Banks And Card Companies Both Adopting Social Media

Mercator Overviews

by Mercator Advisory Group June 7, 2011 2:06 pm0

True, one doesn’t usually consider The Palm Beach Post as a leading source for financial services industry news. However, staff writer Laura Green has done a nice job outlining some of the key social media initiatives focused on customer service that are available to area customers of the leading banks in their market. Based on several interviews and a number of customer experience stories, she asserts:

“Social media have given customers rare power to influence others about a particular banking brand or to force a response from a slow-to-move institution.”

Clearly, the concept of banks listening to their customers wherever and whenever they choose to speak is catching on, at banks including Regions, Wells Fargo, SunTrust, and Bank of America.

In a related story, Firstsource Solutions reported the results of an executive survey they carried out recently at the Card Forum & Expo in Miami, FL. According to Firstsource, as reported in The Miami Herald, the survey findings included a strong show of support for the use of social media:

“The majority of survey respondents (66 percent) said that social media platforms have played a critical role in enhancing the customer experience. Three out of four respondents (74 percent) agreed that social media will be a significant factor in customer service in the future. Nearly 35 percent said their organizations use Twitter to connect with customers and monitor online conversations while 30 percent used Facebook to do so.”

Click here to read more: http://www.palmbeachpost.com/money/banks-use-social-media-to-solve-customers-problems-1503435.html

Click here to read the Firstsource story: http://www.miamiherald.com/2011/06/02/2247209/market-opportunity-for-pre-paid.html

Related Mercator content:
“Twitter Among Large Banks,” April 2011, http://www.mercatoradvisorygroup.com/index.php?doc=Banking&action=view_item&id=590&catid=17

“Be SMART About Social Media,” January 2011, http://www.mercatoradvisorygroup.com/index.php?doc=Banking&action=view_item&id=571&catid=17

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