Banks and Financial Industry lacking Social Media Skills

It is no secret that the banking and financial industry are lacking (with little exception) social media skills. Especially since the financial crisis started the public opinion and image went down the t…. Do you think they should do more in regards to social media to improve public opinion, brand management and marketing efforts overall? Your comment on the subject is appreciated.

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12 Responses

  1. martingysler says:

    Yes they should do more. Banks (at least in Switzerland) are completely sealed and unwilling to share or experience exchanges that do not advantage for them. I think this is not going to change in the near futur… unfortunately.

  2. I think banks are nervous to say or do something that will cause trouble. Many are so big that no one is responsible for much in total. So each worker churns away the day and tries to stay out of trouble.

  3. There are too many issues involved to say one way or another. That many financial institutions have become “too big to fail” suggests they should ALL be broken into smaller pieces… ie fail. The current position is does not allow exposure, espcially the kind created by social media. There are banks, private, small and friendly in this world that particpate well socially. Perhaps it is the size issue that makes brand management difficult or not.

  4. emmageraln says:

    I think the banks need to change their image by changing their practices. Attempting some kind of cynical image improvement campaign would probably backfire massively if it wasn’t backed by real substance.

    Social media is powerful tool when used correctly but it’s a jungle, social media campaigns can spin out of control in minutes and the banks are a huge target in internet land!

  5. In less than three weeks, shareholders of Credit Suisse and UBS in Switzerland performed a shareholder revolt and refused to vote for executive compensation.
    http://www.americanbanker.com/syndication/UBS-executive-compensation-shareholders-protest-unauthorized-trading-1049028-1.html
    and http://uk.reuters.com/article/2012/04/27/uk-barclays-creditsuisse-agm-idUKBRE83Q0B020120427
    My humble question would be, how long will banks and financial industry be able to afford the ignorance in social media skills?
    Just my two cents of input

  6. Yes, the banks need to embrace social media and find ways to engage customers online. But, in the US, until they address the bigger systemic problems, it may not be enough. They need to recognize that they exist to serve customers and adjust business policies accordingly.

    • V. says:

      Agree. Putting lipstick on a pig only works to a certain point.

    • So True Lynn, I left Bof A 9 years ago and went to a Credit Union. Personally the credit union is friendlier, explains their charges, and is not trying to make a dime on every single thing I do. Plus I vote at the Credit Union for the board. I have a say.

      You don’t have that at Banks. Banks have gotten so big they barely allow us to walk in without charging us for square footage as we wait.

  7. Yes, they need to do much more. But, simply engaging with social media will not be enough if they don’t change their policies.

  8. Banks need to be involved in their community. Banks have stopped being involved in Chambers, I run one, I know. Chase doesn’t join Chambers, Wells Fargo barely joins those they like, and not those that need them.
    It is a problem when a community needs the bank to invest back into the community and they won’t step up as a leader.

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