” Again there is a pay-back for the company.
Financial service organisations are now recognising the benefits and importance of social engagement. Digital Managers are being employed and social policies created. Institutions need to know what is being said, by whom and when. This can be achieved through analysing content consistently and addressing need(s) as they arise. By connecting with customers there is a greater chance of success.
“It is important to know who you are talking to and correlate your messaging and content to that audience. The more connected customers are to the brand, the more they will use it.”
- Audrey Hendley, General Manager, New Customer Acquisition, American Express
Gorkana’s latest industry barometers, (banking, asset management, professional services), highlight the reputational benefits to financial services companies gained by listening to and engaging with social. Across these sectors the financial barometers have seen over 1.3m social posts during January-May 2012, compared with under 400,000 articles in mainstream publications for the same period.
Each month the barometers have shown increasing levels of social activity, with May peaking at circ 308,330. Perhaps to be expected is ‘banking’ where the greatest volume of social content is found. Noteworthy is ‘accountancy’ which shows the second highest volumes in social channels.
