Friday, February 27, 2015

Social Media in Retail Banking

A recent study of 439 financial institutions reveals that most banks don't believe they are getting strong performance in social media, for the efforts around customer acquisition or engagement.

Of the respondents, most said that engagement was the primary reason that they were using Facebook broadly, however, two thirds of the financial institutions said that it was only somewhat effective for them. In looking at respondents opinions on Twitter, LinkedIn, Google+ and Pinterest, respondents are even more suspect of the effectiveness.

These results beg the question of what the role should be for social media in the financial services realm and what sort of investment should be made. There have been good examples of institutions being successful in social media, so the question become how can you effectively leverage social media and what are the ingredients to success?

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