Social media listening can improve banking customer service

21 October, 2013 (11:22) | Blog | By: admin – Posted in Corporate News

Customer service in the banking and financial services industry has a bad reputation. The sector is held in lower esteem by consumers than any other industry with Bank of America scoring only 30.5 percent, according to a survey from American Banker magazine. Even people who did not bank with certain institutions did not have a favorable view of many of these financial service companies. However, Congress plans to crack down on the negative perceptions of bank customer service, and they may use social media monitoring to do so.

Banking customers considered products and services to be the most important influence on perceived reputation. For non-customers, governance was critical.

Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation legislation has always contained components regarding customer service, but the newly formed Consumer Financial Protection Bureau will take it to a new level, Forbes reported. Many financial organizations struggle with transparency and regulation, but social media makes it far easier to identify gaps in customer service, especially for retail banking. Companies that address these issues head-on may be able to improve their organizations.

The power of analytics for improving customer service

Some banks use analytic tools to measure how well transactions comply with regulations surrounding anti-money laundering requirements. However, instead of just monitoring transaction activity, financial institutions will start to focus on behavioral trends, which is where social media listening can play a major role. Since people take issue with receiving bad customer service from banks, financial professionals can track what is being said about their organizations on social networks. Listening and tracking analytics on social media can allow banks to understand when they should take action to improve customer experience and handle complaints, Forbes said.

While the American Banker study indicated many organizations have a poor reputation, the picture can look very different on the branch level. Social media analytics can target specific areas so individual branches can determine customer sentiment and make improvements where they are needed. This can allow banks to identify if they are experiencing problems with customers or there are issues with policies.

Banks face increasing regulations, and it can be difficult to juggle compliance and customer service at the same time. Social media monitoring can help financial institutions meet both of these objectives simultaneously as Congress cracks down on customer service issues. Improving the client experience can be a way for banks to gain new customers.

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