What do consumers think of banks jumping into the social sphere?

  • 87% of consumers find banks’ use of social media boring, annoying, or unhelpful

  • 52% of consumers believe banks’ use of social media is ineffective

However, 52% feel satisfied interacting with their banks through social media.

So what are banks doing wrong? What creates the gap between those who are willing to interact and those actually interacting? And how do we, as banks, bridge that gap?

It first starts with the type of content being created.

Many individuals think banks are boring, so they don’t want to interact with things that involve banking. But banks are so much more than that. They work with charities, they award scholarships, and they interact with their communities on a daily basis. These are things that customers care about and can relate to.

People love to see others raising money for a good cause, they love to watch that deserving young adult recognized for being an upstanding citizen, and they enjoy interacting with people around them. In essence, they love to feel like they are a part of a great community. Highlighting stories that consumers can relate to will foster your relationships with them and establish trust.

So once you start talking about the right things, where do you go from there?

You need to make it easily accessible. The consumers of the upcoming generation want their information provided instantaneously and at the click-of-a-button. There’s no use in trying to establish these connections if you are putting it places that people don’t see it. Where will they see it?

  • 54% of users are using Facebook to reach their bank providers

  • 18% use Twitter

  • 12% use LinkedIn

This means that people are becoming social when it comes to talking to their banks— and banks should do the same.

One in three customers reported a  willingness to use social media to complain to a bank. While they may not want to disclose particular banking information over social media, they are comfortable interacting with their banks.

If customers are willing to complain on social media, your bank can use this as a platform to handle customer service issues and benefit your bank’s image. This will make consumer complaints helpful. They are going to use it to complain anyway, so you might as well use it to leverage your business.

Those that are completely tech savvy and using social media in full force are the younger generations. What they are looking for from their banks goes further than technological accessibility. They want “all the sophistication of big banks and their cool systems, with the warmth and familiarity of local credit unions.”

This brings us back to the idea of creating content that your audience can relate to. The future of your bank has told you exactly what they want.

As an industry and on an individual bank level, we just need to start adapting our business to fit into that mold. No matter how hard we hammer the triangular block, it will never fit in the circular slot. Instead, if we change our marketing efforts— shake them up—we will begin to see a more beneficial relationship for both our banks and our consumers.

So let’s start changing our numbers.  How great would it be to see 87% of our customers finding bank content enjoyable, pertinent, and helpful rather than boring, annoying, and unhelpful? Or to see 52% of individuals finding their bank’s social media to be effective?

We’ll never get to that point if we don’t step out of our comfort zones and begin to adopt changes into our banks.

So who’s with us? Let us know your thoughts in the comments below!