Skip to Main Content
Access your saved content
Financial services companies need Socially Engaging Banking as part of an integrated customer experience across channels to reap the benefits of the consumer age.
Social media conversations go on all the time. More and more, customers are looking to each other for insights and recommendations. Amid a wealth of social media options, word-of-mouth endorsements often matter more than mass media advertising in influencing how consumers select financial services companies. The banking industry is clearly aware of the rise of social media, but are financial services companies doing enough to become active players in the conversation?
Socially engaging banking plays a key role as banks create customer experiences ripe for the digital age. It’s about listening to customers and creating meaningful dialogues with them. A customer experience structure with strong social elements can help banks protect and strengthen their brand image, improve customer service, mine collective intelligence to develop innovative products and improve the effectiveness of sales and marketing campaigns among other essential benefits.
Download Video Transcript [PDF, 44.2KB] PDF Help
Discover—and act on—the key principles of Socially Engaging Banking.
Socially engaging banking is one of seven enablers that can help financial services providers renew the customer experience in the digital era. Adopting a “Digital First” mindset—putting digital at the heart of the business—enables financial institutions to redefine their relationship with their customers.
Find out more: Banking On Digital
For financial institutions to fully realize the benefits of socially engaging banking, they must understand key principles. Already, some financial services companies are making headway here, beginning to restructure their customer service and marketing functions around social media to set themselves apart in a competitive marketplace. These key principles include:
Build community with ideas. Engage key audiences with several communities aggregated on relevant interests and topics for a foundation that helps companies understand their current-state position.
Engage in dialogue. Have ongoing business interactions with social media customers to address customer needs and connect with them “where they are” via an accessible channel that suits their lifestyle.
Drive business results. Achieve results by integrating social media as an engaging layer (or service platform) that can seed the development of new offerings aligned with customer needs.
Consumers are increasingly using social media to stay informed and communicate with businesses and people. Banks will need to restructure their customer experience activities around social to stay relevant and responsive.
Socially engaging banking can help improve cross-selling, brand value and the customer experience. It also positions institutions for the market shift toward “the age of co-creation,” where consumers help develop the personalized products and services they wish to buy.
March 25, 2013
Skip Footer Links