How Social Media is Affecting Financial Services

Social media has changed the way people live in many ways. Not only has it changed the way people socialize but it has also changed the way they handle their finances. When it comes to social media there are a few social sites financial institutions should pay attention to including Facebook, Twitter, Foursquare, Pinterest, Instagram, LinkedIn and Google+.

The producers of Services on TV did a bit of research and came up with a few ways financial institutions are using social media to connect with customers on a new level.

Customer Service-in many cases today when a customer is unhappy with a service or interaction they go straight to social media and write a review about their experience. Most people know they can go online write a review and possibly effect a company’s bottom line. This is where the new customer service comes in. It’s critical to have someone monitoring your social media and immediately address a bad review. If you respond to a bad review quickly it’s possible that customer will write another review mentioning the quick response and how you resolved the issue. If they don’t you can add a response to that review explaining what you did to rectify the issue.

Product Development– social sites are giving customers a new way to connect with financial institutions. Some financial institutions are using social sites to get feedback on new products and services. They are also a new way for customers to share their ideas for new products and services. Customers are also able to wire transfers, manage their daily expenses and monitor their credit cards through social sites like Facebook. Many people find this a preferable way to manage their accounts.

Social Media Marketing-It’s important to embrace social media and make it part of your overall marketing strategy. Social media is a new way to connect with customers and also find new customers. American Express has been offering its customers a way to link their credit cards to social sites like Facebook and Foursquare and then show them deals based on their likes and check-ins. Many financial institutions have apps available for customers that offer advice on managing credit, their accounts and finding deals.

Using social media to interact with financial institutions and handle certain types of financial transactions is fairly new and it looks like it will become more common. It gives you a way to connect with your customers in a new way that gives you insight into services and products that are working, why they are working and new ideas for the future.

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