Most of the big banks are using Social Media daily and have teams of people leading their Social Media Strategies. Twitter seems to be used by most for customer service, reaching out, answering questions. Monitoring what people are saying about their bank and brand.
Yet most of the smaller banks and credit unions say we can’t utilize Social Media because of FINRA. That’s an interesting comment since these big banks have a bigger target on their back them there smaller brethren. How does J.P. Morgan Chase do it? Citi? Wells Fargo? They have a Social Media Policy in place, and a small team of people who play by the rules.
It’s just an excuse to not engage with this new form of communication. In talking to CEO’s the #1 reason seems to be fear. Fear that someone will say something bad about their bank and brand. Got news for you…since the beginning of time people have communicated both good and bad about a business, product or service. Just so happens in Social Media, it spreads faster.
So…I ask this question. If someone says something negative about your bank or brand out in Social Media, how will you respond? Always a long pause. No one has yet to give me a clear answer because they are not out on Social Media Platforms. The financial industry as one industry insider said…late adapters. Maybe some will not adopt at all. It’s costing these banks more than they know, and the big just keep getting bigger, and with all these new regulations squeezing profits, they need to grow, not hunker down.
“Someone once said…If you don’t like change, you’ll like irrelevance even more.” – Anonymous
In the offline world, customer service functions tend to live in their own expensive silos along with the specific product lines they support.
“I think that’s what frustrates a lot of customers.” “They’ll call into a company and the first person they speak to will know a first piece of the answer, but then they’ll have to transfer them to get the next piece of the answer.”
But social media, with its cheap, flexible infrastructure, is a natural place to consolidate a brand presence and build a cross-functional customer support staff.
Social media “as a service channel is going to be widely accepted”-and soon.
“Now no one bats an eyelash about sending a business an email if they have a question or need additional information. I think in a few years from now, tweeting a question [to a company] or posting it on Facebook or Google+ is going to be the norm.”
Now’s the time. Jump in… the Water’s Fine in the Social Medial Pool.
Prepare1 conducts a series of workshops, and works with businesses, non-profits, and individuals to succeed with Social Media.
Check out some new upcoming workshops.