The Latest

Social Media and Banking Sector – What You Can Learn

byDouglas Ian
February 17, 2011
2 minute read
Total
0
Shares

While there is no doubt that social media is all the rage amongst retail and advertisings sectors, it is yet to make major inroads in the financial services and banking sectors. A new report from Ovum, the technology arm of market analyst firm Datamonitor reveals that a majority of banks worldwide aren’t yet ready to embrace social media.

Privacy and Data Security are two of the biggest hindrances to mass-scale social media adoption in the banking sector. Moreover, many banks do not think social media gives them an edge to engage customers. In fact, they believe that it’s a dangerous proposition which may compromise sensitive financial data.

IMO, while some of those concerns are valid, others are simply blown out of proportion.

Ovum Research Findings

Startling as it may seem, the recent Ovum research indicates that 60 per cent of the world’s retail banks have no plans to use social media in the future. There are noticeable exceptions though – UK’s First Direct, Australia’s NAB, Wells Fargo in the US and Rabobank in the Netherlands have adopted social media as a communication channel.

While American banks mostly rely on Twitter, Australia’s NAB used YouTube and Twitter to pacify disgruntled customers after its online banking system fell over. And going by the encouraging response received so far, the move appears to be fetching the desired results. 14 per cent banks currently use social media as a marketing tool, with a further 12 per cent planning to use it to promote their business by the end of 2012.

IMO, First Direct UK is the perfect example of how financial institutions should approach the social media ballgame. The bank has enjoyed tremendous success in using social media as a means of connecting with customers and has launched several innovative Twitter campaigns.

Challenges

As I mentioned earlier, the banking sector relies on sensitive financial data all the time. Though Facebook has made several changes to its privacy norms over the last couple of years, a lot more needs to be done in order to simplify who gets to see what information. Perhaps, a different set of privacy controls for banks and financial institutions would help. Given the current situation, it’s unsurprising that most banks prefer Twitter over Facebook as the former has virtually no privacy vulnerabilities.

The Ovum report indicates that social media offers a massive untapped opportunity for financial institutions and I couldn’t agree more on that. Consumer confidence in the banking sector has hit an all time low and I strongly believe that the personal touch of social media would serve as a perfect shot in the arm to lift the struggling global financial industry.

What is your opinion on the use of social media in the banking sector? Are Facebook and Twitter dangerous territories for banks and financial institutions? Please share your opinion by leaving a comment below this post.

Total
0
Shares
Share
Tweet
Pin it
Author
Douglas Ian
Douglas Ian is the Chief Editor of Smedio Magazine, Bestselling Author, Strategist, Speaker, and Trainer, who helps businesses grow their revenue through specialized business optimization strategies.
32 comments
  1. Pingback: Tweets that mention Social Media and Banking Sector - What You Can Learn | Smedio | The New Media and Social Web Guide for Business and Marketers -- Topsy.com

  2. IMO, the attitude of some of these banks underscores that they do not hold the future. In other words, I expect there will arise new forms of financing besides the existing banks. So, if banks want to connect with new generations, they will have to go along to offer other channels such as social media. Or else they just disappear and people will move to other financial institutions. Rabobank understands that their long-term survival depends on connecting with people. I wonder if other banks will get it on time. – Juan

    1. Juan, you’re right-on on the attitude currently exhibited attitude by many of the banks and related institutions. The interesting thing is, the institutions that are slow to adopting the social medium will eventually be adopting the opportunity but only to trail the trail blazers in their industry.

  3. Pingback: Financial Banking Apps

  4. I simply want to say I’m new to blogging and site-building and truly enjoyed you’re blog. Likely I’m want to bookmark your blog post . You definitely come with great writings. Many thanks for sharing your webpage.

