6 Top Daily News on Social Media in Financial Services (14 December 2012): bank Execs and social reputation management, P2P payments on twitter, social customer service.
Since 2007, we’ve curated the best social media in financial services news and initiatives worldwide. We aim to publish on daily basis our selection of the top social media news in our regulated finance industry.
This is our selection for Friday 14th December 2012. Please flag any missing major news and share your comments here on our blog, or via twitter (@Visible_Banking).
Thousands of children in Florida are suffering from chronic or critical diseases and they need a break from that. Making sure it happens, the Security First Insurance Company launched a holiday Facebook campaign, help children forget their illness, on 12th December 2012, pledging to donate $5,000 to help these children attend the Camp Boggy Creek and help them forget their illness.
With: Security First Insurance Company‘s Locke Burt – Chairman and President
- For every ‘like’ in the Facebook page, the Security First Insurance Company will donate $5 toward the pledge
- More than 10 million Facebook users are present in Florida
- Locke Burt: “Many children who attend this camp spend as much time in the hospital as they do in their own homes.”
Social media influences the operation of businesses as well as their success. Investec Bank‘s managing director suggested that boards are not ready to fully engage in social media unless they have someone who has both business intellect and technology skills. Also, engaging customers, employees, and stakeholders with new online tools can be a weapon of destruction.
- Maxine Brenner: “By combining the old school idea of engaging with customers, stakeholders and employees with new online tools, it can be “a weapon of mass destruction.”
The Bank of Queensland seeks to use social media and other online engagement forms to serve their customers. The bank intends to use its top strategy, multi-channel optimisation, to serve customers through their own preference. The bank also wants to be a more dexterous competitor by fixing the technology behind its internal processes.
- The average total of loans and deposits in each branch of the bank is $150 million; other major banks have $300 million; the best performing competitor have $450 million
- 90% of the Bank of Queensland’s business is branch-focused distribution
- Stuart Grimshaw: “As customers’ preferences change, we need to make sure we keep up with them, otherwise we won’t attract any new customers and we risk losing our existing ones.”
- Stuart Grimshaw: “By opening new broker and online channels, we significantly increase the opportunity to attract and retain customers.”
The De Moines, Iowa start up has a new way of sending money – by tweeting. If you are one of those that complains about how troublesome logging into the Dwolla app, the company introduced a feature that ties a Dwolla account to a Twitter account.
- To send money via Twitter links his Dwolla account to his Twitter account via a PIN code, then the sender sends out a tweet with the recipient’s Twitter handle, amount and ‘#dwolla’
In order to help small businesses obtain credit through high-street banks, business secretary Vince Cable, pledged £55 million to peer-to-peer lenders and other finance suppliers via the Business Finance Partnership. This new announcement will help the new Business Bank, which will start its operation on 2014, tackle long-standing structural gaps in the finance supply of SMEs.
- Vince Cable pledged of government funding to peer-to-peer lenders and other finance suppliers
- With match-funding, the private sector expects to lever a minimum of £55 million, making at least £110 million
- According to the Peer-to-peer Finance Association, peer-to-peer finance will account for £220 million loans
- Four successful bidders for the Business Finance Partnership: Funding Circle (@FundingCircle) which will receive £20 million, Zopa (@Zopa) with £10 million, BOOST&Co with £20 million, and Credit Asset Management Ltd with £5 million
- Vince Cable: “Small and medium sized businesses need access to a diverse range of finance options, including non-bank lending.”
- Paul Aitken: “The pledge is a great endorsement for the sector and acknowledges the role that alternative lending is playing and will continue to play in the wider economy.”
Synthetix conducted a research among 500 UK and US consumers to determine their opinion about self-service being a channel of choice. The survey revealed that most people feel loyal to a company when consumer service is done well. Most consumers prefer to self-serve answers to the questions through emails and calls, asking companies to pay attention and keep their multi-channel experience consistent.
- 500 US and UK consumers answered the survey about service
- 90% of them always check a website before calling or emailing the company
- 89% are more satisfied when they get answers online immediately
- 91% of them expect to receive consistent information from multiple customer contact channels
- 65% received inconsistent information when contacting via multiple channels
- 74% ranked poor multi-channel experience as annoying
- 9 out 10 customers deem after-sales consumer service important
- 1 out 10 is happy with the current customer service
- 9 out of 10 would change companies due to poor customer service
- Peter McKean: “One of the positive findings from this survey is that nine out of ten people feel loyal towards a company when customer service is done well.”
So, are you involved in any of the initiatives mentioned today in our top news on social media in financial services? Are you working on similar projects at your financial institution? We invite you to share your views and your own top social media news on our comment section or via twitter.