The product development teams within the Financial Services industry are happy to build fixed rate mortgage products that last regarding five or more years but their communications teams should be far more flexible.
Banks and particularly building societies are usually increasingly looking to build online communities plus engage with customers through the flexible usage of social channels.
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With consumers feeling a lack of trust in financial services companies, social media marketing provides an alternative option for banks plus building societies to update clients on company developments and new products and engage with customers.
Though social networking, financial services organisations can engage with various other stakeholders such as intermediaries, community groups, charities, journalists, and industry commentators.
Smaller institutions like building communities are able to take the lead in this field as they have shorter sign away from lead times and are much more nimble in responding to online conversations. A single building society is employing a multi channel campaign and is successfully constructing an online community consisting of customers, local people and journalists. They are fortunate in that the CEO of this particular company is evangelical about blogging and twitter and the whole strategy is therefore led from the top.
They appear to lead the way in the bank and building society sector on Twitter with over a 1000 followers on its various feeds. The particular CEO uses his Twitter feed to communicate with members and stakeholders and pages on their website offer members with information, news as well as a forum to share opinions.
Their Facebook and LinkedIn pages also enable it to offer customers a taste of what the company is about, screen charity work, discuss products with customers and offer an online community in which other customers can talk to one another.
Their CEO who regularly comments around the use of new media at meetings and recently spoke at a Noticeable Banking workshop says, “Communities are increasingly forming online as people use social networks as a way to get advice, make connections and share information. Since regional building societies like ours are community driven, social media offers a great opportunity to be a part of the conversations taking place online and to communicate with our members.
“This is the approach we all take with our social media presence and the success is evident with our growing Twitter following currently larger than other bank or building society.
“The economic, financial meltdown gave everybody a good sense of just how shut in many financial institutions are, and how we have to make banks and building communities more transparent, more open businesses that people can get involved with and talk to on their own terms.
“Banks and developing societies can use social media to improve their own service offering and if you improve your service offering and genuinely pay attention to your customer base, you will improve customer retention and acquisition. inch