  7. Credit score cards that compensate their cardholders via air miles redeemable in the direction of airline tickets are truly popular these [url=http://www.miumiujp2013.com/] miumiu 新作 [/url] days, particularly among regular travelers. Rewards can really add up rapidly if use of the air miles credit score card is maximized. Here are 8 quick suggestions to earning more credit card air miles that everyone can use…1. Get the Very best Card – Some air miles rewards credit score cards are better than other people. For example, some provide what quantities to one mile for each greenback spent while other people only give a mile for every two dollars spent. [url=http://www.newmonclerjacketsdown.com/%E3%83%A2%E3%83%B3%E3%82%AF%E3%83%AC%E3%83%BC%E3%83%AB-%E3%83%AC%E3%83%87%E3%82%A3%E3%83%BC%E3%82%B9-c-61.html] モンクレール レディース [/url] Comparing provides and selecting the best card to start with is 1 of the simplest methods to make much more miles.2. Look for Reward Intro Provides – Once more, when heading through the procedure of picking the best credit card, look for cards that award a big reward quantity of miles just for signing up for their plan. It’s a excellent way to get the ball rolling.3. Get Much more for the Money – Some air miles credit cards [url=http://www.jptoryburchsales.com/%E3%83%88%E3%83%AA%E3%83%BC%E3%83%90%E3%83%BC%E3%83%81-%E3%83%95%E3%83%A9%E3%83%83%E3%83%84-c-5.html] トリーバーチ バレエシューズ [/url] discuss their rewards in the type of cash [url=http://www.marcjacobsbagsjpn.com/%E3%83%9E%E3%83%BC%E3%82%AF%E3%83%90%E3%82%A4%E3%83%9E%E3%83%BC%E3%82%AF-%E3%83%88%E3%83%BC%E3%83%88-c-42.html] マークバイマークジェイコブスバッグ ナイロン [/url] rebates or credit towards [url=http://www.jpmarcjacobsclubs.com/%E3%83%9E%E3%83%BC%E3%82%AF%E3%82%B8%E3%82%A7%E3%82%A4%E3%82%B3%E3%83%96%E3%82%B9-%E3%83%90%E3%83%83%E3%82%B0-c-79.html] マークジェイコブス バッグ [/url] a ticket buy [url=http://www.discountnewmonclerdownsjp.com/%E3%83%99%E3%82%B9%E3%83%88-c-97.html] モンクレールダウンベスト [/url] instead of just gratifying the ticket by itself. This is usually preferable because it still lets the cardholder store for a discount on air tickets and get much more from the miles earned.4. Use the Card for Every thing – To increase the air miles attained, it is important to use the credit card and get rewards for every practical buy possible. This might be groceries, gasoline, cable expenses, phone bills, utilities, and even lease. Clearly, this technique is only efficient if the balances are then compensated in full each and every thirty day period.5. Maintain an Eye Out for Promotions – Remain tuned to the account holder website to maintain up with the latest advertising offers. Occasionally the credit score cards offer double the miles or reward miles on buys that match into one certain category or another. Take benefit of this.6. [url=http://www.miumiujpoutlet2013s.com/] miumiu バッグ [/url] Check Out Partnership Deals – While on the card’s web site, also examine out any partnership offers provided with the miles compensate plan. For occasion, sometimes by patronizing a particular vehicle rental business or by remaining at a choice resort, additional miles can be earned if the bills are paid for with the card.7. Do not Let the Balance of Miles Expire – This one should be pretty apparent, but it is frequently forgotten about. Sometimes it’s simple to overlook the air miles accrued before getting a chance to money them in for air journey. [url=http://www.newmonclerdownsjp.com/%E3%82%B8%E3%83%A3%E3%82%B1%E3%83%83%E3%83%88-c-94.html] モンクレール ダウン レディース [/url] Be aware of expiration dates and balances by checking the assertion often and actually using the benefits rather of allowing them go to waste.eight. Use 1 Reward Card Exclusively – Selecting the credit card with the very best air miles benefits for your person needs and sticking to that choice is the best way to rack up these miles in a hurry. Focusing on just 1 air miles reward plan is the very best way to actually make it pay off. By spreading the work over [url=http://www.miumiujp2013.com/%E3%83%9F%E3%83%A5%E3%82%A6%E3%83%9F%E3%83%A5%E3%82%A6%E3%83%9C%E3%83%BC%E3%83%81-c-98.html] miumiu ポーチ [/url] a number of different cards, the progress will be diluted and balances will be more most likely to expire prior to they can be cashed in for travel.

