Best Practice: 10 Ways to Build Customer Engagement for Financial Institutions (Part 2)

3 comments

6. Use visual guidance elements to structure your online content.

Make it easy for your customers to find content which is relevant for them, with visual guidance elements on your website and social networks. Citizens Bank uses simple graphic elements to structure its content about Mobile applications and Savings topics.

Credit: Citizens Bank Facebook Fan Page

7. Use storytelling to show community engagement

Storytelling is the most underrated skill in today’s business world. Since many banks are already active and support their local communities, Social Networking offers a prime opportunity to profile bank employees as individuals who make a difference in their community and support great causes. Bank of America has dedicated a specific Facebook Fan Page where it “shares stories about people, places, and ideas that are building opportunity.”

Credit: Bank if America Building Opportunity Facebook Fan Page

8. Build your community with contests.

Banks have seen great results hosting different kinds of contests to increase community participation. Scholarship contests targeted to students are one of the best ways to build an engaged community with its future customers. Citizens Bank had tremendous success with an essay contest, receiving 1,800 entrees.

Credit: Citizens Bank Facebook Fan Page

HSBC dedicates a special Facebook Fan page for their student program and received many video entries for their scholarship contest which translated to 40,000 votes and more than 3,000 comments. A jury finally chose the 8 winners, considering the votes but didn’t exclusively rely on them to avoid negative repercussions.


15_BlogBanks_HSBC

Credit: HSBC Students Facebook Fan Page

9. Use Social Platforms for Customer Happiness

Social Platforms offer immediate access to customer complaints. Unfortunately, only 50% of these complaints get answered on Social Media. Many companies simply miss the opportunity to turn unsatisfied customers into loyal customers. Listening to customer issues in the Social webosphere allows banks the opportunity to provide better service and improve customer relationships. Even if customers are still disgruntled to be on the phone for 35 minutes, at least they get the feeling that somebody has listened and cares about their problems.

Credit: Citizens Bank Facebook Fan Page

10. Don’t try to be all things to all people

Remember HSBC which has a dedicated Facebook Fan Page for students? Or Bank of America which posts about its philanthropic engagement on a specific page?

Reach a target audience (students, small business owners, property owners, etc.,) with specific fan pages. Tailor the content on these sites (and it really doesn’t matter if it’s on Facebook, Twitter, Google+, Tubmlr or any other platforms) for the target audience in all aspects. Graphics for students should be different than the ones designed for homeowners. Decide which initiatives to focus on and then do the best job possible to achieve these goals. Measure the results and strive to improve performance. With this approach, you’ll reach your audience, build engaged communities and win new customers.

What is your experience with Social Media in Financial Institutions?

3 comments

  1. honda dirt bike /

    Nice post. I was checking constantly this weblog and I’m inspired! Extremely helpful information specially the closing phase :) I maintain such info much. I used to be seeking this particular information for a very long time. Thanks and best of luck.

  2. Miriam /

    Thanks for the comment- I really think that this is one of the biggest problems companies have on social network sites. Identifying and serving your key audience is the most important part and biggest failure of many campaigns I have seen. What is your biggest road block?

  3. Roy /

    Thanks for the eceellxnt tips. I especially enjoyed your list of questions as well as your suggestion to not automate all of your posts. Recently, I have been using HootSuite to plan out my weekly postings. I was very hesitant at first because I was afraid it would decrease the engagement of my followers. Your article confirms my fear. From now on, I plan to spend time each day customizing my posts and updating them myself instead of depending on a third party tool. While they are great, I do agree that people are less likely to click on them (especially if they are given less weight by Facebook).One thing I have found is that commenting and posting updates either before or after work hours results in more commenting among my followers. Great blog posting.

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