Moving Beyond Listening and Monitoring Social Media Marketing for Financial Services
In the UK, the percentage of customers willing to give personal information to their bank online in exchange for better value or tailored services more than doubled from 2012 to 2014.2 And recent Accenture consumer research shows that nearly a third of consumers use information from social media sites when evaluating retail banking products and services. While still a minority, many consumers want companies to get directly involved in contributing to discussions on social media, and nearly one in four are more likely to do business with a company that they know they can interact with in a social media environment. 3 Many financial services firms have responded by using social media to listen to their customers and monitor their brands. However, they are not yet using it to generate tangible business benefits. With advances in optimization tools, nalytics and software, social media is now much more a science than an art. It can be a very effective means to build a community and engage with the consumer in a more personal way. By harnessing the power of analytics and integrating social media insights holistically into the company’s marketing strategy, financial
services firms can drive growth, increase operational efficiency and reduce risk.