Ajay Tejwani

Category: Social Media

Social Media in Banking Continues to Emerge and Increase

As social media sites and smart phone use grow faster than ever before, banks must prepare! The importance of social media is steadily becoming more important and so banks can no longer just ignore social media, because change is inconvenient and a hassle to implement as a result of new ever-changing regulations.

In the online article “Progressive’s PR Disaster Shows Banks Need to Think Outside Twitter”

Nicole Sturgill points out, ” ‘Most banks have no idea if their customers even have a Tumblr blog or a Twitter feed. They should absolutely be adding that to their [customer relationship management] applications because customers not only have monetary value to them but they also have PR value.’ “

Since customers hold both the monetary value and PR value, it’s vital that banks monitor their brand and what customers are saying on social networks.

So that means they not only need to have a social media plan to monitor their brand but also a way to respond to customers. They need to be proactive in order to keep customers happy and to prevent PR disasters by having well thought out plans in advance. Not only is it vital damage control, but there are so many benefits that can be repeated from a well-orchestrated social media platform.

It’s essential because as the article notes “customers that might not have as much of an impact on a bank’s balance sheet can, inevitably, affect a bank’s bottom line by affecting its reputation.” In all businesses reputation is critical but among banks it’s even more essential and could eventually lead to a bank’s success or failure! 

 

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