Jun. 12, 2012
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Social Media in Banking Survey

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Facebook Weakest Social Media Presence of Banks

Overall, global banks have presences on all major social media, however, especially on Facebook, by far most popular network, they are doing worse than with other social media. According to our recent survey the world’s top 50 banks do best on LinkedIn and YouTube, social media where, respectively, 100% and 92% of the banks analyzed have a presence. Facebook and Twitter are close behind as the next most used social media networks, but bank presences are significantly lacking in quality. For their Facebook presences banks received on average only 67 out of 100 possible points in the the MyPrivateBanking evaluation, compared with 84 points for their LinkedIn profiles.

Social Media used by World’s Top 50 Banks and Quality of Presences:

 

Presence
(Top50 banks)

Evaluation
(max. 100 points)

LinkedIn

100%

84

YouTube

92%

80

Facebook

90%

67

Twitter

88%

77

Google Plus

74%

72

 
One major weakness of banks on Facebook is the slow response time on comments posted on the message boards as well to private contact messages. Of the banks using Facebook, 25% never responded to a posted message and 40% needed more than a day. Even worse, 85% of the banks did not respond to an individual contact message via Facebook at all. Facebook is all about interactivity and this is what banks still do not get. If users rarely get timely responses on their messages, the Facebook presences is practically useless to them and the banks miss out on a great opportunity to engage the users and start a dialogue.

As a main reason for the popularity and comparatively high quality of the banks’ LinkedIn presences, We see the stronger focus of the LinkedIn presences on potential new recruits rather than new and existing clients. With the human resource departments as an additional user group lobbying for a good presence, and fewer but more targeted features than Facebook, the LinkedIn presences benefit from a clearer focus and wider operational support within the banks. Twitter benefits, in MyPrivateBanking’s view, from its being comparatively easy to set-up and requiring not so much interactivity as a continuous stream of relevant messages.

We strongly urges every bank to strive to excel with its Facebook presence. And not just with respect to interactivity; but also to offer more targeted presences to different customer groups and countries, so long as proper coordination is maintained, to avoid duplicating effort or sending out conflicting messages. A high-quality Facebook presence is the most difficult to achieve among the all social networks, but, with its enormous reach, also potentially the most rewarding”, is how Steffen Binder summarizes the benefits of improving banks social media presence.” As with their efforts in LinkedIn, banks need dedicated teams to maintain and continuously develop their Facebook presences and to ensure interactivity and freshness.

 
About the survey: 
For the survey MyPrivateBanking Research analyzed which social media are used by the 50 largest banks worldwide and the strengths and weaknesses of each of their social media presences. For further information on the survey please click 
here.


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Social Media in Banking Survey

Facebook Weakest Social Media Presence of Banks

  Jun. 12, 2012

Overall, global banks have presences on all major social media, however, especially on Facebook, by far most popular network, they are doing worse than with other social media. According to our recent survey the world’s top 50 banks do best on LinkedIn and YouTube, social media where, respectively, 100% and 92% of the banks analyzed have a presence. Facebook and Twitter are close behind as the next most used social media networks, but bank presences are significantly lacking in quality. For their Facebook presences banks received on average only 67 out of 100 possible points in the the MyPrivateBanking evaluation, compared with 84 points for their LinkedIn profiles.

Social Media used by World’s Top 50 Banks and Quality of Presences:

 

Presence
(Top50 banks)

Evaluation
(max. 100 points)

LinkedIn

100%

84

YouTube

92%

80

Facebook

90%

67

Twitter

88%

77

Google Plus

74%

72

 
One major weakness of banks on Facebook is the slow response time on comments posted on the message boards as well to private contact messages. Of the banks using Facebook, 25% never responded to a posted message and 40% needed more than a day. Even worse, 85% of the banks did not respond to an individual contact message via Facebook at all. Facebook is all about interactivity and this is what banks still do not get. If users rarely get timely responses on their messages, the Facebook presences is practically useless to them and the banks miss out on a great opportunity to engage the users and start a dialogue.

As a main reason for the popularity and comparatively high quality of the banks’ LinkedIn presences, We see the stronger focus of the LinkedIn presences on potential new recruits rather than new and existing clients. With the human resource departments as an additional user group lobbying for a good presence, and fewer but more targeted features than Facebook, the LinkedIn presences benefit from a clearer focus and wider operational support within the banks. Twitter benefits, in MyPrivateBanking’s view, from its being comparatively easy to set-up and requiring not so much interactivity as a continuous stream of relevant messages.

We strongly urges every bank to strive to excel with its Facebook presence. And not just with respect to interactivity; but also to offer more targeted presences to different customer groups and countries, so long as proper coordination is maintained, to avoid duplicating effort or sending out conflicting messages. A high-quality Facebook presence is the most difficult to achieve among the all social networks, but, with its enormous reach, also potentially the most rewarding”, is how Steffen Binder summarizes the benefits of improving banks social media presence.” As with their efforts in LinkedIn, banks need dedicated teams to maintain and continuously develop their Facebook presences and to ensure interactivity and freshness.

 
About the survey: 
For the survey MyPrivateBanking Research analyzed which social media are used by the 50 largest banks worldwide and the strengths and weaknesses of each of their social media presences. For further information on the survey please click 
here.