How Social Media Marketing Can Boost Trust in Financial Services

Banks and particularly building societies are increasingly wanting to build online communities and engage with customers through the flexible usage of social channels.

With consumers feeling too little trust in financial services companies, social media marketing gives an alternative option for banks and building societies to update customers on company developments and new releases and engage with customers.

Though social websites, financial services organisations can engage with many other stakeholders for example intermediaries, community groups, charities, journalists, and industry commentators.

Smaller institutions like building societies can easily use the lead within this field since they have shorter sign off lead times and so are a lot more nimble in addressing online conversations. One building society is using a multi channel campaign and is successfully building an internet community comprising customers, local people and journalists. They may be fortunate in the the CEO on this particular organisation is evangelical about blogging and twitter and also the whole method is therefore led in the top.

They seem to lead just how within the bank and building society sector on Twitter with a 1000 followers on its various feeds. The CEO uses his Twitter feed to communicate with members and stakeholders and pages on their site provide members with information, news and also a forum to discuss opinions.

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Their Facebook and LinkedIn pages also enable it to give customers a flavour of the the business is focused on, display charity work, discuss products with customers and offer a web-based community by which other customers can talk to each other.

Their CEO who regularly comments on the application of new media at conferences and recently spoke for a Visible Banking workshop says, "Communities are increasingly forming online as people use social media sites as a means to get advice, make connections and share information. As regional building societies like ours are community driven, social media marketing supplies a great chance to take part in the discussions going on on the internet and to convey with our members.

"Here is the approach we take with this social websites presence as well as the success is evident with this growing Twitter following currently greater than other bank or building society.

"The economic, financial meltdown gave everyone an effective sense of exactly how closed in many financial institutions are, and how we have to make banks and building societies more transparent, more open firms that people can become involved in and talk with by themselves terms.

"Banks and building societies could use social media marketing to enhance their service offering and when you improve your service offering and genuinely listen to your subscriber base, you can expect to improve customer retention and acquisition."