  8. I really appreciate this post. I’ve been looking everywhere for this! Thank goodness I found it on Bing. You have made my day! Thank you again!

  9. I have got 1 recommendation for your weblog. It looks like at this time there are a couple of cascading stylesheet problems when opening a number of webpages inside google chrome as well as firefox. It is running okay in internet explorer. Possibly you can double check that.

  11. of course like your web site but you need to test the spelling on quite a few of your posts. Several of them are rife with spelling problems and I find it very troublesome to tell the truth however I will definitely come back again.

  12. I was wondering if you ever thought of adjusting the design of your site? It is well written; I love what youve got to say. But maybe you can include a a bit more in the way of content so people can connect to it better. You have got an awful lot of wording for only having one or two photos. Maybe you can space it out better?

  13. A fascinating discussion that is related to casino and betting agencies is definitely worth my comment. I do believe that you need to write more on this issue, it may not be a taboo subject but typically people do not speak about these issues.Casino on-line bets is actually the most professional and safe methods to place your bets nowadays. The bonuses and promotions are usually an appealing solution for online poker. People will never obtain these types of possibilities in any conventional casino.

  14. I believe this website holds some real great info for everyone. “A man’s dreams are an index to his greatness.” by Zadok Rabinwitz.

  16. It still surprises me, just how some people do not know about Kinovelax Diet Plan (do a google search), despite the fact that many people get great result because of it. Thanks to my buddy who told? me about Kinovelax Diet Plan, I have lost a lot of weight by using it without starving myself.

  18. Howdy! This post couldn’t be written any better! Reading through this post reminds me of my previous roommate! He constantly kept preaching about this. I’ll send this post to him. Pretty sure he’ll have a great read. Many thanks for sharing!

  20. That is very fascinating, You are an overly skilled blogger. I’ve joined your feed and look forward to in search of extra of your wonderful post. Additionally, I have shared your website in my social networks

  21. hi!,I really like your writing so so much! percentage we be in contact more about your post on AOL? I require an expert in this space to solve my problem. Maybe that is you! Having a look ahead to look you.

