Market Overview

Research and Markets: Turning Threat into Opportunity - Social Media Insights into the US Banking Sector

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DUBLIN--(BUSINESS WIRE)--

Research and Markets (http://www.researchandmarkets.com/research/qlv46l/turning_threat) has announced the addition of the "Turning Threat into Opportunity - Social Media Insights into the US Banking Sector" report to their offering.

This comprehensive study of comments made by consumers about the US Retail Banking sector on social media channels is a first for the sector. More than 2 million comments made over the course of 12 months have been analysed to give a true competitive benchmark of consumer sentiment and opinion, going down to a product and service feature level. Rich with additional desk research, conclusions and recommendations, the report is a must for modern financial professionals who need to understand how to use social media to benefit both themselves and their customers.

Executive Summary:

Social media changed the way we all communicate with friends, family and corporations. While parts of the banking sector have been slow to embrace the potential that social media offers, consumers have not been, our research demonstrates the wide ranging conversations that are taking place about the banking sector across social media. Our analysis of the US banking sectors use of social media and listening of customer conversations about the top twenty banks has provided the following insights:

- Social media is well valued by consumers and is now embedded in buying, communicating, problem solving and other activities that take place on the web. The challenge now is for banks to effectively develop social media strategies that are integrated into their business so that they can engage with audiences through this increasingly popular and influential medium.

- There are limited examples of banks using social media creatively in the US, compared to other industries. Most of the content promoted on social networks by banks revolves around customer service, competitions, recruitment and corporate updates.

- The analysis demonstrates that regular engagement with their social media communities help generate interest and can lead to positive sentiment towards their brand.

- Despite financial issues traditionally being private issues, consumers welcome the opportunity to receive customer service via platforms like Twitter and Facebook.

- When properly managed, incentivized and measured, banks can begin to develop a greater understanding of positive online word of mouth, the ultimate goal of social media customer strategy.

- By providing customer service through social media channels, more comments about the banks are likely to be generated. This also provides the bank with the opportunity to shine' in public if it can quickly fix the customer service issue.

- Social media has meant that for many banks they need to change their approach to crisis communications because of the speed at which a crisis can develop and explode if not effectively managed.

- Banks that have invested resource into developing a comprehensive approach to social media are beginning to carve out a larger share of voice on social media channels than their competitors.

Companies Mentioned:

- American Express

- Bank of America

- Bank One

- Barclays

- Capital One

- Chase

- CitiBank N.A

- Countrywide Bank

- Discover Bank

- HSBC

- Key Bank USA

- Morgan Stanley

- Orchard Bank

- PNC Bank

- Regions Bank

- Sovereign bank

- Suntrust Bank

- TD Bank

- US Bank

- Wells Fargo

For more information visit http://www.researchandmarkets.com/research/qlv46l/turning_threat

Research and Markets
Laura Wood, Senior Manager.
press@researchandmarkets.com
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Sector: Banking and Financial Services




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