Why Banks Need To Push the Social Media Milestone Further

Just the word “Social Media” is enough to raise an unending line of questions in our minds. However, today we are going to take a look at few of the questions which are of utmost importance for the banking sector. However, before moving on to the deeper questions, it is important to understand what exactly is social media monitoring and how is it helpful for the banking sector.
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Social Media Monitoring in the beginner’s language is keeping track of content, on a real time basis, which has been generated via various platforms such as blogs, social media channels and various forums which facilitate discussions.
What’s the fear about?
The information out there is in huge amounts, keeping track, collecting the information and finally analysing it is a bigger task than one can imagine. Banks in general do not understand how to tap that information and how to go about making sense of conversations between people. However, it is also an undeniable fact that your customers are your most valuable resource, and the information they share can actually benefit your business.

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As much as banks realise that social media listening is an inevitable process, they also understand that doing so requires getting connected to the channels and making use of API’s which might end up being a tricky process for bankers. This is where the role of a social media monitoring and analysing company such as Simplify360, comes into play, who specialise in the field of analysing big data to provide valuable statistical information allowing companies to form better strategies.
Benefits of Social Media Monitoring
1. The information is freely available and in huge quantity.
2. It is risk free and helps understand the market better.
3. It allows you to know your customers better; what they like, how they like it and where they are available above all.
4. Measure the performance of your competitors; what form of content is working and what isn’t.
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5. It is an easier way to reach a larger audience base at a lesser price of advertising.
6. Allows you to connect with your audience at a more personal level.
Interesting Insights

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1. Social Media is a common platform for all platforms such as PR, marketing, customer support and more, which are departments which needs to be handled individually otherwise.
2. Most companies today believe in maintaining consistency in all these spheres, helping putting across a single message and getting rid of issues related to confused brand statements.
3. Banking is a critical industry and since it involves money matters, building the trust among people should be the most important and the first step.
4. This can only be done if banks start walking the shoes of their customers. Most banks still do not allow posting on their social media profiles by general public. This might lead to reduced transparency and loss of trust on the brand.
Challenges

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1. In case of banks, customers might be reluctant towards sharing confidential online, hence building trust and forming a standard way of communicating should be formulated. Redirecting conversations to direct messages can be helpful, especially when it comes to solving account related problems.
2. The finance industry is regulated with a number of restrictions which the company needs to adhere to. This means keeping in mind the content disseminated through social media does not offend the regulatory system.
3. Many companies are connecting data, listening to conversations, but do not know how to put them to use. This requires a planned delegation program, which allows tagging the right people for the right data and ensuring that valuable data does not get lost over time.

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