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Winning Social Media Strategies for Bank Customer Satisfaction

Feb. 12, 2014

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Four years ago, most banks and financial institutions realized that they would need to hire social media specialists as their social networks continued to grow. They would continue to add more social media staff to accommodate the massive expanding workload required to manage it.

The challenge today, is no longer simply monitoring a company’s official Twitter and Facebook accounts. Accounts now layered by key employees and departments need constant monitoring too, as bank customers have taken to social media for their support. Now more than ever, a lot is at stake in maintaining a positive brand image and improving customer service satisfaction.

Here are some strategies big banks are using.

1. Have a Dedicated Social Media Command Center

The Australian bank NAB was first to launch its “social media command center” in Melbourne in late 2012. The center was especially designed to help NAB manage social network interactions with customers. It’s a very visual space where social media specialists can see real-time customer comments and complaints. There are screens everywhere, from typical desktop screens to huge monitors where graphs, charts and lines are displayed.

It was a bold move as most social media teams occupy cramped office spaces under the auspices of the marketing or PR department. But NAB’s efforts are paying off. The bank is already outperforming its competitors. Its YouTube videos earned more views than the other three largest banks in Australia combined. Its social media accounts are reaching more users and getting more attention — signs that existing and prospective customers are happy with the support they receive from NAB.

2. Involve Key People from Different Areas of the Organization

Like NAB, Chase has also invested in a fancy, glass-surrounded social media facility. There’s also an audiovisual room for managing customer interactions. But what’s unique about Chase’s approach is how they assembled their customer service team on Twitter.

Most banks have separate customer service teams for each department — but not Chase. The company’s social media support team consists of specialists from across the organization. There are representatives from credit cards, home lending, retail, and other departments. All of them work collaboratively together to make sure that their social media efforts align with the company’s business objectives. What’s more, employees in the Chase McCoy Center can see two huge monitors on the side of the building and see actual tweets from Chase customers in real-time.

3. Craft A Strong Social Media Policy

Employees are your best brand ambassadors. None of them may be directly involved in your social media customer support initiatives. But their use of social media, in and outside of work, reflects on the company image.

Wells Fargo, which has one of the strongest online presence among banks worldwide, perfectly understands the role employees play in their social media efforts. Its social media usage policy clearly defined what is expected of every employee who participate in any social platform. There’s even a community guidelines publicly available on the company website.

The bank also maintains two Twitter accounts, one for communicating Wells Fargo news and another for addressing customer queries and issues. What’s more, it also monitors Twitter mentions of general banking issues even those not directly involving Wells Fargo. It effectively keeps the bank in touch with customer-related concerns.

Blogs are another social media platform where Wells Fargo is actively involved in. Seven of the company’s blogs employ forward-thinking strategies—all of which aim at educating customers, not at solely promoting financial services and products. Banks, once steeped in a culture that prioritizes selling, can learn a lot from Wells Fargo’s relationship-focused approach online. And it all starts with a clear social media policy that emphasizes authenticity and credibility.

Download: How to Set Up & Monitor Social Media


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