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Social Media Communities:

FinancialWoo hoo!! Good times!

by Angela M. Signorelli

UWSMB, Spring 2011

+Human Bank Tellers Just Became More Obsolete…

+Oh, Where’s the Humanity?

On Social Media sites?

+Are Banks Using Social Media?

Yep…

Bank Name

Mobile App

Text Banking Facebo

okTwitter LinkedI

nYouTub

e

B of A ✔ ✔ ✔? ✔ ✔ ✔

W. Fargo

✔ ✔ ✔ ✔ ✔ ✔

Chase ✔ ✔ ✔ ✔ ✔

Citicorp ✔ ✔ ✔ ✔ ✔

… but the way they are managed is all over the board.

+Mobile App Banking: What Is It?

“Your bank now fits in your pocket.” “Mobile Banking lives just a ‘tap’ away from your home.

Access accounts from your phone anywhere, anytime.” Do everything you can do via the online banking website.

With mobile banking apps you can:

Quick, free access to bank account View account balances and

transactions Pay Bills  Transfer Funds   Use GPS to get directions to banks /

ATMs Receive alerts

+Text Banking: What Is It?

What you can do: Get an immediate text reply Balance information (BAL ALL) Recent account activity (ACT) Credit card due dates (DUE) ATM locations (ATM + ZIP)

A free service which allows you to quickly request and receive the status on your balances and recent transactions via text message. No signing in required.

+Mobile Check Deposit: What Is It?

What you do/get:

Deposit checks 24/7

Safe and secure – Get immediate confirmation

Save time & gas

It's free for customers

Deposit your check with your Mobile App. Snap a picture of the front and back of your endorsed check and send it using your bank’s Mobile App.

+Social Media & Banking: It’s a New and Scary FrontierSecurityBofA’s $0 Liability Online Banking Guarantee protects against unauthorized activityNo personal information like account number, PIN or email address is exchangedText Banking is free, but mobile service provider may charge for sending and receiving text message Most phones with a text messaging plan are supported, but many prepaid, VoIP and international numbers

are notAny accounts you may access in Online Banking will be displayed in Text BankingShort URLs from Bank of AmericaPeriodically, Bank of America associates need to send links to various resources on the web. Given the

character limitations on social media sites like Twitter, we may occasionally give out a "short" URL from one of our short domains (go.bofa.com and go.ml.com) that redirects to the full site. These links work just like any other url shortener with one important difference. When you click on one of the Bank of America branded short urls, you can trust that the web site it is taking you to is safe and that it is coming from us.

Shortened URLs from Bank of America representatives will always be from one of the domains below. When you see these you know that the information is safe and is coming from Bank of America.

If you see short urls purporting to be from us that do not include one of the above short domains, we recommend that you do not click on the link, as it may be malicious. If you are suspicious of the link, we ask that you send it to us at abuse@bankofamerica.com.

Never disclose any financial information on Twitter. Bank of America will never ask for your Social Security number, account information, passwords or PINs via Twitter. We are not responsible for the privacy and security policies or practices of Twitter, and you should review Twitter's policies.

… but, believe me. With all the rules and regulations governing the banking business, it’s in their best interest to make sure their practices are safe.

+Who ARE you?

“Bank of America: A Tale of Two Social Presences”

“Bank of America has a presence on both Facebook and Twitter. The brand perception that one walks away from after visiting each one couldn’t be more different... The contrast between the two provides us with a great way to illustrate success and failure, during the strategic planning process.”

+BofA Gets it Wrong on Facebook

Is this the official site?

There is no direct link to Facebook from BofA’s website.

+BofA Gets it Wrong on Facebook

Is this the real site?

What is BofA doing about sites like these?

See no evil, hear no evil, speak no evil.

+BofA Gets It Right on Twitter

Compare the interactions here with those on Facebook

BofA says the purpose of this social presence is to “provide timely customer service to Bank of America customers.”

It’s also a goal to which Bank of America can (and likely does) apply real metrics to measure achievements & goals.

+Chase Gets It VERY Right on Facebook

This is Chase’s main Facebook page

Notice the word “community” right in the title

Look how many people “like” it

It’s actually a community!

+Can Online Banking Communities Add Value?

1. Yes - Provide discussion forums:

Facebook: In March, Chase connected Nonprofits with Experts in Social Media (including execs from Facebook and Twitter) and Philanthropy in their online forum.

