2016 National State of Financial & Economic Education

April 26, 2016

Every two years, the Council for Economic Education (CEE) comprehensively reviews the state of K-12 economic and financial education in the United States, collecting data from all 50 states and the District of Columbia.

FI Highlight: Rivermark Community Credit Union

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We recently spoke to Rob Mills, Vice President of Technology at Rivermark Community Credit Union to discuss the credit union’s new digital banking experience, how they “fail faster,” and how they continue to evolve...

Cause and Effect: If you build it, will they come?

July 23, 2014
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Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Making Banking Fun: Gamification in Financial Services

August 5, 2013
/   Insights

Recently, the Banking.com team sat in on American Banker’s webinar, “Gamification in Financial Services: Five Proven Ways to Get an Edge,” which shared how leading brands in financial services have applied gamification to reach...

Technology M&As: The Beats Go On

May 29, 2014
/   Insights

The ongoing fascination with Apple’s $3 billion purchase of Beats Electronics is entirely understandable, because it’s a cool story. However, it also says a lot about what’s going on between finance and tech.

What We’re Reading

May 5, 2011
/   Spotlight

Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below. Virtual Banking Worlds Provide Tangible Lessons American...

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

What We’re Reading: Thanksgiving Edition

November 22, 2012
/   Spotlight

Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom. Mobile Thursday? Plans for Thanksgiving...

The promise of genuine engagement with customers through social media is drawing the attention of traditional businesses, like banks. Many large operations, like Wells Fargo and JPMorgan Chase, have had Facebook pages and Twitter feeds for a few years now. However, their use of social media platforms has grown in recent years to include memes, unique content, and customer service elements.

How Banks Should Operate on Social Media

Banking is a traditional industry. Like many traditional industries, banks were slow to adopt social media and other Internet technologies. As more people joined social media platforms, businesses of all types were forced to participate in one form or another. Any business with a sizeable customer base (which is to say, most banks) will find social media to be a useful tool for engaging current and potential customers.

Understand Your Relationship with Your Customers

The relationship a bank has with its customers is very important to eventual social media use. Larger banking operations might have a complicated relationship with their customer base. According to a 2015 survey by FIS and reported by CNBC, less than 23 percent of Americans are happy with their banks. Information from J.D. Power and Associates shows that the highest level of satisfaction comes from regional or local banks. Clearly some banking operations have a bit of work to do to improve this relationship.

Banks that field large numbers of customer complaints should be prepared for new complaints over social media. Because social media is a public platform, customers will post about their negative experiences. This is an opportunity for banks to directly engage with upset customers to address their problems in a meaningful way. Banks also have the option to make this process public so that other customers can see how and why certain issues are resolved.

Offer Content that Interests Your Customers

High quality content is the primary key to social media success. To produce this content, banks often take their own unique approach. Some will leave social media posts to interns under the guidance of one or two paid marketing professionals. Others will have their own social media teams that employ graphic designers, writers, and computer programmers. Each approach has its own merits and every bank should operate its social media within its abilities.

The specific nature of content a bank posts on its social media channels should vary depending on purpose. Promotional posts for online web seminars or a new type of checking account can attract great attention, even from people that are not customers of that bank. Of course, social media posts should expand beyond marketing and promotion. It is incredibly common for corporations of all types to post viral content or memes. One of the more prominent examples is Bank of America who recently partnered with established YouTube chef Byron Talbott. These simple posts cover cooking basics while promoting new and existing Bank of America products. This approach has proven to be fairly popular with single posts featuring the chef garnering more than a million views.

Be Responsive to Customers

Social media is responsive and quick to change. A content trend that is popular today can potentially alienate social media users tomorrow. Viral video concepts, like the Harlem Shake or Lip Dubs, were popular ways for companies to gather interest online. However, in 2016, a YouTube video of bank tellers in a Harlem Shake video will not only fail to attract attention but might also result in a weakening of social media channels, including lost followers and likes.

Because of the rapid nature of social media, monitoring active channels will be vital to long term success. If a customer complains on a post but doesn’t receive a response for days, other visitors to that channel might respond. This allows others to enter the conversation with that customer, which could potentially weaken their relationship with a bank. The safest course of action for a bank would be to avoid social media but customers expect their institutions to be available on popular platforms, including Facebook and Twitter with other becoming more popular every day.

Sarah Blanchard is a Texas-based author and speaker that concentrates on the merchant payments processing and finance industries.

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Voices

Compelling voices and contributed content from around the web

James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Brad Strothkamp

http://www.forrester.com/rb/analyst/brad_strothkamp

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.