5. You are one of the most active and engaging banking CEOs online. Congratulations. How much time do you spend tweeting on a regular weekday? Could you explain why twitter is the best tool (at least the most convenient) social media channel for a CxO?
Thank you for your kind words.
I didn’t get into tweeting with the intention to engage with customers, but I found it a simple but fascinating tool where ideas are shared and interaction between people who would not otherwise engage is encouraged. I like Twitter because our customers can communicate with me easily and I can keep my finger on the pulse of the sentiment in our customer base and in the banking market globally.
I try to be as efficient as possible in my day and use a few minutes between meetings to catch up on Twitter and to reply to the messages I receive.
6. Should every finserv CEO makes the time to embrace social media and engage with his customers and influencers himself? Is it the best use of hid limited and precious time?
No – I would recommend that only CEOs who have a personal interest in Twitter and are willing to put in the time to keep up to date should get involved in this social media channel. The truth is that Twitter quickly builds your brand for you and your followers start to look to you for guidance and expect quick and timeous responses.
Half-heartedness quickly disappoints, so being consistent is very important. In many instances, CEOs do not have the time or the inclination to constantly engage on Twitter, and in these cases Twitter will be more draining than productive for the CEO.
7. In your opinion, how big will the impact of the iphone 5 -with the lack of NFC technology- be on the banking industry?
The jury is still out on whether NFC will take the banking industry by storm, and certainly the introduction of new technology that does not support NFC will curb the viability of NFC for a portion of the customer base. FNB chose to introduce GeoPayments, which is a smartphone-agnostic innovation that bypasses NFC. As banks we cannot rely on technology external to us to dictate our innovations.
8. Finally, what’s coming up from your remote banking team in 2013 (online, mobile or social)? Any gamification or crowdsourcing projects?
We have a number of great new innovations in our pipeline, and while I can’t give too much away, I can tell you that we will continue to push the boundaries on traditional banking channels and will continue to create a convenient and cost-effective banking experience for our customers.
A huge THANK YOU to Michael for taking the time to share his vision on social media and digital innovation in banking in a such detailed and inspirational way.
So, what do you think of FNB‘s recent achievements in social media banking, P2P and mobile? Which initiative do you find the most exciting? Which one has the best potential to change people’s perception of FNB, increase the bank’s overall market share, its customer satisfaction and its net promoter score?