Luxembourg banks have slowly embraced social media networking such as YouTube, LinkedIn, Twitter, Facebook, and blogs to promote their brands, connect with consumers and make profit.
Only 10 out of 140 Luxembourg’s banks have adopted social media. Retail banks led the trend and private banks soon followed. BGL BNP Paribas is among the main players that showcased its blogging expertise to engage with the younger clientele. They also launched their ING blog that aims to share information and share transparency through social media as well.
Banks are not the only beneficiaries of social media banking, but asset managers as well. This enables them to engage with the end investor directly. The main benefit of this is the credibility that people grants to the information media channels, making them more appealing compared to a website.
Using social media channels, the social media knowledgeable population of Luxembourg make it an ideal place to connect with customers. 51% of the population use social network and 39% use Facebook.
The average user in Grand Duchy has 255 ‘friends’ on average compared to the European average of 179. Digital social network is broader in Luxembourg.
Despite these promising advantages, firms are still slowly embracing social media in Luxembourg. The main reason is fear of negative comments.
However, customers will still talk about a company even without social media. So, you need to be in social media and send the message of your brand for people to see.
- 51% of the people in Luxembourg use social media
- 39% are Facebook users
- On average, Facebook users in Luxembourg has 255 ‘friends’
- The European average is 179
Véronique Filip, Deloitte Senior Manager: “Some banks are well engaged in social media activity. But Europe and Luxembourg are still at the beginning of the curve.”
Covered by my Visible Banking Team
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