Do banks belong in the social sphere?
If so, what is the role social media can play for banks and financial institutions?
First things first, “Do banks belong in the social sphere?” When we think about being social (banking aside), one of the key elements that must be present is trust.
Financial institutions are simply not high on the trust meter with consumers right now, given the financial crisis that hit the nation hard last year and that’s still dragging us down on a daily basis with new headlines of too big to fail banks continuing to fail. So if megabanks (such as Citi) want to engage consumers in social media, they’ll have to focus on building trust first.
Secondly, “What role can social media play for banks and financial institutions?” First and foremost, the financial industry needs a big dose of HUMANITY to bring their practices into the social sphere. Punishill said, “There’s no document for banks that address tone & personality on how not to sound like a bank.” As this quote indicates, the megabanks have a long, uphill battle when entering the social space.
When it comes down to it, our consumers are online, they’re talking about us, and they’re sharing information about us. We need to be listening to these conversations, and we need to be here too, to respond, to reach out, or just to provide an empathetic ear.
Want to talk more about this and the future of banks & trust? Add a comment to this post. Cheers to a whole new way to bank, one in which trust is not compromised but rather earned and rewarded. Don't just bank. Kasasa.