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Loyal bank customers channel social media

Loyal bank customers channel social media

(9 December 2010 – Global) A recent survey conducted of 3000 bank customers on behalf of Fiserv, has revealed that 11 percent of online customers are currently connected with their banking institution through a social networking site. In addition to the customers currently engaging with the social media channel, of those not connected 36 percent said that they are interested in doing so.

According to the Fiserv survey, consumers use their financial institution's social channel to, receive information about financial services, receive information about offers or promotions, review other consumers' opinions or advice or post reviews, complaints or questions, and conduct customer service related activities.

Nearly a third of consumers said that a lack of awareness was one of the main reasons they had not connected with their financial institution.

This was a more significant factor among Gen Y consumers, with 45 percent indicating they didn't know they could. A preference for using a bank's Website and privacy and security concerns were also cited as barriers to connecting.

Consumers indicated they would also be more likely to connect to their bank if community-building activities, such as reading reviews from other customers, were enabled.

The study found that those consumers who followed their bank on social sites were already deeply engaged, using an average of 5.4 banking services as compared to 4.3 for consumers who have little or no interest in connecting.

Geoff Knapp, vice president, online banking and consumer insights, Fiserv, said that an active, engaging online social media presence is a viable way to maintain and grow valuable relationships with consumers who are visiting branches less and interacting through digital channels more.
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