Research and Markets: Banking and Social Media – Easy to Say, Hard to Do

Research and Markets (http://www.researchandmarkets.com/research/e11197/banking_and_social) has announced the addition of Javelin Strategy & Research’s new report “Banking and Social Media – Easy to Say, Hard to Do” to their offering.

More than two-thirds of American adults use social media, led by 74% of adults logging in to Facebook at least once a week. This explosion of interest in social media spans all age groups, income levels, and ethnicities and is compelling financial institutions to interact with the first wave of social media-savvy customers where they hang out.

Javelin’s report examines two overarching risks of interacting in social media. First, the large majority of Americans have strong misgivings about mixing personal finances and social networks, ranging from 4-to-1 resistance against receiving updates about promotions and discounts to 9-to-1 resistance against reviewing or receiving account balances. Second, FIs engaging in social media must confront fundamental issues, such as how to balance responsiveness and regulatory compliance, how to handle private conversations in public places, and how to effectively direct customers to information.

Javelin conducted two studies of nearly 6,000 customer service interactions on Twitter with Bank of America, Citigroup, and Wells Fargo during the tumultuous period that spanned the backlash over debit fees, Bank Transfer Day, and Occupy Wall Street protests. Twitter was a lightning rod as customer service interactions tripled at the three trailblazing banks. But Javelin’s studies indicate that challenges abound. Consumers commonly receive no response because they misdirect tweets to the wrong bank handles. CSRs resolve only a minority of interactions on Twitter, and they commonly post repetitive, scripted answers that put the onus on customers to proceed shortcomings that diminish the appeal for customers reaching out to an FI on Twitter.

Primary Questions

• How many consumers are engaged with social media?

 

• What are the fastest-growing demographic segments in the past year?

 

• Are consumers willing to mix personal finance and social media?

 

• Which segments are most open-minded and should be targeted first?

 

• What banking transactions and activities are they most willing to consider doing in conjunction with social media?

 

Companies Mentioned:

• Bank of America

 

• LinkedIn

 

• Chase

 

• MySpace

 

• Citigroup

 

• Twitter

 

• Facebook

 

• Wells Fargo

 

• Google+

 

• YouTube

 

For more information visit http://www.researchandmarkets.com/research/e11197/banking_and_social