Financial services triumph on social media CRM

Published on 16 April 2012 by in Latest News

banks social media customer service Financial services triumph on social media CRM

Last week, we reported that a number of large American firms were failing to respond the 69 per cent of the customer complaints they received via Twitter. It seems that this is not a problem shared with the financial sector though, with a new report claiming that the majority of financial services are harnessing social media tools like Twitter and Facebook for customer service management.

The report, by US firm Corporate Insight, found that 92 per cent of the annuity and insurance providers surveyed used social media in some form. Facebook was the most popular channel for the industry, while all but three of the organisations had a presence on Twitter. The research, which has taken place annually since 2009, found that the number of firms using Facebook and Twitter for a social customer service experience had risen from 57 per cent and 51 per cent to 88 per cent and 92 per cent respectively.

Speaking to The Financial Times, Alan Maginn, senior analyst and social media expert at Corporate Insight commented:

“Over the past few years, the use of social media by financial services firms has increased exponentially.

“Engagement is truly what sets social media apart from more traditional business-to-consumer communications, and this direct interaction with current and prospective clients is a major benefit of a well-executed social media offering.”

Over the previous few months, the staff at numero have seen more and more organisations, particularly those in the financial district, adopt new channels like Facebook and Twitter. Indeed, First Direct and Barclays Bank have been examples of financial institutions cited for their competent customer service on Twitter. Still, there are still more improvements possible and many financial organisations could do better with their social crm systems. Customer relationships are vital for these businesses and until customer management software effectively covers social media channels like Facebook and Twitter, the customer service experience will still be uneven.

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