Thursday, October 29, 2009

Why Banks need Social Media

I recently came across a blog post titled Who needs Social Media? My Banks! The writer complains about trying to reach his local branch of a large bank in Florida. He finds it quite difficult to get a phone number let alone reaching out to his bank through other channels (ie Twitter). He is now considering switching banks.
It highlights the basic challenge we face as bankers. As he notes, we often talk about banking as a relationship between us and our customers. If so, how can you not get involved in social media? The ability to reach out, in real time, is one of the key attributes of these channels. For both parties. And isn't that really what customer service and relationships are all about?
FYI- if you are a bank with a location in Boca Raton, FL and are using social media, you may want to reach out to him. Sounds like a good prospect!


  1. Kevin,

    Good post, it is nice to see banks using technology to get closer to their customers instead of farther away. So much recent tech in banking has been to automate and distance the customer from a person. I admit that I like the convenience of atm deposits and online banking however so what do you feel I can gain by having a more intimate relationship from my bank?

  2. Shannon- great question. I believe it is important for us to be there when you need us. Whether it is related to a problem or a new service. The converse is true for the customer. You want to be able to contact your bank when you need it on your terms. So, if we are available through the social media channels, there is a greater chance we can respond to your needs. Does that make sense?

  3. Kevin, Thanks for highlighting my post. It still amazes me that they do not list a phone number nor do they care.
    There are many ways banks could change in attitude, advertising and overall common sense, like why I can not reset my password without putting it in writing, I kid you not.
    And if you want help with the crusade to help banks, let me know.