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 Customer Engagement by Social Banks

Customer Engagement by Social Banks

This might sound interesting, but what actually are social banks? In this age when big enterprises are counting on social CRM, isn’t it imperative for the banks across the world to emphasize on this concept and proudly become social banks – socially active banks using social CRM.
But how many of us really bother to put up a complaint on the banks’ official Twitter or Facebook page or any other channel? If you do… let us see how many along with you have interacted on the respective customer support Twitter accounts, for few International Banks and Indian banks –
Issues taken into consideration:
• Debit Card
• Credit Card
• Loan
Now let us take a look at the Indian Banks
Now let us look at the break up of what people have complained about, out of those four issues:
We can clearly see that the Indian Banks have started gaining traction on social CRM and people are also aware that they can voice their complaints through social media channels.
Now, let’s take a look at how much engagement banks maintain on social media, where people are posting their thoughts and complaints in abundance. We will see how the International and Indian banks are performing on an engagement level. But, before that we would like to discuss a few points to understand why we are really stressing upon social media usage by banks.
Here is a quick look:
1. Engagement is the main mantra, in case of banks the number of fans and followers do not hold great importance
2. Social Listening is yet another aspect that banks cannot miss, not only to understand customer preferences but also to engage, communicate offers, resolve issues and personalize solutions.
3. The lead time to resolve issues has gone down many folds as the millennials have become the new customers, they are the ones who are taking care of financial responsibilities of baby boomers too.
Now let’s look at the engagement levels of the existing top International and Indian Banks:
Most banks today, are aware of rising need to interact on social media and hence make use of different social media listening, monitoring and analysing tools to make sure they do not miss out on their customers and maintain a good brand image.

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