  23. To grow your company you need to entice the attention of your prospects, advertising can assist you do so if utilized correctly. Unfortunately, numerous small businesses proprietors waste materials thousands of bucks on advertising efforts that only achieve minimal results.If you want to get the most from the money you spend to market your goods and solutions, make sure to steer clear of these typical errors.Focusing on Your Goods and ServicesIf you want to get the focus of your prospective customers, talk to their needs and desires. Your prospects’ main problem isn’t that you have been in company for twenty five many years it is do you know the problem they want to resolve. Use your advertisement to determine at least 1 typical problem of your prospective customers and the benefit of utilizing your item or support.Having a Weak Advertising MessageAll to often you listen to ads and it requires some thought to figure out what they are even promoting. Make certain your ad consists of a 7-ten phrase description of whom you serve and the issues [url=http://www.jpmonclerdownshop.com] モンクレール激安 [/url] you solve so people who study or hear your ad know how you can assist [url=http://www.newtoryburchjpsales.com/%E3%83%88%E3%83%AA%E3%83%BC%E3%83%90%E3%83%BC%E3%83%81-%E3%83%90%E3%83%83%E3%82%B0-c-153.html] トリーバーチバッグ [/url] them.Utilizing the Wrong WordsA word right here, a phrase there can alter your reaction rate by hundreds of percent. When you invest money on marketing, first check a number of variations of your copy to determine the one that functions very best. Just by [url=http://www.jptoryburchsales.com/%E3%80%90%E5%8D%B3%E7%B4%8D%E3%80%91%E3%83%88%E3%83%AA%E3%83%BC%E3%83%90%E3%83%BC%E3%83%81-selma-riding-boot-%E3%83%A9%E3%82%A4%E3%83%87%E3%82%A3%E3%83%B3%E3%82%B0%E3%83%96%E3%83%BC%E3%83%84-%E2%98%86-%E3%83%AC%E3%83%87%E3%82%A3%E3%83%BC%E3%82%B9-%E3%83%AD%E3%83%B3%E3%82%B0%E3%83%96%E3%83%BC%E3%83%84-%E3%82%A2%E3%83%BC%E3%83%A2%E3%83%B3%E3%83%89-p-33.html] tory burch riding boots [/url] revising her ad copy so it was consumer and issue centered, I helped 1 small business [url=http://www.newmiumiubagjp.com/%E3%83%9F%E3%83%A5%E3%82%A6%E3%83%9F%E3%83%A5%E3%82%A6%E3%83%9C%E3%83%BC%E3%83%81-c-98.html] miumiu ポーチ [/url] proprietor attain her very best thirty day period in sales ever.Lacking MotivationMost advertisements skip the mark in moving prospective customers to motion. If you want to prompt prospective customers to visit your internet site or your shop or to contact you, consist of an provide that motivates them to do so.Missing in FrequencySome individuals make spur of the second purchasing decisions, but most need to become acquainted with your services and goods, and this requires time. If you want your marketing to work, you require to make sure that your prospects see or hear it frequently. Internet Websites that Do not Transfer Prospects to ActionMany small business proprietors immediate prospects to a web website where they have more substantial content covering available solutions and goods. I constantly get calls from individuals who have been effective at attracting [url=http://www.toryburchmalljp.com/%E3%83%88%E3%83%AA%E3%83%BC%E3%83%90%E3%83%BC%E3%83%81-%E3%83%90%E3%83%83%E3%82%B0-c-22.html] トリーバーチバッグ [/url] prospects to their web website, but generate couple of revenue.As soon as [url=http://www.mbtbootsjp.com/mbt%E3%82%AB%E3%82%B8%E3%83%A5%E3%82%A2%E3%83%AB-c-87.html] mbt ウォーキング [/url] prospects get to your web site [url=http://www.toryburchmalljp.com/%E3%83%88%E3%83%AA%E3%83%BC%E3%83%90%E3%83%BC%E3%83%81-%E3%83%95%E3%83%A9%E3%83%83%E3%83%84-c-23.html] トリーバーチ バレエシューズ [/url] make certain the content material and visible business moves them to take the motion you want them to. Whether it is providing them with ample possibilities to fill in your support inquiry form, or including a subset of your product catalog in your web page navigation bars, help prospective customers move to client and consumer standing.Lack of Adhere to UpSometimes making a sale demands sending a be aware or choosing up the phone and contacting your prospective customers. If you have an efficient direct [url=http://www.discountmarcjacobsbagsjp.com/] mark by mark jacobs [/url] era technique, prospects will provide you with their contact info and the problem they want solved. Use the internet, e-mail, and the phone to adhere to up and close the sale.Absence of TrackingIf you are creating more from your advertising than you are spending, you are ahead. Frequently small business proprietors cannot inform you which of their attempts helped deliver in the company. Monitor each of your advertisement campaigns and you’ll know exactly where to invest your money in the long term, what to modify and what to get rid of.Do you know how numerous sales and how much money you made as a outcome of every of your marketing campaigns?Are you making any of the above common advertising mistakes?What elements of your marketing should you alter?Put your marketing home in purchase. Repair your technique and your materials. If you don’t know what to alter or how to change it, use experts to assist you with strategy, copyrighting, style, PR, and media positioning. Steer clear of these typical marketing errors and you’ll discover ore people contacting you about your goods and solutions and that your creating much more than your spending on your marketing.2004 In Mind Communications, LLC. All rights reserved.

