Banks and social media – my response

Banks and social media

Econsultancy’s UK Editor, Graham Charlton (@grahamcharlton) posted a piece asking how banks can make the most of social media. The article includes a discussion with First Direct’s PR head, Amanda Brown, about how the bank is using social media to its advantage.

The article can be found through this link.

My comment and response to the article can be found below. I’ll post further on this in the next day or so.

It’s taking a while for the banking sector to “get” social media. This isn’t down to recent economic issues but, mainly I suspect, down to the way banks operate. They are, and to a certain extent have to be, very private with their clients and the information they share in an open forum.

Admittedly, the same could be said for any commercial company – and look how many of them are grasping social media. However, where it’s important for the banking sector to engage through social media at the moment is to re-engage and reassure their clients and the wider public that they are not faceless organisations just making money. They need to demonstrate that the recent turmoil in the banking sector is not a reason to distrust them. And where better than through digital PR and associated activity.

Yes, there will be a lot of customers who use Twitter and Facebook to complain and moan about the service they are, or rather are not receiving – as with any company or organisation. But that’s already happening and they need to tap into this and enter the conversation to remedy the situation and demonstrate that they are listening. Engagement will have much more of a positive PR result than ignoring it. And as Pritesh has already said, social media can also be used to the banks advantage in certain circumstances and should actively engage through it to win new clients and sales opportunities.


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