Gone are the days when people did not mind waiting in a long queue just to deposit money in an account, make transfers, get their bank statements, make specific inquiries and more. With Gen Y taking over, the choice of banking has shifted to online/internet banking and the mode of communication has slowly made its tilt towards social media. Although not completely, the world is slowly opening up to sharing personal banking related information even on social media.
Few interesting facts: Source: (http://www.statisticbrain.com/social-networking-statistics/)
- 58% of the world’s entire population uses at least one social networking site.
- 56% of the world’s entire population uses facebook and 11% uses twitter.
- There are a total of 1.4 billion facebook users worldwide.
- Approximately 50.1 % of the world population use internet banking services.
With statistics this high, the minimal activity banks display in the social media space, they are surely missing out on a huge chunk of audience. An audience which is intelligent, desperate to be answered and literally lives in this continent called social media.
Banks and the Social angle:
India at the present date has a total of 88 banks, of which 27 are public sector banks, 31 private sector banks and 38 foreign banks with a combined network of 53,000 branches. With this spread you can only imaging the amount of money they are dealing with and the number of people depending on these banks. With such huge network it is but obvious that people are going to have confusions which eventually lead to queries and complaints.
These banks sure have learnt how to create their profiles on various social media channels, however maintaining these profiles the right way is still something the banks need to catch up on. It’s amazing the amount of beneficial information social media can provide companies. The banks in India need to understand the importance of customer insights and use such data to their own benefit.
Here’s a look at what customers expect from banks and what they are already experiencing:
What Social Media Can Give You?
A perfectly aligned social media strategy and business requirements can actually be a benefit for the banks. Social media is a huge pool of customer sentiment and insights. This can be used to derive customer sentiments which in turn allow you to mould your conversations with them accordingly. Engaging, cross selling and retaining customers becomes easier when one has complete control over these platforms. Using Simplify360 as a platform to manage all your social media channels can help better your operational efficiency and streamline your content more effectively.
Social media is the new “in thing”, you audience is out there and you need to be there for them as well. Risk management and online reputation management is all about getting rid of your problems before they can affect you adversely. The mistake that most banks are making is not addressing those risks immediately after they arise.
Your customer care executive had a bad call with one of your customers and the next thing you know, it is up on social media! This not just tampers your reputation but also increases the risk of losing out on a number of customers as well. However, when a customer talks good about you, it just adds to the transparency of your bank and increases people’s confidence on you.
Online Servicing is the Only Way
What happens on social media travels all over the world! It’s an open space and people are constantly looking for ways to lower your company name, and a little observation proves that bad word actually travels faster than the good ones. So what can be the solution to such problems? A platform like simplify360! It allows your customer service executives to constantly monitor the social media space and revert to any form of complaints and queries instantly.
As long as your customers know you are listening to their problems, your online reputation management task is half done.