45% of South Africans Use Social Media to Comment on Banks [Ernst & Young Study]

| September 4, 2012 | 0 Comments

Ernst & Young study reveals that 45% of South African use social media to comment on their bank.  It is not good news for the banks without an engaging social media strategy on the likes of twitter and facebook.

Ernst & Young: Global Consumer Banking Survey 2012

The audit firm questioned more than 28 000 bank clients in 35 countries and last week published its findings in the Global Consumer Banking Survey 2012 – The Customer Takes Control report.

Colin Daley, associate director of advisory services at E&Y“banks will have to adjust to the fact that clients are taking, and want to take, greater control; the banks will have to accept the shift in the power balance.”

Via: fin24.com
Source: Ernst & Young


In their key findings, the E&Y Team urge banks to focus on the -more cost effective- digital channels, be more innovative, communicate in a more easy and transparent way, and make sure to better involve and engage with their customers.  

I hope in 2013 we will see more engaging social media initiatives from south african banks, especially Absa and Standard Bank, which both lag behind FNB and their commitment to connect with their customers and give them a voice with for instance the crowdsourced product launch of their innovative mobile banking app or the activity of their CEO, Michael Jordaan on twitter.    

Dear South African digital bankers and banking customers, what are your key expectations from your banking industry next year in the social media space?

Join the conversation here or on our facebook page!

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Category: Social Media

About the Author ()

Based in London, Christophe is an entertaining social media keynote speaker and a trusted advisor to the global financial services industry on the topics of social media, social business and digital innovation. Christophe has contributed to over 140 events in 18 countries. Currently, Christophe is 'Social Media Senior Managing Consultant' at IBM Interactive Experience. He's also a Digital Advisor at the Financial Services Forum and the Moller Centre (part of the Churchill College in Cambridge). Christophe's views on VisibleBanking.com are his own, not necessarily his employer's.

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