Twitter knocks on the door of Big Banks…but how many of them allow it to enter?

twitter_money

Social Media is in anywhere, although not all the companies are applying Social Media strategies until now, many of them have realized the importance of being in this new era of communication.

Some of them are convinced about the benefits of these channels, others has discovered that is better to be there, otherwise you will not notice what it has been said about you…but other companies have given a different approach and have started using it as a support to their processes in the form of customer service channels…anyway, the important point is that a lot of companies are embracing SM.

Now, I am going to focus my attention on the bank industry. This industry has been a kind of slow when talking about SM implementation. However, to my surprise a big number of banks have started using SM, giving customers the opportunity to communicate in a more effective way with them.

I found an article that was talking about the current scenario of using Twitter in the bank industry, the name of the article is “Tweet This: 1 In 5 Banks Are Twitter Quitters”, and starting from the title it was amazing to me that 1 out of 5 banks in the US which started using Twitter, they just quit the channel in a short period…So, the problem is not to start, the problem is not to give up!…In accordance to this report, banks leaving twitter were active in avg. 1 year and 9 months before quitting.

Some interesting numbers about Twitter in the bank industry:

  • Citi was the bank with the largest number of new followers in 2011 (96925)
  • FirstMerit Bank had the highest incremental of new followers in 2011 in terms of
  • percentage (3980%).
  • BOFA Help was the twitter address with the highest number of new tweets sent in 2011.
  • BOFA News was the twitter address with the highest “twitter efficiency” (New Followers Per Tweet in last year: 100.31).
  • BOFA help is the twitter address with the highest number of fallowing to other accounts (34501)

But, what Citi, FirstMerit and BOFA have done to get these credits?

The response, all these banks are concentrating to help their customers through their Twitter accounts. These banks have discovered that Twitter can be the best way to help customers to solve their complaints without compromising their security.

twitter how can i help you

In the case of Citi,  and according to the article called “How Citibank Uses Twitter to Improve Customer Service” the bank has developed the twitter address @askCiti, which is a customer service channel considered highly efficient and effective by its customers. Through this channel, customers are receiving direct assistant from one of the 100 trained Citi agents in Social Media to solve any issue with the bank.

In general, some banks have discovered the power of Twitter and its connection with customers, leveraging customer assistance on this, but others, started using Twitter just as a way to follow a trend, without establishing a real commitment behind this and now they are giving up because they do not see any benefit…but what they do not know is that SM could be the element of real differentiation from competitors if the objectives are clear and the commitment is in first place.

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3 Responses to Twitter knocks on the door of Big Banks…but how many of them allow it to enter?

  1. mcnuggetsays says:

    Nice post. I work for Wells Fargo which has a very small social presence. In fact it was only two months ago that I found the first ever social media position within the company. I totally agree with you that this is an excellent way to connect with customers and provide quality service and I hope my company has started to embrace that.

  2. Wow, Banks are really not seeing the benefit of social media event if for them it is only a little marketing and mostly customer service. When they come out will anything new or even talking about how they give back to the communities would probably make them not look as money hungry as some people might see them as. Nice post!

  3. heatherzocco says:

    I actually worked in the banking industry in a local credit union for the past five years up until last October. Check out my blog about social media in the banking industry! The idea behind credit unions is community and member service. The first thing I was told when I walked in the doors was: “We do not have customers. We have members.” The point is to create a relationship with the member so they feel comfortable coming back. That was my favorite part of the job. Social media has opened up many opportunities for institutions like this that are community based. Although Bank of America may have more customers and more followers on Twitter, local institutions will have more active and interested followers. The potential of social media in the banking industry is massive and I am excited to watch where it goes. Great post!!

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