90% of Twitter Accounts in Financial Services are Inactive

My Visible Banking Team has started tracking and benchmarking how financial institutions are using social media channels like facebook or twitter since March 2009.

I am delighted to announce that we are now tracking over 1,000 pages and apps on facebook, and over 1,500 accounts on twitter, in 75 countries.

In the new few days, I will share with you some of our latest unique insights on facebook and twitter via a number of video posts. I’ve already confirmed that only 0.05% twitter accounts in financial services are verified which seems low from an industry whose reputation has been severly damaged in the last three years and which is eager to improve brand perception andprovide better customer care wherever their clients are.

I will also talk you through one of the key challenges on facebook for financial institutions: driving engagement via an open wall.  Surprisingly, we found that the majority of facebook pages in financial services are ‘open’ and ‘at risk’…  Stay tuned on Visible Banking!

I will say it again.  If it is easy to setup an account and ‘be on twitter’ (it essentially takes only a few minutes), very few banks, insurances firms or asset management boutiques have started to use this increasingly popular communication channel and actively engage with their customers, prospects, influencers, and employees on twitter: we found that no less than 90% of the accounts we are tracking are not ‘active’…

For all the financial institutions on twitter, it is ‘good news’… you can only improve!  And providing you are prepared to learn how to better understand and leverage twitter (we invite you to contact us), you will experience a great deal of impact throughout your organization.  But in the meantime, please, don’t conclude too soon that very few people want to talk to you (or follow you) on twitter, and you can’t identify any ‘ROI’ or ‘ROE’ (Return-on-Engagement) on this fantastic amplifyer / people-content connector.

I invite you to watch my short video where I share more information on the distribution of the level of activity (daily volume of tweets) and the top 20 most active twitter accounts.Please note that this video is available on the Visible Banking YouTube channel.

 

Companies mentioned: ABNAMRO, American Express, Banco Exterior, Banesco, Bank of America, BNI, Bradesco, Citi, Credit Agricole, FNB, GEICO, Halifax, KKS, Rietumu Banka, Santander, Societe Generale, SunTrust, TD Bank, TN Sitrade, Wells Fargo.

As you would expect, close to 50% of the most active accounts areaccounts dedicated to customer support…

Working Together
We at Visible Banking would be delighted to help you and your team better UNDERSTAND and LEVERAGE social media in a strategic yet pragmatic way. So please don’t hesitate to call me, send me an email or DM me (@Visible_Banking) to book a meeting and talk about twitter, facebook,crowdsourcing, customer reviews, social media & social commerce in banking, financial services and insurance.