Social Media Challenges Financial Institutions Need To Overcome For Improving Their Bottom Line
Credibility is a huge problem banks are experiencing, especially in current volatile economy environment. The financial institutes are feeling a consistent pressure in regaining and improving consumer trust and satisfaction.
With the technology evolving rapidly social media platforms are generating a lot of transparent content every day. Therefore, banking institutions are finding it extremely difficult to deliver reliable and incorporated consumer experience.
Brands of different sectors are using a lot of creative methods to employ social media to resolve consumer issues as well as keep every member updated about the vital information. However, financial industry still is lacking behind in integrating social media platforms.
There are lots of fascinating debates and practical examples of how financial brands like credit unions, insurance, and banks have leverage social platforms.
Challenges financial institutions needs to overcome
Nurture Social Media Meaningful Conversation
Friends share their opinions about hotels and restaurants online with everyone similarly they share honest views about available financial products/services. These judgments are very public and driven mainly by personal experience.
The unfortunate truth is that more than 50% audiences online share bad experiences with friends on social media in comparison to good ones. It is not credible for the potential financial institution to disregard a single frustrating consumer but significant to address this dilemma, before the message influences 10,000 readers.
Social media monitoring flags upcoming risks and helps to mitigate the effect, when they occur with correctly applied social media efforts. Research shows that it is best to take into consideration customer feedback appearing on social media first because it can possibly damage trust and ultimately institution’s image.
Active Engagement
For becoming best Facebook bank brands it is vital to recognize consumer sentiments, pay attention to their needs, as well as respond to their complaints on social media without fail. The goal of banks must be to interact with customers and translate them from sheer listeners to dynamic participators or brand advocates.
Financial brands can nurture meaningful social conversation into real relationship, which can ultimately change into an opportunity to earn revenue directly through encouraging word-of-mouth.
Fulfill Customers Demand
Privacy, compliance, and security are the huge challenges banks are experiencing, when it gets social but it desires to meet young generation demands, who are in the habit of doing every activity in public light. However, banks need to do it from a regulatory stance.
Many banks have created accounts of popular social networking websites, but disallow consumers to transfer money, make payments, or check their account balance from these networks. They actually provide these pages to provide real time help to educate or respond to queries.
Bottom Line
Financial institutions will need to experiment for figuring out the social media challenges of –
- What to say on social platform?
- How to say?
- When to say?
If you desire to engage consumers then give them good reason because monotonous idle gossip on Facebook or Twitter is not sustainable. To make social media, a vital contributor to enhance financial institutions bottom-line is to integrate the concepts and approaches towards social platform in daily marketing process rather sooner.