  25. Whether or not you have a credit score card or not, it pays to know the options, if you have a card, you might have heard [url=http://www.marcjacobsbagsjpn.com/%E3%83%9E%E3%83%BC%E3%82%AF%E3%83%90%E3%82%A4%E3%83%9E%E3%83%BC%E3%82%AF-%E8%B2%A1%E5%B8%83-c-45.html] マークバイマークジェイコブス 財布 [/url] the phrase cost card prior to. However, numerous individuals don’t truly know the distinction between a charge card and a credit card, and what the advantages and disadvantages of a charge card are. If [url=http://www.discountnewmonclerdownsjp.com/%E3%82%B3%E3%83%BC%E3%83%88-%E3%83%A2%E3%83%B3%E3%82%AF%E3%83%AC%E3%83%BC%E3%83%AB-%E3%83%AC%E3%83%87%E3%82%A3%E3%83%BC%E3%82%B9-%E3%82%B3%E3%83%BC%E3%83%88-c-113_115.html] モンクレール レディース ダウン [/url] you want to know more about charge cards then here are some useful tips to get you started. What is a cost card? A charge card is a plastic card a lot like a credit card, in that you can spend for goods and [url=http://www.miumiujp2013.com/] ミュウミュウ 直営店 [/url] withdraw cash using the card. However, unlike credit cards, the balance of a charge card has to be settled in full each month. The most common examples of charge cards are American Express and Diners Club cards, as well as some gold cards. Paying the balance in full The primary feature of a cost card is that you have to spend the stability off in complete each [url=http://www.toryburchmalljp.com/] トリーバーチ 靴 [/url] month. If you currently have a credit score card and spend your balance off every thirty day period, then having a cost card would be very comparable to this. Settling the stability every thirty day period means that you can spending budget an exact quantity that you can pay for to invest. Nevertheless, you must keep in mind that if you can’t spend off the balance then the penalty interest will be much greater than a normal credit score card. No limitations Another feature of charge cards is that there are no genuine pre-set investing limits on the card, meaning in concept you can invest what you want on it. This is brilliant if you can afford to spend off big quantities each month, but can be devastating if you are not [url=http://www.newmonclersalejp.com/%E3%83%A2%E3%83%B3%E3%82%AF%E3%83%AC%E3%83%BC%E3%83%AB-%E3%83%80%E3%82%A6%E3%83%B3-%E3%82%B3%E3%83%BC%E3%83%88-%E3%83%AC%E3%83%87%E3%82%A3%E3%83%BC%E3%82%B9-c-86_87.html] モンクレール ダウン レディース [/url] disciplined. You could effortlessly run up extremely big debts that you have no indicates of paying off at the end of the month. However, getting no restrict is helpful in an unexpected emergency simply because it gives you much more versatility. Benefits Although charge card expenses need to be settled each thirty day period, numerous people get charge cards simply because of the excellent advantages that they offer their customers. Although advantages differ [url=http://www.mbtbootsjp.com/] mbt スタジオ [/url] from card to card, privileges can include totally free travel insurance coverage, as well as access to business lounges in airports. Charge cards are a good tool for people who journey around a great deal and want to be comfy wherever they go. Not always accepted 1 of the primary disadvantages of charge cards is that they are not as broadly accepted as Visa or MasterCard credit score cards. This is simply because cost card issuers cost a higher percentage to companies, meaning that a quantity of them are unwilling to allow buys with these cards. Who ought to get cost cards? Obtaining a charge card is really a personal choice, although individuals who discover it hard to spending budget ought to not get a charge card. However, if you can afford to pay off the balance in complete every thirty day period and want to have a card that provides you a big number of advantages, then a cost card may be for you.

  30. 100% all natural solution to be able to hypothyroidism & having a baby problems. In case you are concerned about the unborn child’s well being this can be the option for you personally

Comments are closed.

Related Posts