Are banks the last to discover social media?

Social media is now one of the key platforms for a business to engage with consumers, but when it comes to all the rules and regulations surrounding what banks can and cannot talk about, is it any wonder that they’re years behind?

According to HSBC social technologies specialist Aden Davies, ‘regulation and compliance means that aspects of banking’s social media activity is still stuck in 2009.’

More and more consumers are turning to social media to engage with their banks, many of which (including HSBC) are receiving thousands of messages every week, so banks must catch up quickly if they are to make a good impression and offer suitable customer service.

The director of social media at Barclay’s Bank, Nigel Sheldon, believes that social media is becoming an increasingly popular way to communicate with banks because the majority of people simply do not want to pick up the phone, finding that the digital route is quicker.

Of course, banks mustn’t dismiss the ‘old fashion’ ways too soon, as there are still a large number of customers that rely on dealing with their finances over the phone or via letter. But they do need to realise that times are changing and by getting to grips with social media, they can not only tackle problems faster, but work on promoting their services at the same time.

Social media marketing is a fantastic way to drive traffic to your website and attract new custom, as long as you know how to go about it the right way.

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Ian is the founder of Opportunity Marketing marketing, with over 18 years of experience in successfully setting up marketing departments, creating marketing strategies and implementing these strategies across a wide number of SME companies in both the B2B and B2C sectors through a variety of channels.