Why Banks and Finance should do Social Listening

The 18 reasons why banks and financial operators should also “be social”
“In today’s digital world, how are relationships born?
They are born and cultivated on social media; financial organizations must take advantage of this evolution and give their advisors the opportunity to adopt a “phygital social first” approach so that they can develop their own online networks through connection, listening and involvement”.

 

According to Marketo, the financial services sector (globally) lags behind others in using social media to engage customers in a phygital way.

The reluctance of financial players Canada Business Fax List towards social media is making them miss out on great opportunities, not only in commercial terms, but also for very strategic reasons:

risk management
competitor analysis
consumer education

Why should operators in the financial sector change course in the use of social media

Because customers, prospects and competitors are already there
Because the brand is mentioned regardless of its presence
Social networks are the biggest DZ Leads  focus in the world for interacting with consumers, analyzing their behavior and profiling them (buyer personas)

Because social networks produce a really important mass of data and, thanks to their analysis, it is  Social media play a key role in crisis management
Customers want financial institutions that listen to them and respond to their needs through social media

The real challenge of the Banks in the Phygital era

Adopt a customer-centric

ApproachEngage and understand customer needs (the real ones)Educate customers

To understand “where are the customers”: by monitoring reach and engagement on various social networks, it has been shown that in Italy customers prefer Twitter (followed by Facebook)
According to ABI, 52% of the largest banks use Messenger as a direct communication channel
74 % of customers rely on social media to guide them in purchasing decisions
The reviews and comments of other users heavily influence their purchasing decision
Through social media, customers expect fast, efficient feedback
They want personalized assistance and advice
They want their feedback to be heard, while currently response times are long, inadequate or (even worse) non-existent.