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2. Yes - Answer questions in real time:

Wells Fargo Facebook Exchange:

Christy McGee Wisdom - Very upset…. called customer service to have a supervisor tell me she is sorry i don't read....really??? can't read if you never receive it in the mail....very disappointed!!! April 22 at 8:14am

Wells Fargo Christy - If you want to send me an email with your contact info, I can ask someone to follow up with you on this. You can send it to socialmedia@wellsfargo.com. Thanks. April 22 at 8:51am

Can Online Banking Communities Add Value?

+Can Online Banking Communities Add Value?

3. Yes - Notify the public about upcoming events:

Twitter: #WellsFargo CFO Tim Sloan to discuss quarterly results on @CNBC today at 3:15 pm ET, Bloomberg TV at 4:05 pm ET

Success in virtual communities depends on an attitude of contribution, dedication of resources, building a critical mass, and matching community and business needs.

+Audience Engagement

So far, most major banks have not fully embraced the concept of building communities through Social Media.

They are missing out on incredible opportunities to interact with their audience – customers and potential customers.

They are just starting to embrace the concept of making contact on a truly one-to-one basis - starting the dialog, creating lasting relationships, encouraging conversions.

+Audience Engagement: Six Key Questions

To be successful, financial organizations must ask and answer these questions before starting a social media community-oriented campaign:

1)“Do we know what our online customer community needs?” 

2)“Does the community know what we can do for them?”

3)“Are we encouraging the community to help us help them?”

4)“Is our organization prepared to respond sensibly to community dialogue?”

5)“How do we measure the impact of engagement initiatives?”

6)“Are we prepared to commit human and physical resources, in addition to money?”

+Audience Engagement: Three Keys to Success

1) Make a plan, set goals, decide with whom to engage.

2) Develop engagement strategies for those people the bank does not already know. (Enhancing communication is always important, but extending it is even more important.)

3) Maintain these new relationships. Their strategies must be sustainable to be successful.

+Customer Insights Can Be Gained from Online Communities Learn more about customers By giving customers the power to talk

about brands online, we learn from them as about the strengths and weaknesses of our products and services.

Some customers will have become influencers - a trusted source of opinion and recommendation. These influencers often operate in networks outside your control, but with the right engagement, they can become advocates of your brand.

+Customer Insights The most powerful way to

use social media for customer insight is to engage a group of customers in your own online research community.

Online communities offer a research resource that's full of in-depth insights about your brand, your customers and their opinions.

You can forget months of painstaking research that’s out of date by the time it’s presented to you. Online communities open up a world where you can access up-to-the-second, detailed information on your customers whenever you need it.

+Why gaining customer insight is important for banks and all

To remain competitive, we must have a full understanding of your customer’s desires and expectations.

It’s important to know what motivates them to buy and what creates loyalty.

Insights from data can help us identify our best customers, the factors that drive loyalty, and ways to improve customer profitability.

+References“Bank of America: A Tale of Two Social Presences.” Mcandrew, Scotthttp://www.onlinemarketingperformance.com/bank-of-america-social-media/ (Feb. 2010)“Social Media for Customer Insight” Fresh Networkshttp://www.freshnetworks.com/benefits/customer-insight (2011)“How can virtual communities create value for business?” Spaulding, Trent J. http://www.citeulike.org/user/hdz/article/5360906Electronic Commerce Research and Applications, Vol. 9, No. 1. (Jan. 2010), pp. 38-49. “Engage Your Audience, Hold Their Attention” Sitecore http://www.sitecore.net/Solutions/Ultimate-Results/Engaging-Your-Audience.aspx (2010)“Why Audience Engagement Matters with Social Media” Bard, Mirnahttp://www.mirnabard.com/2010/07/why-audience-engagement-matters-with-social-media/

(Jul. 2010)https://www.wellsfargo.com/https://www.wellsfargo.com/mobile/http://www.facebook.com/wellsfargo?sk=wallhttps://www.bankofamerica.com/http://learn.bankofamerica.com/products/money-management/mobile-banking.htmlhttp://bankofamericasucks.com/http://www.citibank.com/us/home.htmhttps://online.citibank.com/US/JRS/pands/detail.do?ID=CitiMobileApphttps://online.citibank.com/US/JRS/pands/detail.do?ID=CitiMobilehttps://www.chase.com/https://www.chase.com/online/services/banking-service.htmhttps://www.chase.com/online/services/mobile-banking.htmhttp://www.facebook.com/ChaseCommunityGiving?ref=ts

  

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