Banks need to meet customers where they are at, which today means social media. Personalisation, accessible solutions and relevance are key to reaching Millennial and Gen Z consumers, and banks must amend their strategies to serve these generations of bankers. By aligning their goals with those of social media, banks can stay in the loop.
The past year highlighted the growing importance of digital customer experiences in the financial services industry as COVID-19 continued to accelerate the pace of digitization. Unable to connect in person, consumers turned to digital tools. One survey conducted between late March and early May 2020 reported that between 46% and 51% of adults in the United States increased social media use since the start of the pandemic.
Millions of existing and potential bank customers spend a significant amount of time on social-media platforms, and banks, like other businesses, are meeting them there to interact and improve their product and service offerings. The number of banks with plans to exploit this opportunity to engage with customers is increasing, which is understandable as social media offers firms the chance to gain a granular understanding of who their customers are.
In the banking world, where handling money safely and securely is a foundational element of the entire industry, having the public’s trust is a nonnegotiable element of success. The financial industry had to scramble to rebuild this trust after it took a hit during the Great Recession
Banking used to be all about monetary profit and loss, but those days are gone. Today banks are being pressured to include a host of other considerations in their decision-making, such as how their investments will promote sustainability and corporate-responsibility objectives, and many of them are employing digital media to lay out their plans and actions to a concerned public.