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Banking News

Social Media in Banking

November 20, 2013

Moneyland analyzed the social media presence of 50 relevant banks worldwide. Bottom line: There are major differences when it comes to the handling of social media.

More and more banks seize the opportunity of interacting with existing and potential new clients via social media. Thanks to the various social media channels, banking clients can get information about the favored bank, ask questions and express their wishes.

The banks, in return, get the opportunity to interactively find out more about the needs of a customer base that increasingly uses digital means of communication.

70 banks analyzed

Moneyland analyzed the communication of 50 internationally relevant as well as of 20 Swiss banks on Facebook, Twitter, YouTube, LinkedIn and Google+, with the help of numerous evaluation criteria.

Banks in Down Under are top

Conclusion: The Australian Commonwealth Bank comes first on the ranking list, followed by Bank of America and ASB Bank from New Zealand.

The best-ranked banks scored with their broad communication in all social media channels, a convincing content quality as well as a high degree of interaction with the users. The outstanding position of banks from Australia, New Zealand and the Netherlands is striking.

However, the average amount of points reached by the analyzed banks is only 69 percent of the maximum score.

Especially the asset and wealth management banks have deficits: Above all, institutes in investment and private banking – such as Morgan Stanley and Goldman Sachs perform well below average on Facebook, Twitter & Co.

The shortcomings of many banks is surprising against the backdrop of worldwide rising significance of social media and the increasing want of banking clients for transparency and digital interaction. Digital media does not only serve as a way to search for information. It also enables reputation-building and the acquisition of clients. This takes place more and more by digital means, whereas the significance of bricks-and-mortar branches diminishes continuously.

Read full analysis: «Social Media in Banking: Striking Differences»

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